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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.

Read more:
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How FTX founder went from £21bn empire to jail

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

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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Sudan’s top paramilitary adviser says US calls to cut supply of weapons may ‘jeopardise ceasefire’

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Sudan's top paramilitary adviser says US calls to cut supply of weapons may 'jeopardise ceasefire'

A top adviser to the leader of the paramilitary Rapid Support Forces, or RSF, has said US secretary of state Marco Rubio’s remarks on halting weapons supplies “jeopardise ceasefire efforts”.

In his remarks yesterday, Mr Rubio called for international powers to stop sending military support to the RSF, the paramilitary group which has been at war with the Sudanese Army since 2023.

“This needs to stop. They’re clearly receiving assistance from outside,” Mr Rubio said.

In a statement on X, Elbasha Tibeig, adviser to RSF leader Mohammed Hamdan Dagalo, dismissed Mr Rubio’s comments as “an unsuccessful step” that does not serve global efforts aimed at reaching a humanitarian ceasefire.

Mr Tibeig said Mr Rubio’s comments may lead to an escalation of the fighting.

The US, Saudi Arabia, the United Arab Emirates and Egypt – known as the Quad – have been working on ways to end the war.

The war began in April 2023 after the Sudanese army and RSF, then partners, clashed over plans to integrate.

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Last week, the RSF said they had agreed to a US-led proposal for a humanitarian ceasefire. Mr Rubio doesn’t believe the RSF intends to comply with that agreement.

“The RSF has concluded that they’re winning and they want to keep going,” he said yesterday.

He added that they’re “not just fighting a war, which war alone is bad enough. They’re committing acts of sexual violence and atrocities, just horrifying atrocities, against women, children, innocent civilians of the most horrific kind. And it needs to end immediately”.

Sudanese women who fled intense fighting in Al Fashir sit at a displacement camp in Al Dabba. Pic: Reuters/El Tayeb Siddig
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Sudanese women who fled intense fighting in Al Fashir sit at a displacement camp in Al Dabba. Pic: Reuters/El Tayeb Siddig

The war has killed at least 40,000 people, according to the World Health Organisation, and displaced millions more. Aid groups say that the true death toll could be much higher.

The RSF is accused of committing war crimes and crimes against humanity across Sudan since the war started. Most recently, there were reports of mass killings during the fall of Al Fashir, a city which was recently captured by the RSF.

A Sky News investigation into events in Al Fashir found thousands were targeted in ‘killing fields’ around the Sudanese city.

Grab from RSF social media channels in Al Fashir, Sudan
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Grab from RSF social media channels in Al Fashir, Sudan

Marco Rubio did not specify which countries he was referring to in his calls to halt arms supplies, but US intelligence assessments have found that the United Arab Emirates, a close US ally, has been supplying weapons.

Previous reporting on Sky News has supported allegations that the UAE militarily supports the RSF, though the country officially denies it.

“I can just tell you, at the highest levels of our government, that case is being made and that pressure is being applied to the relevant parties,” Mr Rubio said.

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Iraqi prime minister’s coalition wins parliamentary elections

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Iraqi prime minister's coalition wins parliamentary elections

A coalition led by Iraq’s prime minister has won the country’s parliamentary elections, Baghdad’s electoral commission has said.

Mohammed Shia al Sudani, who has led the Middle Eastern nation since 2022, was seeking a second term in power.

During the campaign, he attempted to portray himself as a leader who could bring stability to Iraq after years of crisis.

But many young voters saw the vote as a means for the country’s elite to divide the spoils of the country’s oil wealth among themselves.

Iraqi Prime Minister Mohammed Shia al Sudani. Pic: AP
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Iraqi Prime Minister Mohammed Shia al Sudani. Pic: AP

The coalition Mr Sudani leads received 1.32 million votes. Turnout was 56.11%, the electoral commission said on Wednesday.

Supporters of the prime minister held celebrations in Baghdad shortly after the announcement of the preliminary results.

Hamid Hemid hailed his victory, saying: “He is the number one in Iraq, and not only Baghdad.”

However, the result does not mean Mr Sudani will necessarily remain the prime minister.

No single bloc of parties won enough seats to form the government themselves, meaning a coalition deal will have to be struck.

In several past elections in Iraq, the group winning the most seats has not been able to impose its preferred candidate.

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After the last elections, which took place in 2021, a party led by influential Shia cleric Muqtada al Sadr won the largest number of seats but withdrew from negotiations to form a new government.

Speaking in a televised speech following the announcement of the initial results, Mr Sudani said: “The voter turnout is clear evidence of another success, reflected in the restoration of confidence in the political system.”

Iraq has been wrecked by violence and dominated by powerful Iran-backed militias since it was invaded by a US-led coalition in 2003.

Earlier this year, Mr Sudani travelled to London to negotiate a series of deals on the economy and diplomacy.

Speaking to Sky News during his visit, he insisted he was in control of Iraq despite the presence of armed groups using its territory to attack Israel.

He said: “We’re not embarrassed in any way, we carry out our duties to enforce the law, to maintain security and stability in Iraq and reject all means of violence. We won’t allow any side to dictate the decision between peace and war.”

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Ukraine ministers toppled amid embezzlement and kickbacks scandal

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Ukraine ministers toppled amid embezzlement and kickbacks scandal

Ukraine’s justice and energy ministers have resigned amid a major embezzlement and kickbacks scandal involving the state nuclear power company.

Volodymyr Zelenskyy called for the removal of Justice Minister Herman Halushchenko and Energy Minister Svitlana Grynchuk on Wednesday, with the pair later submitting their resignations.

The damaging scandal – fast becoming one of the most significant government crises since Moscow launched its full-scale invasion – has put top officials under scrutiny.

It could not come at a worse time for Ukraine, as Russia’s renewed attacks on energy infrastructure cause rolling blackouts and Kyiv’s outnumbered forces retreat under relentless assaults.

Svitlana Grynchuk file image. Pic: Reuters
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Svitlana Grynchuk file image. Pic: Reuters

Site of a Russian drone strike in Kharkiv, Ukraine, on 12 November, 2025. Pic: Reuters
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Site of a Russian drone strike in Kharkiv, Ukraine, on 12 November, 2025. Pic: Reuters

At the centre of the scandal, Mr Halushchenko and other well-known ministers and officials are alleged to have gained payments from constructing fortifications against Moscow’s assaults on energy infrastructure. Former Deputy Prime Minister Oleksiy Chernyshov is also alleged to have been involved.

Mr Halushchenko said he would defend himself legally, while Mr Grynchuk posted on social media: “Within the scope of my professional activities there were no violations of the law.”

The findings of a 15-month investigation, including 1,000 hours of wiretaps, were revealed by the same anti-corruption watchdogs Mr Zelenskyy sought to weaken earlier this year.

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Herman Halushchenko - file image. Pic: Reuters
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Herman Halushchenko – file image. Pic: Reuters

Blackout in Ukraine. Pic: Reuters
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Blackout in Ukraine. Pic: Reuters

These resulted in the detention of five people, and another seven linked to about $100m (£76m) in alleged kickbacks in the energy sector.

Ukrainian officials are scrambling for European funds to manage mounting energy shortages as Moscow targets critical infrastructure and natural gas production in an attempt to damage public morale.

The nation has been plagued by corruption since gaining independence, and Mr Zelenskyy was elected on a mandate to eliminate graft.

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Military procurement scandals also led to the ousting of Defence Minister Oleksii Reznikov in 2023.

Oleksandr Merezhko, a lawmaker with Zelenskyy’s party, said the scandal looks “really bad in the eyes of our European and American partners”.

He said: “Internally this scandal will be used to undermine unity and stability within the country. Externally, our enemies will use it as an argument to stop aid to Ukraine.

Volodymyr Zelenskyy,  Galushchenko and former Energoatom  CEO Petro Kotin. Pic: Reuters
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Volodymyr Zelenskyy, Galushchenko and former Energoatom CEO Petro Kotin. Pic: Reuters

“While Russians destroy our power grid and people have to endure blackouts, someone at the top was stealing money during the war.”

But questions remain over how high the alleged corruption goes.

The National Anti-Corruption Bureau, known as NABU, refrained from identifying the suspects.

But it said they included a businessman, a former adviser to the energy minister, an executive who oversaw physical protection at state energy company Energoatem, and others responsible for money laundering. It dubbed the scheme “Midas”.

The agency also accused eight people of abuse of office, bribery, and possession of disproportionate assets.

The investigation, which NABU said conducted over 70 raids, was welcomed by the Ukrainian president, who urged officials to cooperate with it. Energoatom said the inquiry didn’t disrupt its operations.

Situation on the battlefield
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Situation on the battlefield

NABU released excerpts of tapes in which the network, using code names and secretive language, discussed blackmail and pressuring Energoatom contractors to extract 10% to 15% in bribes and kickbacks in exchange for them to do business without facing internal blocks.

The network took advantage of a regulation enforced during martial law prohibiting contractors from claiming debts in court from companies providing essential services, such as Energoatom, which has annual revenues of around $4.7 billion (£3.6 billion). Four others worked to launder the money at a Kyiv office.

The tapes, which have not been independently verified, say about $1.2 million was handed to a former deputy prime minister, whom the plotters called “Che Guevara,” after the Argentinian revolutionary leader.

Ms Svyrydenko also said the cabinet submitted proposals to apply sanctions against Timur Mindich, a close associate of Zelenskyy, and businessman Alexander Tsukerman.

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