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Sam Bankman-Fried has been found guilty of defrauding customers of his cryptocurrency exchange out of billions of dollars.

The 31-year-old could be sentenced to more than 100 years in prison after stealing money from clients of FTX.

A Manhattan jury convicted him on all seven counts after a month-long trial.

FTX collapsed last November, shocking financial markets and wiping out the crypto tycoon’s estimated $26bn (£21bn) fortune.

He was arrested in the Bahamas in December and extradited to the US.

Bankman-Fried – who pleaded not guilty to two counts of fraud and five of conspiracy – clasped his hands together as the verdict was delivered.

He admitted “mistakes” in running FTX when he testified last week, but denied stealing at least $10bn of his customers’ money.

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Prosecutors claimed he used the funds for risky bets at his hedge fund Alameda Research – with a huge financial black hole emerging when crypto markets fell sharply.

FTX abruptly halted withdrawals last November and crypto’s second-largest exchange – with more than a million customers – went bankrupt.

FTX logo is seen in this illustration taken March 31, 2023. REUTERS/Dado Ruvic/Illustration
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FTX allowed people to buy crypto and charged a fee for each transaction

Bankman-Fried’s fall from grace has seen him compared to well-known financial fraudsters Bernie Madoff and ‘Wolf of Wall Street’ Jordan Belfort.

“He didn’t bargain for his three loyal deputies taking that stand and telling you the truth: that he was the one with the plan, the motive and the greed to raid FTX customer deposits – billions and billions of dollars – to give himself money, power, influence,” prosecutor Danielle Sassoon told the jury.

“He thought the rules did not apply to him. He thought that he could get away with it.”

Bankman-Fried built ‘pyramid of deceit’

He was the mop-haired, cargo short-wearing darling of the crypto world.

Sam Bankman-Fried build the FTX cryptocurrency exchange into a business valued at $32bn.

There were flash TV ads featuring basketball icon Steph Curry and actor Larry David. Tennis star Naomi Osaka wore FTX branded gear and the company logo adorned the stadium of the Miami Heat.

FTX was huge and Sam Bankman-Fried rode high on excess.

Home was a $35m property in the Bahamas, a place where he knew the neighbours – FTX spent $300m buying up vacation properties on the island nation for company staff.

But it was success built on fraudulent foundations.

In the words of the prosecution, Bankman-Fried built a “pyramid of deceit” and treated FTX as his own personal piggy bank, defrauding customers out of more than $10bn.

The consequences of his arrest have since reverberated through the crypto world – other firms have collapsed and there has been a tightening in regulation.

Bankman-Fried’s defence lawyers argued that the 31-year-old was simply a “math nerd” who never set out to break the law and was a victim of circumstances beyond his control.

He is the math nerd who can count on a lengthy stay in prison.

Alameda’s former CEO Caroline Ellison and former FTX executives Gary Wang and Nishad Singh pleaded guilty and gave evidence against Bankman-Fried last month.

They said he told them to help Alameda loot funds from FTX and lie to lenders and investors.

The defence claimed the trio had falsely implicated him to get a lighter sentence, but after their testimony Bankman-Fried took the calculated risk to give evidence.

He admitted making a mistake by not having a dedicated risk management team, but claimed he thought Alameda’s borrowing from FTX was allowed.

He told the jury he did not realise how big the debts had become until just before both firms collapsed.

Former crypto hedge fund Alameda Research CEO Caroline Ellison arrives for the trial of former FTX Chief Executive Sam Bankman-Fried who is facing fraud charges over the collapse of the bankrupt cryptocurrency exchange, at Federal Court in New York City, U.S., October 11, 2023. REUTERS/Brendan McDermid
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Former Alameda CEO Caroline Ellison (centre) gave evidence against him

Read more from Sky News:
How FTX founder went from £21bn empire to jail
Who is Bankman-Fried, former ‘King of Crypto’?

The son of Stanford law professors, and an MIT graduate himself, Bankman-Fried was known for his distinctive curly hair and casual dress – as well as mixing with celebrities.

His trial even heard that he believed he had a chance of one day becoming US president.

Bankman-Fried had been in custody since August after the judge said he had probably tampered with witnesses and revoked his $250m bail.

He will be sentenced on 28 March 2024.

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Jaguar Land Rover cyber attack: ‘Some data affected’, carmaker reveals

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Jaguar Land Rover cyber attack: 'Some data affected', carmaker reveals

Jaguar Land Rover (JLR) says it now believes that “some data has been affected” in the cyber attack on the company last week.

The British car maker shut down operations when it spotted the attack last Tuesday, and its staff have been told to stay at home since.

Sky News understands it will now be at least Monday next week before production staff can return to their jobs.

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In an update on Wednesday, a spokesperson said: “Since we became aware of the cyber incident, we have been working around the clock, alongside third-party cybersecurity specialists, to restart our global applications in a controlled and safe manner.

“As a result of our ongoing investigation, we now believe that some data has been affected and we are informing the relevant regulators. Our forensic investigation continues at pace and we will contact anyone as appropriate if we find that their data has been impacted.”

It was not yet clear exactly what data had been accessed.

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“We are very sorry for the continued disruption this incident is causing and we will continue to update as the investigation progresses,” the person concluded.

The incident is hurting not only output at JLR but wider internal systems and harming its supply chain.

JLR says partner retail operations, including service and sales, are not affected.

It is aiming to brief MPs whose constituencies contain production sites at a meeting on Friday.

Hacking group Scattered Spider claimed responsibility for the attack soon after it was made public.

Read more:
Government reacts to cyber attack on JLR

It was the ransomware group blamed for disruption to British retailers earlier this year.

M&S has put a £300m cost on the hit to its business but expects the final figure to fall substantially thanks to insurance policy payouts.

Four people have been arrested and bailed in connection with the April attacks.

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Ben & Jerry’s’ boss would give back money for brand independence amid ‘silencing’ claim

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Ben & Jerry's' boss would give back money for brand independence amid 'silencing' claim

The co-founders of the Ben & Jerry’s ice cream brand are demanding the brand be given its independence back amid a long-running row with its current UK owner.

Ben Cohen and Jerry Greenfield have written an open letter demanding that it be “released” from its parent firm.

Mr Cohen told Sky News he would give back the money he received in the sale of the business to Unilever in 2000 if it meant the brand could be independent.

Ben & Jerry’s is set to spin off all its ice cream brands under The Magnum Ice Cream Company (TMICC) name in a deal set to be fully completed before the end of the year.

“You’re saying, would I give it back? Absolutely. If we could still have Ben and Jerry’s independent, any day”, he said.

“It seems like the board of Magnum has been Trumpified”, Mr Cohen told Sky News as he protested the “silencing” of Ben & Jerry’s social mission.

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The consumer goods firm Unilever has never enjoyed an easy relationship with Ben & Jerry’s – a brand known for its activism on many political and social issues.

As part of the original merger deal, an independent board was set up to protect the ice cream brand’s mission.

But a series of disputes have followed.

The most high-profile spat came in 2021 when the US brand took the decision not to sell ice cream in Israeli-occupied Palestinian territories on the grounds that sales would be “inconsistent” with its values.

Ben Cohen in London
Image:
Ben Cohen in London

Unilever responded by selling the business to its licensee in Israel.

The independent board is currently locked in a legal dispute with Unilever, claiming in March that its then-chief executive David Stever was improperly sacked.

Ben Cohen. File pic: AP
Image:
Ben Cohen. File pic: AP

For its part, Unilever has always argued that it “reserved primary responsibility for financial and operational decisions” as owners of Ben & Jerry’s.

In another example of the frostiness between them, an ice cream flavour launched in support of Democrat presidential candidate Kamala Harris went down badly in London.

Ben & Jerry’s claimed Unilever had demanded it stop public criticism of Donald Trump.

Mr Cohen was one of seven people arrested during the Senate protest in May
Image:
Mr Cohen was one of seven people arrested during the Senate protest in May

Ben Cohen himself was arrested earlier this year over a protest in support of Gaza during a US Senate hearing.

He and Mr Greenfield intervened in the ownership row as TMICC briefed investors on their plans at a so-called capital markets day. They say the independent board and many consumers and employees “no longer support the trajectory on which it is set”.

Mr Cohen, who is attending the event to protest, said: “Ben & Jerry’s was founded on a simple but radical premise: that our business could thrive and make outstanding products whilst standing up for progressive values.

“We fought to ensure our social justice mission was protected by Unilever when the company was acquired, but over the past several years, this has been eroded, and the company’s voice has been muted.

“We won’t be silent anymore. Authenticity has always been at the very heart of what we do, and stripping this away risks destroying the very value of Ben & Jerry’s. We urge the board and potential investors to rethink the inclusion of Ben & Jerry’s in Magnum’s future makeup and establish a Free Ben & Jerry’s.”

The new ice cream division, which will also comprise other brands such as Wall’s, is based in the Netherlands and will have a primary stock market listing in Amsterdam.

A spokesperson for The Magnum Ice Cream Company told Sky News: “Ben & Jerry’s is a proud part of The Magnum Ice Cream Company and is not for sale.

“We remain committed to Ben & Jerry’s unique three-part mission – product, economic and social – and look forward to building on its success as an iconic, much-loved business.”

Unilever has also been contacted for comment.

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Nationwide app and internet banking down

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Nationwide app and internet banking down

The mobile banking app and internet banking are down at Britain’s biggest building society.

Nationwide’s online services have been offline since around 3pm on Tuesday.

It apologised “for any problems this may cause”.

“We’re working to get things back to normal as quickly as we can,” it added.

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Direct debits and standing orders are working normally, and customers can still use cards online and in shops, withdraw money from cash machines and receive payments.

Initially, Nationwide said some customers were unable to access the app or internet banking and told users to try again later.

At 2.44pm 1,900 users reported issues with Nationwide services on the Downdetector website.

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