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Former crypto tycoon Sam Bankman-Fried has admitted he made “mistakes” in how he ran his collapsed FTX exchange – but told a court he did not steal from its customers.

The 31-year-old also acknowledged a “lot of people got hurt” when the company went bankrupt as he testified in open court in his fraud case for the first time.

Bankman-Fried’s trial began earlier this month with accusations he stole more than $10bn (£8.2bn) from FTX customers.

He earlier had taken the stand on Thursday, but without the presence of the jury, while the judge in the case decided which portions of his evidence would be admissible.

Bankman-Fried told the court on Friday he made “a number of small mistakes and a number of larger mistakes” while running the exchange, but said there was never any intention to defraud or steal from anyone.

He said the biggest mistake had not been implementing a dedicated risk management team.

Under questioning from his own defence lawyer, the entrepreneur added: “We thought that we might be able to build the best product on the market. It turned out basically the opposite of that.

“A lot of people got hurt – customers, employees – and the company ended up in bankruptcy.”

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Bankman-Fried has pleaded not guilty to two counts of fraud and five counts of conspiracy and could face 115 years behind bars if convicted.

Prosecutors claim he used customer funds to make risky bets at sister trading firm Alameda Research – with a huge black hole in the company’s finances emerging when crypto markets suffered a sharp downturn.

The trading platform abruptly halted withdrawals last November and subsequently went bankrupt.

FTX used to be the world’s second-largest exchange and Bankman-Fried was worth $32bn (£26bn) on paper.

He was known for rubbing shoulders with A-list celebrities and advising US politicians on how the industry should be regulated – as well as his big curly hair. Commentators in the US have even noted how he has recently had a new, shorter haircut.

The prosecution will cross-examine Bankman-Fried later. The case continues.

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At least 13 people confirmed dead and more than 20 missing from girls camp in Texas flooding

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At least 13 people confirmed dead and more than 20 missing from girls camp in Texas flooding

13 people have been killed in the US state of Texas after heavy rain caused flash flooding, according to local media reports.

Officials have also said more than 20 are missing from a girls’ camp in Texas.

As much as 10 inches (25 centimetres) of heavy rain fell in just a few hours overnight in central Kerr County, causing flash flooding of the Guadalupe River.

Judge Rob Kelly, the chief elected official in the county, confirmed fatalities from the flooding and dozens of water rescues so far.

A flood watch issued on Thursday afternoon estimated isolated amounts up to seven inches (17 centimetres) of rising water.

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Vladimir Putin tells Donald Trump he will not back down from goals in Ukraine, Kremlin says

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Vladimir Putin tells Donald Trump he will not back down from goals in Ukraine, Kremlin says

Vladimir Putin told Donald Trump he “will not back down” from Russia’s goals in Ukraine during a phone call today, the Kremlin has said.

The Russian president spoke to his US counterpart for almost an hour, and Mr Trump “again raised the issue of an early end to military action” in Ukraine, Kremlin aide Yuri Ushakov told reporters.

In response, Mr Putin said “Russia will not back down” from its aims there, which include “the elimination of the well-known root causes that led to the current state of affairs,” Mr Ushakov said.

The phrase “root causes” is shorthand for Moscow’s argument that it was compelled to invade Ukraine in order to prevent the country from joining NATO.

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Trump and Putin’s latest call on Ukraine

Ukraine and its European allies say this is a pretext to justify what they call an imperial-style war, but Mr Trump has previously shown sympathy with Russia.

At the same time, Mr Putin told the US president that Russia is ready to continue negotiating, the aide said.

The Russian president said any prospective peace deal must see Ukraine give up its NATO bid and recognise his country’s territorial gains.

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Donald Trump and Volodymyr Zelenskyy NATO summit in The Hague, Netherlands June 25, 2025. Pic: Reuters
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Volodymyr Zelenskyy, seen with Mr Trump in June, is pushing for Ukraine to join NATO. Pic: Reuters

He also briefed Mr Trump on agreements made last month, which saw Russia and Ukraine exchange prisoners of war and dead soldiers.

Specific dates for the third round of peace talks in Istanbul were not discussed – nor was the US decision to halt some shipments of critical weapons to Ukraine.

Mr Putin and Mr Trump’s call came after the Pentagon confirmed some weapons due to be sent to Ukraine have been held as it reviews military stockpiles.

The paused shipments include air defence missiles and precision-guided artillery, two people familiar with the situation have said.

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The decision led to Ukraine calling in the acting US envoy to Kyiv on Wednesday to underline the importance of military aid from Washington.

Kyiv also cautioned that the move would weaken Ukraine’s ability to defend itself against intensifying Russian airstrikes and battlefield advances.

Mr Putin and Mr Trump’s phone call was the sixth they have publicly disclosed since the US president returned to the White House in January.

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Donald Trump’s ‘big beautiful’ tax cuts bill passes final hurdle in US Congress

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Donald Trump's 'big beautiful' tax cuts bill passes final hurdle in US Congress

Donald Trump’s ‘big beautiful bill’ has been passed by the US congress, sending it to the president to sign into law.

The controversial tax breaks and spending cuts package cleared its final hurdle as the Republican-controlled House of Representatives narrowly approved the bill with a 218-214 vote.

The bill delivers tax breaks Mr Trump promised in his 2024 election campaign, cuts health and food safety programmes, and zeroes out dozens of green energy incentives.

According to the nonpartisan Congressional Budget Office (CBO), it will lower tax revenues by $4.5trn over 10 years and add $3.4trn to the US’s $36.2trn debt.

But despite concerns over the 869-page bill’s price tag – and its hit to healthcare programmes – Republicans largely lined up in support, with just two rebelling on the vote.

Speaker Mike Johnson congratulated following the signing of Trump's bill. Pic: Reuters
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House Speaker Mike Johnson is congratulated following the vote. Pic: Reuters

Every Democrat in Congress voted against the bill, blasting it as a giveaway to the wealthy that will leave millions of Americans uninsured.

House Speaker Mike Johnson made the Republicans’ closing argument for the bill, telling Congress: “For everyday Americans, this means real, positive change that they can feel.”

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Earlier, the House’s Democratic leader Hakeem Jeffries gave a record-breaking eight-hour and 44-minute speech against it.

“The focus of this bill, the justification for all of the cuts that will hurt everyday Americans, is to provide massive tax breaks for billionaires,” he said.

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The bill’s spending cuts largely target Medicaid, the health programme that covers 71 million Americans on low incomes.

It will tighten enrolment standards, institute a work requirement and clamp down on a funding mechanism used by states to boost federal payments.

The changes could leave nearly 12 million people without health insurance, according to the CBO.

On the other side of the ledger, it will stave off tax increases that were due to hit most Americans at the end of the year, when tax cuts from President Trump’s first term were due to expire.

It also sets up new tax breaks for overtime pay, seniors and tipped income.

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The bill narrowly passed the US Senate on Tuesday after vice president JD Vance cast the deciding vote to break a 50-50 tie.

Mr Trump will sign it into law on Friday at 5pm local time (10pm in the UK), the White House said.

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