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.
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Image: 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.
Image: Former Alameda CEO Caroline Ellison (centre) gave evidence against him
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.
A balcony of onlookers stare as three diggers gnaw at the four-storey building that was a fixture of their daily view.
The roads of Silwan’s Wadi Qaddom neighbourhood are blocked off by Israeli police as residents watch the demolition in the valley from every vantage point. The block of flats was home to around 100 of their neighbours – many of them are now homeless.
An elderly woman sits at the bus stop near the police checkpoint closest to the demolition site. As she walks back down the hill, she looks back at the destruction. Her cheeks are red with anger when she hails that God is their only protection.
“Where are the Arab countries? No one is here to help us,” she exclaims.
Of the 230 buildings demolished in East Jerusalem’s Palestinian neighbourhoods in 2025, the block of roughly 13 flats is considered to be the largest and took 12 hours to completely demolish.
Image: The demolition of a building in Silwan’s Wadi Qaddom neighbourhood
The building was without a permit, like many in Silwan, and stood on land that was not licensed for residential use. The residents were challenging long-standing demolition orders and applying for licensing when diggers arrived at dawn.
The Jerusalem Municipality said the demolition of the building in Silwan was based on a 2014 court order, and that residents were granted extensions for the execution of the order and were offered various options in order to find a solution, but they declined to do so.
But an architect and urban planner from the Israeli NGO Bimkom (Planners for Planning Rights) – which is supporting the families in their bid to license the land of the building – says their time to act was cut short.
Image: Architect Sari Kornish speaks to Sky’s Yousra Elbagir
“They were told that the demolition order would be implemented, and then they would get another six months’ recourse to try to continue with their planning. Six months is not enough for these planning processes. They take a long time,” Sari Kornish tells us in front of the Jerusalem Municipality after meeting with the building residents’ lawyer there.
Are permits granted for Palestinians in East Jerusalem?
“Very, very few, and in recent years, since October 7, less and less,” says Sari.
“It has always been discrimination. It has always been not enough.”
Far-right minister of national security Itamar Ben-Gvir posted on X about the building’s demolition.
He said: “Proud to lead the policy of demolishing illegal buildings – not only in the Negev, this morning in East Jerusalem (Silwan neighbourhood) a building that was built illegally and 100 people lived in it – was demolished! Strengthens the police and the district commander.”
Israel’s annexation of East Jerusalem and parts of the West Bank is illegal under international law.
Half a million Israeli settlers currently live in the West Bank, and over 230,000 live in East Jerusalem, where some are taking over homes instead of seizing land.
At least 500 Palestinians have lost their homes to lack-of-permit demolitions in East Jerusalem, and at least 1,000 people, including 460 children, are at risk of forced displacement from eviction cases filed against them in Israeli courts by settler organisations.
Image: Zuhair al Rajabbi looks out at the homes of his neighbours now marked by demolition sites
In the East Jerusalem neighbourhood of Batn al Hawa in Silwan, Zuhair al Rajabbi looks out from his balcony at the homes of his neighbours.
The landscape is marked by demolition sites, and former homes of his neighbours are marked by Israeli flags. Settlers are busy renovating the rooftops to make their own.
“They have five children, and a grandmother was in one room. Downstairs, there was a family of seven children, with the wife and mother, in that one,” he says, pointing at the roof of his neighbours.
Image: Israeli settler flags on a building in Silwan, a Palestinian neighbourhood in East Jerusalem
As we watch, a woman quietly mops the dirty water into a hole in the fence and onto the roof of the house next door.
“Look, they are even putting the dirty water on our neighbour’s roof,” Zuhair says with a sad bitterness.
“We used to live together like we live here at home – eating and drinking with them. It makes me sad when I see their home disappearing.”
Donald Trump has said the US “has to have” Greenland, claiming it needs the territory for national security.
It comes after the US president appointed Louisiana’s governor Jeff Landry as special envoy to Greenland, saying he would “lead the charge” in advocating the semi-autonomous part of Denmark to become part of the United States.
“Jeff understands how essential Greenland is to our national security,” Mr Trump said.
Image: Donald Trump has appointed Jeff Landry as special envoy to Greenland. Pic: Reuters
“We need Greenland for national security, not for minerals… If you take a look at Greenland, you look up and down the coast, you have Russian and Chinese ships all over the place.
“We need it for national security. We have to have it… Greenland is a big deal.”
Image: Trump said Greenland is a ‘big deal’. Pic: Reuters
Danish Prime Minister Mette Frederiksen and Greenland’s Prime Minister Jens-Frederik Nielsen said in a joint statement that Greenland belongs to Greenlanders, stressing the US will not take it over.
“You cannot annex another country. Not even with an argument about international security,” they said.
The country has already summoned the US ambassador in protest, with its foreign minister saying the move shows the US is still interested in the vast Danish territory.
Mr Trump has repeatedly called for the US to take over the mineral rich and strategically located Arctic island, since winning his second term, and has not ruled out using military force to achieve it.
Denmark’s foreign minister Lars Løkke Rasmussen said everyone – including the US – must show respect for Denmark’s territorial integrity.
Image: NATO allies Denmark, Norway, Sweden, Germany and France took part in military drills in Greenland, where the US has a military base, in September. Pic: Reuters
How did we get here?
In March, US Vice President JD Vance visited a remote American military base in Greenland and accused Denmark – a NATO ally of the US – of underinvesting there.
The issue then gradually drifted out of the headlines but, in August, Danish officials again summoned the US ambassador – following a report that at least three people with connections to Mr Trump had carried out covert influence operations in Greenland.
President Donald Trump has said America ‘needs’ Greenland for ‘international security’.
The territory’s strategic position between Europe and North America makes it a key site for the US ballistic missile defence system, while its mineral wealth has heightened US interest in reducing reliance on Chinese exports.
Earlier this month, the Danish Defence Intelligence Service said in an annual report that the US was using its economic power to “assert its will” and threaten military force against friend and foe alike.
Image: Denmark’s Prime Minister Mette Frederiksen (left) greets Greenland’s Prime Minister, Jens-Frederik Nielsen.
The report also highlighted the rising strategic importance of the Arctic to great power countries as “conflict between Russia and the West intensifies.
It went on to say that the growing security and strategic focus on the Arctic by the US would “further accelerate these developments”.
Russian President Vladimir Putin has said Russia is worried about NATO’s activities in the Arctic and will respond by strengthening its military capability in the polar region.
He was a senior figure. Head of the operational training directorate of the general staff, Sarvarov prepared forces for future deployment, having previously served in Chechnya and Syria.
There was no immediate claim of responsibility but Moscow believes Kyiv may have been behind it. No wonder – they’ve carried out similar attacks many times before.
He was killed by a bomb hidden in a scooter outside his apartment block, which Vladimir Putin referred to as a “major blunder” by the security services.
Image: Sarvarov was the least senior commander to be killed on Russia soil. Pic: Reuters
It’s unclear why Sarvarov was targeted – perhaps simply because his rank and apparent vulnerability.
The timing appears significant. It follows the latest peace talks between US and Russian officials in Miami over the weekend, where Kremlin envoy Kirill Dmitriev met with Steve Witkoff and Jared Kushner.
In the past, Ukraine has used these kinds of attacks to embarrass Moscow and to bring the war closer to home for Russians.
This time could be Kyiv’s way of undermining Moscow’s narrative in the negotiations.
The Kremlin has been trying to persuade the White House that a Russian victory is inevitable, and that it’s futile to support Ukraine, in the hope of securing a more preferential settlement.
Ukraine has been trying to convince the Trump administration of the opposite – that it’s still full of fight – and taking out Russian generals in their own backyard is one way of doing that.
It shows Washington that the Kremlin is clearly not in total control.