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Former FTX Chief Executive Sam Bankman-Fried, who faces fraud charges over the collapse of the bankrupt cryptocurrency exchange, arrives on the day of a hearing at Manhattan federal court in New York City, January 3, 2023.

David Dee Delgado | Reuters

In Sam Bankman-Fried’s fraud trial, prosecutors won quickly by keeping it simple.

Jurors needed only about three hours of deliberations to find the FTX founder guilty of seven criminal counts, which could amount to a life sentence. For a high-profile monthlong trial that involved nearly 20 witnesses and hundreds of exhibits, experts told CNBC they’d never seen such a speedy decision.

“The jury came back in next to no time on seven counts of fraud and conspiracy, a charge that is notoriously difficult to prove beyond a reasonable doubt in typical cases, especially for complex financial wrongdoing,” said Yesha Yadav, professor of law and associate dean at Vanderbilt University.

Working in the government’s favor was a basic fact that’s accepted by just about everyone: stealing money is wrong.

Both the prosecution and defense agreed that $10 billion in customer money that was sitting in FTX’s crypto exchange went missing, with some of it going toward payments for real estate, recalled loans, venture investments, and political donations. They also agreed that Bankman-Fried was calling the shots.

The key question for jurors was one of intent. Did Bankman-Fried knowingly commit fraud in directing those payouts with FTX customer cash, or did he simply make some mistakes along the way?

Nicolas Roos and Danielle Sassoon, the two assistant U.S. attorneys who led the prosecution’s case through the trial, continuously reminded investors that billions of dollars went missing at the expense of ordinary investors. Crypto may be complicated because it’s unregulated and has been difficult to categorize as a currency, commodity or something else. But Roos and Sassoon emphasized how little any of that mattered to the case at hand.

The prosecution called as its first witness a London-based cocoa bean trader who lost $100,000 on FTX. The investor, Marc-Antoine Julliard, turned to the platform in 2021 to diversify his holdings because he said the company gave the impression that it was trustworthy.

“The key at trial, aside from the multiple cooperators, was the way in which prosecutors simplified the case and tried it as a garden-variety fraud instead of as a complex crypto scheme,” Renato Mariotti, a former prosecutor in the U.S. Justice Department’s Securities and Commodities Fraud Section, told CNBC.

Mariotti, who’s now a trial partner in Chicago with Bryan Cave Leighton Paisner, said, “The simpler story is usually the winner at a jury trial.”

Damian Williams, U.S. attorney for the Southern District of New York, underscored that point in a press briefing after the verdicts were read on Thursday evening.

“While the cryptocurrency industry might be new and the players like Sam Bankman-Fried might be new, this kind of corruption is as old as time,” Williams said. “This case has always been about lying, cheating, and stealing, and we have no patience for it.”

What's next after Sam Bankman-Fried's conviction in fraud trial: CNBC Crypto World

Prosecutors had a lot going for them.

Bankman-Fried, the 31-year-old son of two Stanford legal scholars, had shirked legal advice well after FTX and sister hedge fund Alameda Research spiraled into bankruptcy in late 2022. He remained prolific and unfiltered in dealing with the press, even speaking publicly by video to journalist Andrew Ross Sorkin at the New York Times DealBook Summit, which took place three weeks after his crypto empire collapsed.

“What do your lawyers tell you right now,?” Sorkin asked. “Are they suggesting this is a good idea for you to be speaking?

“No, they are very much not,” Bankman-Fried responded. “The classic advice — don’t say anything, recede into a hole. And that’s not who I am. It’s not who I want to be.”

That interview, along with others, came back to haunt him. Audio and video clips and news excerpts, from before, during and after FTX’s failure, gave the prosecution a mountain of evidence on top of the damning witness testimony it was able to present.

‘Impossible position’

In September of 2022, when the crisis had become evident internally, Bankman-Fried told CNBC that he had $1 billion in free cash to deploy across the industry. The following month, at an event in Washington, D.C., he boasted of FTX’s role in helping to prop up the industry through a cascade of failures.

In presenting those statements to the jury, the prosecution made clear that Bankman-Fried knew he was lying.

“SBF lost this case before it started,” Mariotti said. “He put his lawyers in an impossible position by committing outlandish crimes and refusing to keep his mouth shut even after it was apparent that he was under investigation.”

Sassoon ended by telling the jurors that Bankman-Fried thought he could fool customers, reporters and the public. Now, he was aiming to fool them.

“Don’t fall for it,” she said. “Find him guilty.”

Paul Tuchmann, a former federal prosecutor who is currently a partner with Wiggin and Dana LLP, said a three-hour deliberation for a trial of this length is “not common at all.”

“It really goes to show the strength of the government’s case,” said Tuchmann.

While prosecutors brought up witnesses from Bankman-Fried’s inner circle who were cooperating as part of plea agreements, the defense’s case was mostly built on testimony from the defendant himself. Tuchmann described Bankman-Fried’s performance as “unpersuasive.”

Sam Bankman-Fried’s parents, seated to the left, react to the verdict. U.S. Attorney Damian Williams is seated to the far right.

Artist: Elizabeth Williams

Starring for the prosecution was Caroline Ellison, Bankman-Fried’s ex-girlfriend and the former head of Alameda. On the stand, Ellison, who pleaded guilty in December to multiple charges, said that she and Bankman-Fried committed “fraud, conspiracy to commit fraud and money laundering.”

Jurors also got to hear Ellison on tape describing to employees the huge hole in FTX’s balance sheet and the disappearance of customer money. And they saw text messages she sent to Bankman-Fried, including one as the grand scheme was falling apart, in which she wrote “this is the best mood I’ve been in in like a year” because the nightmare was all finally coming to an end.

“No one had a shred of support for SBF, nor should they have,” trial attorney James Koutoulas told CNBC.

Regarding the speedy deliberation, Koutoulas said, “That’s enough time for everybody to be like, I’m glad it’s over, let’s eat our cookies or our sandwiches, recap the facts, and everybody say, ‘OK, well he’s guilty, right?'”

In addition to Ellison, the government called to the stand FTX co-founder Gary Wang, who was Bankman-Fried’s childhood friend from math camp, FTX’s former director of engineering Nishad Singh, and Bankman-Fried’s former roommate and senior FTX coder Adam Yedidia. FTX’s ex-general counsel Can Sun also testified.

“The prosecution featured no fewer than four cooperating witnesses from the senior ranks of the companies, all of whom convincingly described the defendant as the leader of the fraudulent schemes,” said Kevin J. O’Brien, a former assistant U.S. attorney who specializes in white collar criminal defense in New York. “The prosecutors were confident, brisk and well-organized in their presentation, which juries in a complex, lengthy case always appreciate.”

The defense, led by Mark Cohen, tried to create reasonable doubt by pointing out flaws in testimony. But O’Brien said the defense failed to negate the important facts.

When Bankman-Fried took the stand over three separate days, he did himself no favors.

Bankman-Fried rushed through lengthy and convoluted sentences that at times were repetitive and contradictory. That’s when he was responding to his lawyer’s questions. On cross-examination, he clammed up, replying with “Yup,” and some variation of “I don’t recall” over 100 times.

Bankman-Fried’s decision to testify “backfired because of inconsistencies in his testimony and his general lack of appeal,” said O’Brien.

Mariotti credited the Justice Department for working “collaboratively and with urgency” with the Commodities Future Trading Commission and the Securities and Exchange Commission. That allowed the government to move swiftly while gathering highly compelling evidence.

“Sam Bankman-Fried will be remembered as one of the biggest fraudsters of our lifetimes,” Mariotti said. “He has finally met a situation that he can’t talk his way out of.”

WATCH: Sam Bankman-Fried found guilty on all seven counts

Sam Bankman-Fried found guilty on all seven criminal fraud counts: Here's what next

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Anker SOLIX Fan Fest Sale takes up to 63% off power stations, Tenways CGO600 Pro e-bikes with free $217 bundle $1,599, Bluetti, more

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Anker SOLIX Fan Fest Sale takes up to 63% off power stations, Tenways CGO600 Pro e-bikes with free 7 bundle ,599, Bluetti, more

Leading today’s march of Green Deals is Anker’s SOLIX Fan Fest Sale that has increased savings on power stations from Labor Day up to 63%, with offers like the new SOLIX F3000 Portable Power Station starting at $1,649, among others. We also have Tenways’ End of Season Sale that is offering an increased $217 in FREE gear on its CGO600 Pro Lightweight Commuter e-bikes at $1,599, as well as the first discount hitting Bluetti’s new Elite 30 V2 Power Station bundled with a carrying case for $259. From there, EGO has given folks a return low price on an advanced pole saw alongside its Nexus power station, with three one-day only deals from Greenworks and Worx, and more waiting for you below. Plus, there are all the hangover deals collected at the bottom of the page, like yesterday’s EcoFlow Home Backup/Hurricane Preparedness Sale, the $799 promotion on Vanpower’s City Vanture Urban Commuter e-bike, and more.

Head below for other New Green Deals we’ve found today and, of course, Electrek’s best EV buying and leasing deals. Also, check out the new Electrek Tesla Shop for the best deals on Tesla accessories.

Anker’s SOLIX Fan Fest Sale increases savings on power stations as high as 63% with deals starting from $120

Anker has launched its SOLIX Fan Fest Sale running through September 21, with up to 63% discounts on its massive power station and accessory lineup – which is an increase from the brand’s Labor Day event. Alongside the low prices we spotted on the EverFrost 2 electric coolers, as well as the launch deals on the new C1000 Gen 2 station, we also noticed the brand’s other recent release, the SOLIX F3000 Portable Power Station dropping to $1,649 shipped during this sale, which sits $1 under Amazon’s pricing. It fetches $2,599 at full price, with discounts having mostly gone as low as $1,699, unless the sales offered bonus savings that saw the cost drop to $1,614 or the one-time $1,599 rate we saw during Prime Day. The deal here is the third-best we have tracked, saving you $950 off the going rate and bringing you one of the latest, upgraded backup power solutions from the Anker flag.

Unlike the new C1000 Gen 2 station, which is a more compact backup option, Anker’s SOLIX F3000 power station brings a whole lot more punch to its game, as it starts with a 3,072Wh LiFePO4 battery capacity that can expand up to 24kWh with investments into the compatible expansion batteries (bundles available below). There are 11 output ports to connect devices/appliances (including a TT-30R AC port for RV backup), which will receive up to 3,600W of power that can be doubled to 7,200W when two stations are connected together.

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One of the SOLIX F3000 power station’s notable upgraded features is the addition of passthrough charging, which it can receive from a generator for up to 3,600W of input, bringing extra versatility to emergency power failures. You’ll also have to options to plug into a standard AC outlet or even charge from an EV. There’s also the max 2,400W solar input that can have it fully recharged in under two hours with optimal sunlight.

***Note: Some of these power stations – particularly the F3800 models, which also get free protective covers – have automatic 5% extra savings that will be added in your cart. Those differences have not been factored in to bracket prices.

Anker’s Fan Fest F3000 deals:

If you want to browse the entirety of Anker’s SOLIX Fan Fest Sale, which includes the above SOLIX F3000 power station discounts, be sure to check out our original and curated coverage of those deals here.

man and woman sit on beach with Tenways CGO600 Pro e-bikes

Tenways End of Season Sale drops 37-pound CGO600 Pro e-bikes to $1,599 with $217 in FREE gear ($2,116 value)

Tenways is continuing most of its Labor Day savings within its newly launched End of Season Sale, which is taking up to $500 off select e-bikes, while also offering an additional $200 discount when buying two. Among the lineup, Tenways’ popular CGO600 Pro Lightweight Commuter e-bikes (both the chain-drive and belt-drive variants) are dropping back down to $1,599 shipped, while also coming with $118 in free gear and a complimentary gift box (a $99 value). Coming down off its $1,899 full tag price, things have been taken lower in the past, though since March we’ve been seeing tariff hikes keep the price up at $1,599, with occasional falls lower to $1,499. You’re still getting a solid $517 savings package with this deal, not to mention the additional savings you can get buying two together and/or verifying your status as a medical provider, first responder, teacher, or military member (giving you an extra $150 off).

If you want to learn more about this lightweight commuter, or browse the other e-bike deals, be sure to check out our original coverage of this sale here.

man and woman sit at table in nature with Bluetti's Elite 30 V2 power station

Bluetti’s new Elite 30 V2 power station bundled with a carrying case gets first discount to $259, more from $219

Through its official Amazon storefront, Bluetti is offering the first chance at savings on its new Elite 30 V2 Portable Power Station bundled with a carrying bag at $259 shippedafter clipping the on-page $140 off coupon, which is unavailable directly from the brand’s website and has no option to buy the bag separately. This bundle package just hit Amazon five days ago, carrying a $399 price tag, with today’s deal being a first-ever chance to save on it. All-in-all, you’re getting $140 in total savings that sets the bar for future discounts down the road.

If you want to learn more about this station’s capabilities, as well as browse the other bundles, be sure to check out our original coverage of these deals here.

EGO's 56V 10-inch carbon fiber pole saw being used to cut off tree branch

Grab EGO’s carbon fiber telescopic pole saw with an LED guide light and 2.5Ah battery at its $299 low

Amazon is offering the EGO Power+ 56V 10-inch Cordless Carbon Fiber Telescopic LED Cut Line Indicator Pole Saw with 2.5Ah battery at $299 shipped. It’s been recently fetching around $389 at full price, with the discounts we’ve seen this year having dropped the costs to this same low rate twice before. It’s coming back around for a $90 markdown, letting you expand your outdoor arsenal at the best price we have tracked.

If you want to learn more about this pole saw, be sure to check out our original coverage of this deal here.

man prepping food in pot on burner being powered by EGO Power+ Nexus portable power station

EGO’s modular Nexus power station with two 7.5Ah batteries can also refuel your arsenal at $899

At Amazon, you can currently find the EGO Power+ Nexus Portable Power Station with two 7.5Ah batteries at $899 shipped. This bundled package usually runs for $1,099 without discounts, which we’ve mostly seen keeping down near $999 with discounts. While these drops to $899 are usually rare sightings, the price has been holding out strong since mid-August, with no telling how much longer it may last. Aside from the $838 low we saw once back during Black Friday, you’re otherwise looking at the best tracked price, which saves you $200 off the going rate. If you already have a collection of EGO ARC batteries, you can pick the station up on its own for $593.

If you want to learn more about this power station’s capabilities, be sure to check out our original coverage of this deal here.

man cleaning driveway with Greenworks 1,900 PSI electric pressure washer

Greenworks’ framed 1,900 PSI electric pressure washer back at $120 while the 12-inch cleaner attachment is at $23 (Today only)

As part of its Deals of the Day, Best Buy is offering the Greenworks 1,900 PSI Electric Framed Pressure Washer at $119.99 shipped (currently unavailable on Amazon and beating the brand’s direct website by $30), which is running parallel to the one-day-only discount we’re also seeing on the brand’s 12-inch Surface Cleaner Attachment at $22.99 shipped. That pressure washer would normally run you $200 at full price, with discounts mostly taking it to this rate or higher, more often as a one-day-only deal, which has only been beaten out by a one-time discount to $118. For the rest of the day, you can pick one up at $80 off to tackle your outdoor cleaning needs at the next-best price we have tracked – landing just $2 above the all-time low.

If you want to learn more about the pressure washer or cleaner attachment, be sure to check out our original coverage of these one-day-only deals here.

split photo showing the Worx Pegasus 2-in-1 work table and sawhorse holding bags of cement

Gain more portable workspace with Worx’s Pegasus 2-in-1 folding table & sawhorse at $95 (Today only)

As part of its Deals of the Day, Best Buy is offering the Worx Pegasus 2-in-1 Folding Work Table & Sawhorse at $94.99 shipped, which beats out Amazon’s pricing by $42. It usually fetches $140 to $150 at full price across various marketplaces, with discounts over the last year having mostly kept costs above $110, though we have spied some short-term falls as low as $90. For the rest of the day, you can pick it up here with a $55 markdown that lands it at the second-best price of the last 12 months – just $5 above the low we last saw in January.

If you want to learn more about this work table/sawhorse, be sure to check out our original coverage of this one-day-only deal here.

Best Summer EV deals!

Best new Green Deals landing this week

The savings this week are also continuing to a collection of other markdowns. To the same tune as the offers above, these all help you take a more energy-conscious approach to your routine. Winter means you can lock in even better off-season price cuts on electric tools for the lawn while saving on EVs and tons of other gear.

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Hyundai’s EV plant raided by ICE, ‘hundreds’ taken into custody [Live Updates]

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Hyundai's EV plant raided by ICE, 'hundreds' taken into custody [Live Updates]

The massive new Hyundai EV plant outside of Savannah, Georgia, was raided by ICE last week. Federal agents took hundreds of people into custody at the site, including executives from LG Energy Solution, Hyundai’s battery partner and co-owner of the plant.

Update 09/10/2025: A charter plane was shown taking off from the Incheon International Airport in South Korea on Wednesday, headed for the US.

According to reports (via The Associated Press), the plane landed in Atlanta, but cannot depart the US just yet due to unknown reasons on the US side.

The detainees are currently being held at an immigration detention center in Georgia. They are expected to be released and transferred to the Hartsfield-Jackson Atlanta International Airport, where the charter plane is waiting to bring them home.

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The battery plant site that was raided is one of over 20 that South Korean companies are currently building in the US.

As the largest workplace raid by the US Homeland Security, the event is quickly spreading backlash among South Koreans.

Charles Kuck, an immigration attorney from Atlanta who represents several of the detained citizens, told The Associated Press that no other company in the US makes the machines used at Hyundai’s plant. So, they had to come from overseas to install or repair equipment at the plant. He added that many were doing so under various visa programs legally.

Why was the Hyundai EV plant raided by ICE?

After celebrating the grand opening of its new Hyundai Motor Group Metaplant America (HMGMA) in Georgia earlier this year, the Korean automaker said it’s “building the future of mobility with America, in America.”

On September 4, a construction site for a new battery plant was raided by US immigration authorities. Up to 475 people were arrested as part of an investigation into undocumented individuals. It was the US Department of Homeland Security’s largest single-site enforcement operation to date.

The South Korean Foreign Ministry issued a statement on Friday, September 5 (via Yonhap News), claiming that the individuals were mistreated.

“The economic activities of our companies investing in the US and the rights and interests of our nationals must not be unfairly violated,” South Korean ministry spokesperson Lee Jae-woong said.

Hyundai-EV-plant-raid
Hyundai IONIQ 9 models, which are built at HMGMA EV plant in Georgia (Source: Hyundai)

The ministry’s spokesperson added that “We conveyed our concern and regret through the US Embassy in Seoul today.” Korea sent officials to Washington and to the Hyundai plant to establish an on-site task force to deal with the matter.

Update 09/08/25: South Korea reached a “broad agreement” on September 7 to release the roughly 300 Korean citizens detained in the US.

A foreign ministry official confirmed on Monday (via Yonhap News) that “We have agreed on a plan to bring all our citizens back home safely via a chartered flight.” The official added that the citizens will head home voluntarily rather than facing deportation.

Hyundai-EV-plant-raided-ICE
The Hyundai Motor Group Metaplant America (Source: Hyundai)

Backlash is erupting in Korea after video footage circulated on social media showing the detained workers shackled before being loaded onto buses and DEA agents armed with guns outside the facility.

South Korean Foreign Minister Cho Hyun is in talks with Washington to discuss ways to prevent similar incidents from happening again, including increasing the visa quota for South Korean workers.

Hyundai-EV-plant-raided
Hyundai Motor America CEO Jose Muñoz with Georgia Governor Brian P Kemp at Hyundai Day (Source: Hyundai)

Meanwhile, President Donald Trump still believes the US and South Korea have “a great relationship.” Trump told reporters after a visit to the US Open tennis final on September 8 that “we have a great relationship with South Korea, really good relationship.”

Trump later posted on Truth Social that the US will “make it quickly and legally possible” to bring foreign battery experts to the US, adding, “What we ask in return is that you hire and train American Workers.”

Hyundai-new-evs-tech
Hyundai IONIQ 9 built at HMGMA (Source: Hyundai)

Hyundai’s site in Georgia spans nearly 3,000 acres total and includes an assembly facility, two battery plants, a weld shop, and several others for training, logistics, and more.

As the largest economic project in Georgia, the plant, including Hyundai’s suppliers, is expected to create nearly 40,000 jobs while drawing $12.6 billion into the state.

Hyundai currently builds the new 2025 IONIQ 5 and 2026 IONIQ 9, its first three-row electric SUV, at the Georgia facility.

Hyundai-IONIQ-5-breakout-EV
2025 Hyundai IONIQ 5 at a Tesla Supercharger (Source: Hyundai)

The ICE raid came just days after US President Trump hosted South Korean President Lee Jae Myung at the White House. It’s part of the administration’s aggressive crackdown on immigration. Lee has committed to investing another $150 billion in the US, including a new EV battery plant, as it seeks to ease trade tensions.

Check back soon for the latest information, as this is still an ongoing story. We’ll keep you updated with the latest.

Source: The New York Times, Yonhap News

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Joby Aviation and Uber to add Blade flights to Uber App, paving way for electric air taxis

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Joby Aviation and Uber to add Blade flights to Uber App, paving way for electric air taxis

Less than two weeks after completing its acquisition of aerial mobility business Blade, eVTOL air taxi developer Joby Aviation has expanded an ongoing partnership with Uber, Inc. to bring those flights to the popular rideshare app.

Regarding eVTOL development news, Joby Aviation ($JOBY) is a regular on the Electrek homepage. Joby is one of dozens of aerial mobility developers seeking certification to begin commercial air taxi operations worldwide with passengers on board.

However, Joby only began eVTOL test flights in the US with a pilot on board two years ago, followed by test flights in Japan in front of long-standing partner Toyota last November, and most recently, piloted flights in the United Arab Emirates this past June.

On Sunday, November 12, 2023, Joby Aviation’s bespoke eVTOL took off from the Downtown Manhattan Heliport and performed an exhibition flight across New York City ahead of plans for full commercial air taxi operations led by Joby in 2025.

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That has yet to happen, but it moved closer than ever to reality last month, when Joby successfully acquired Blade, an established network of terminals and existing customers in markets like New York and Southern Europe.

Blade will continue its aerial and heliport operations as a subsidiary of Joby. However, the eVTOL developer is immediately implementing those air taxi services into the Uber App through a global partnership with the rideshare behemoth.

Uber air taxi
Joby’s flagship eVTOL in New York City / Source: Joby Aviation

Joby to expedite eVTOL air taxi rides with Blade and Uber

Per Joby Aviation, it is expanding its global partnership with Uber Technologies to integrate the recently acquired Blade passenger business into the Uber App as early as next year. Joby and Uber have been working together since 2019, and in 2021, the former even acquired Uber’s Elevate division, which was focused on developing on-demand urban air transportation and eVTOL air taxi systems.

The eVTOL developer explained that the growing partnership with Uber “lays the foundation” for introducing its zero-emissions air taxis in key markets. Joby founder CEO JoeBen Bevirt elaborated:

We’re excited to introduce Uber customers to the magic of seamless urban air travel. Integrating Blade into the Uber app is the natural next step in our global partnership with Uber and will lay the foundation for the introduction of our quiet, zero-emissions aircraft in the years ahead. Together with Uber’s global platform and Blade’s proven network, we’re setting the stage for a new era of air travel worldwide.

Joby’s new air travel business from Blade flew over 50,000 passengers in 2024, operating from heliports in Manhattan to JFK airport and Newark Airport, or the Hamptons. In Europe, Blade offers flights from Nice to Monaco and Cannes and operations in St. Tropez and the French Riviera.

Through the acquisition, Joby intends to utilize Blade’s existing infrastructure and experience to accelerate its own launch of electric air taxi services. Currently, those planned markets include Dubai, New York, Los Angeles, the United Kingdom, and Japan.

Following its latest deal, Joby’s pending air taxi flights will be accessible through the Uber app. Uber president and COO Andrew Macdonald also spoke:

Since Uber’s earliest days, we’ve believed in the power of advanced air mobility to deliver safe, quiet, and sustainable transportation to cities around the world. By harnessing the scale of the Uber platform and partnering with Joby, the industry leader in advanced air mobility, we’re excited to bring our customers the next generation of travel.

So next year, you may be able to open the Uber app, order a robotaxi to a Manhattan heliport, then take an eVTOL air taxi to the airport for your flight. That’s pretty cool.

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