Government exhibit in the case against former FTX CEO Sam Bankman-Fried.
Source: SDNY
As Sam Bankman-Fried prepares to face sentencing next month for his criminal fraud conviction tied to the epic collapse of FTX in 2022, former customers of the crypto exchange have reasons to believe they could actually recoup their money.
Bankman-Fried, who could spend the rest of his life behind bars, was found guilty in November on seven criminal counts after roughly $10 billion in customer funds from his company went missing. Some of that money went to pay for Bankman-Fried’s lavish lifestyle, but much of it went towards other investments that have, of late, appreciated dramatically in value.
Lawyers representing the bankruptcy estate of FTX told a judge in Delaware last week that they expect to fully repay customers and creditors with legitimate claims. Bankruptcy attorney Andrew Dietderich, who works with FTX’s new leadership team, said “there is still a great amount of work and risk” ahead in getting all the money back to clients, but that the team has a “strategy to achieve it.”
It’s a welcome development for the many thousands of customers (reportedly up to a million) who collectively lost billions of dollars in FTX’s collapse 15 months ago, when the crypto exchange spiraled into bankruptcy in a matter of days. Given the lightly regulated and unsecured nature of FTX — and the crypto industry at large — those clients faced the real possibility that the vast majority of their money had evaporated. Plenty of failed hedge funds and lenders lost virtually everything during the 2022 crypto winter.
Bankman-Fried never believed his company’s situation was that dire.
Even as regulators and federal prosecutors unearthed evidence showing that the 31-year-old entrepreneur and his top lieutenants had been pilfering billions of dollars from customer wallets for years, Bankman-Fried insisted that all the money was still somehow accessible.
“FTX US remains fully solvent,” Bankman-Fried wrote in a Substack post on Jan. 12, 2023, while he was under house arrest at his parents’ home in Palo Alto, California. He said the exchange “should be able to return all customers’ funds.”
In some ways, his narrative appears to be proving true.
Joseph Bankman and Barbara Fried arrive for the trial of their son, 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 26, 2023.
Brendan Mcdermid | Reuters
For months, FTX’s new CEO, John Ray III, and his team of restructuring advisors have been clawing back cash, luxury property, and crypto, as well as tracking down missing assets. They’ve already collected more than $7 billion, and that doesn’t include valuables like $26 million in gifts and property to Bankman-Fried’s parents, or the $700 million handed over to K5 Global and founder Michael Kives, who invested FTX cash in companies like SpaceX. Some of those investments have seen a precipitous rise in value.
FTX had been negotiating with bidders about a potential reboot of the company, but those efforts were scrapped last month.
Braden Perry, who was once a senior trial lawyer for the Commodity Futures Trading Commission, FTX’s only official U.S. regulator, told CNBC that the decision to repay users in full came after “the abandonment of efforts to restart the FTX crypto exchange,” in favor of “a focus on liquidating assets to make customers whole.”
Getting actual money back in the hands of customers still remains a challenge. While a lot of the value has been recouped and more is to come, divvying up large amounts of cash is a complex process in bankruptcies, particularly when so much of the money is in non-traditional and illiquid assets.
Even Ray was doubtful at the beginning of the process, noting in late 2022 that, “At the end of the day, we’re not going to be able to recover all the losses here.”
‘Sam coins’ soar
What Ray wasn’t banking on was a huge market rebound. When he made those remarks, crypto was mired in a bear market, with bitcoin trading at around $16,000. It’s now above $47,000.
In September, the bankruptcy team released a status report showing that FTX had $3.4 billion worth of digital assets, with over $1.1 billion coming from its Solana investment.
Solana fits into a category of so-called “Sam coins,” a group that also includes Serum, a token created and promoted by FTX and sister hedge fund Alameda Research. After the dust settled from FTX’s bankruptcy, Solana saw a huge run-up in its price, and it continued to rally after the September report. Since the end of that month, it’s spiked fivefold.
Meanwhile, FTX’s bitcoin stash, which was worth $560 million at the time of the September report, is today valued north of $1 billion.
Bankman-Fried’s investments weren’t limited to crypto. He also used client money to back startups like Anthropic, the artificial intelligence company founded by ex-OpenAI employees. FTX invested $500 million in Anthropic in 2021, before the generative AI boom. Anthropic’s valuation hit $18 billion in December 2023, which would value FTX’s roughly 8% stake at about $1.4 billion.
During Bankman-Fried’s criminal trial in New York, Judge Lewis Kaplan denied the defense’s request that it be permitted to say that FTX’s investment in Anthropic was a smart bet. The bankruptcy estate of FTX has been looking to sell its Anthropic stake, according to a court filing this month.
Sam Bankman-Fried stands as forewoman reads the verdict to the court.
Artist: Elizabeth Williams
In his biography on Bankman-Fried titled “Going Infinite,” Michael Lewis said he was told by an investor interested in bidding for the venture portfolio that “if it was sold intelligently, it should go for at least $2 billion.” Lewis, who published his book late last year, wrote that, based on his back-of-the-envelope math, the $7.3 billion that Ray’s team had come up with didn’t include Serum, some large clawbacks and other venture investments that had appreciated in value.
For FTX customers, being made whole, according to a judge’s ruling, means getting the cash equivalent of what their crypto was worth in November 2022. In other words, they’re not seeing any of the upside of FTX’s investments or being given virtual coins that would allow them to cash out at higher valuations.
Still, some investors have found a way to participate in the FTX’s ongoing odyssey. The market for FTX IOUs lit up last year as it became clear that the bankruptcy estate was cobbling together a lucrative portfolio. One financial firm that had lost around $100 million initially sold its FTX debt for 6 cents on the dollar in a new secondary market out of concern that he may never get a better deal. As of December, those claims were going for more than 70 cents on the dollar.
If customers are eventually made whole, that could play a big role in Bankman-Fried’s appeal, likely following his sentencing, which is set to take place in Brooklyn on March 28. Perry said it could also affect how the judge handles sentencing in the first place.
“Under the federal sentencing guidelines, and even assuming no monetary loss, SBF still faces at least 70 months in prison based on his base level offense, number of victims, sophisticated means, and leadership role,” Perry said.
The massive losses that were originally expected would suggest 30 to years to life, Perry added.
Renato Mariotti, a former prosecutor in the U.S. Justice Department’s Securities and Commodities Fraud Section, told CNBC that judges typically consider the amount of restitution paid to victims at sentencing.
“If the victim is made whole, that is a big plus for the defendant,” said Mariotti. He noted, however, that the extent of the fraud coupled with Bankman-Fried’s false testimony and violation of bond conditions could limit the reduction.
“I usually advise clients to pay restitution before sentencing if at all possible,” Mariotti said.
The feces-filled freight train of dystopian horrors rolls on with the passage of the Big Beautiful Bill and the untimely demise of the $7,500 federal EV tax credit. But if you’re ready to pull the trigger on a new EV this month, you’re in luck! There are plenty of great options with zero interest financing to choose from … and one with zero interest in general.
We’re doing things a little differently this month. Instead of brief write-ups, we’re highlighting the most significant 0% deal of the month (yes, that is largely opinion-based – thanks for noticing), and an “honorable mention” that doesn’t quite fit the 0% EV deal template … but might still be worth checking out.
Don’t act surprised – my Twitter handle is VolvoJo, after all, and I’m on my fifth consecutive long-roof Swede as I type this. As such, when trying out a new format for this monthly column it made perfect sense to check out the Ironmark’s offers … and I found a good one: a new, not perfect but getting there seven-passenger EX90 at 1.99% financing plus $1,000 in “Summer Safety Bonus Cash.”
Is zero interest financing good enough to overcome the fact that most people seem to have zero interest in buying a CT these days? Is the Volvo worth a look at 1.99% with an additional $1,000 cash back? Let us know your take in the comments – but before you do that, check out the full list of 0% interest EV deals for July 2025 and click the links for additional local deals.
July 0% interest EV deals
Disclaimer: the vehicle models and financing deals above were sourced from CarsDirect, CarEdge, and (where mentioned) the OEM websites – and were current as of 07JUL2025. These deals may not be available in every market, with every discount, or for every buyer (the standard “with approved credit” fine print should be considered implied).
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The new Lectric XP Trike2, just unveiled today, is the hands-down winner in the best-bang-for-your-buck category of electric trikes. And as perhaps the longest-running electric bike reviewer in the industry, I can say that with confidence. I’ve seen a lot of electric bikes in my time. I’ve spent a lot of butt-in-saddle hours on e-trikes. But I’ve never before seen a value like this roll by on three wheels.
As an able-bodied, mid-30s electric bike rider (and writer), I’ll be the first to say that electric trikes aren’t just for older folks. They’re fun e-bikes in their own right. But let’s face it – the vast majority of the market for electric three-wheelers are those who just aren’t as comfortable on two wheels due to age, accessibility, or other reasons. And so if you’re a senior or otherwise on the hunt for a fun and affordable electric trike, the Lectric XP Trike2 is probably the one you’re going to end up getting, and deservingly so!
If you don’t know Lectric eBikes, they’re the Phoenix-based e-bike company that took the US by storm in the early 2020s, quickly growing into the #1 best-selling e-bike company on the continent. They started with the ultra affordable, high-value XP line of e-bikes, and then took that same recipe to other types of e-bikes, from cargo bikes to off-roaders, and now to trikes.
The new XP Trike2 is the latest generation of their best-selling e-trike, and it’s absolutely better than ever.
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First of all though, let’s look at what stayed the same. The ultra-affordable price of $1,499 remains untouched, keeping this not only one of the best e-trikes on the market, but also the most affordable. It also keeps the low step-over height for easy mounts and dismounts, the folding frame to help riders transport it more easily, and the powerful motor that makes it a great hill climber.
Other than those features, basically everything else has received an upgrade.
First of all, we now get included suspension with a 50mm suspension fork up front. The frame has been redesigned with a new hydroformed aluminum downtube and a more stable footprint. The stem angle has been modified to make it more comfortable and allow a more upright, relaxed riding posture. A more powerful and longer-range version of the Trike2 is also available, upgrading the motor with 50% more power for even better hill climbing, as well as including a torque sensor for more responsive pedaling and a longer-range battery.
The included TFT color screen is a major upgrade over the older model, and there are even six new colors to choose from, which is a major improvement over the original XP Trike’s color option list of… one.
Base model versus the long-range upgrade
Both the base model (Lectric XP Trike2 500) and the higher-spec option (XP Trike2 750) are compelling options, but they’ll likely serve different types of riders.
Even the base model comes with a reasonably large 13 Ah (624 Wh) battery, which is already going to give most riders at least 30 miles of range (or a claimed 50 miles if using low power pedal assist and riding slower). Plus, the 500W motor is actually much more powerful, likely peaking at closer to 1,000W of actual power. That’s the “oomph” that riders will feel when climbing hills. And for many folks, that’s plenty. Plus, the $1,499 price of the XP Trike2 500 is quite attractive.
But riders who want to upgrade to the XP Trike2 750, the higher price of $1,799 does come with some nice upgrades. First of all, the higher power 750W motor will be that much better at climbing hills, helping riders up steeper inclines, or just maintaining higher speeds up the same slopes. Next, the larger 17.5 Ah (840 Wh) battery is going to give more range, to the tune of nearly 50 miles with mixed riding (or the claimed 70 miles if using lower power pedal assist and staying off the throttle). The other benefit of a bigger battery is that it simply doesn’t need to be charged as often. Even if you’re riding around at 10 mph for an hour each day, that’s a week of riding before you have to think about recharging the battery.
The last significant upgrade on the 750W model is a torque sensor, which is a more refined pedal assist sensor that results in a more natural feeling ride when pedaling. For riders who only use the throttle, there’s not much benefit to a torque sensor. But for anyone who actually wants to pedal along and get a bit of fitness in, the torque sensor means the acceleration and the riding just better mimic the natural feel of bicycle pedaling, making it more like real pedaling – albeit if you had the legs and muscle definition of a professional cyclist.
All of this is to say: The base model with 500W of power is likely sufficient for most riders, but that extra $300 does offer better hill climbing, more power, longer range, and a nicer pedaling experience – which may be important for some riders.
Lectric may have announced the XP Trike2 today, but they aren’t quite ready to ship. In something of a throwback to Lectric’s early days, the bikes are available on pre-order. Orders placed now get priority, with the 500W model shipping later this month (July 2025). The 750W models will take a bit longer, with current orders expected to ship by September.
It’s a bit of a delayed gratification situation, but if the XP Trike2 is anything like the original (and it looks to be even better), then these bikes are absolutely going to be worth the wait!
Electrek’s Take
Once again, Lectric has left all the other e-bike makers fighting over second place. My hat is off to the company – time and again they have surprised us with increasingly better e-bike generations at increasingly the same price. Each time they roll out a bike, they give us more and more, all without touching the price tag.
The XP Trike2 follows that strategy perfectly, though it definitely looks like they’re hoping the XP Trike2 750 will bring slightly fatter margins – perhaps making up for just how ridiculously affordable the XP Trike2 500 is. And while I think the lower power model will be sufficient for most people, that bigger battery, beefier motor, and nicer torque sensor do sound like a tempting upgrade.
I haven’t ridden the XP Trike2 yet, but I will be on it soon and I can’t wait to share the experience with you guys. In the meantime, let’s hear what you think about the new e-trike in the comment section below!
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Japanese equipment giant Kubota brought 22 new or updated machines to the 2025 bauma expo earlier this year, but tucked away in the corners was a new retrofit kit that can help existing customers decarbonize more quickly, and more affordably.
The latest equipment maker to put its name on the retrofit list is Kubota, who says its kit can be installed by a trained dealer in a single day.
That’s right! By this time tomorrow, your diesel-powered Kubota KX019 or U27-4 excavator (shown) could be fitted with an 18 or 20 kWh li-ion battery pack and electric drive motors and ready to get to work in a low-noise or low-vibration work environment where emissions are a strict no-no. Think indoor precision demolition or historic archeological excavation.
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Then, if necessary, it can go right back to diesel power.
Kubota says its modular retrofit kits is a response to the increasing global demand for sustainable alternatives by focusing on making machinery that’s flexible and repairable enough to be “reusable,” and offer construction fleet managers a longer operational lifespan, superior ROI (return on investment), and lower TCO (total cost of ownership) than the competition.
Kubota’s solution also notably reduces maintenance costs and operational overheads. With no engine and associated components, servicing time and expenses are considerably reduced, saving customers both time and money. Additionally, with electricity costing far less than fossil fuels, it offers a highly economical advantage.
International Rental News reports that other changes to the excavators include a more modern cab controls with a digital instrument cluster, a 60 mm wider undercarriage for more stability, and an independent travel circuit allows operators to use the boom, dipper, bucket, and auxiliary functions without an impact on tracking performance.
Kubota’s new kit, first shown at last year’s Hillhead exhibition in the UK, will officially be on sale this summer – any day now, in fact – though pricing has yet to be announced.
Electrek’s Take
If you’re wondering how it is that we’re still talking about bauma 2025 a full quarter after the show wrapped up, then I haven’t done a good enough job of explaining how positively massive the show was. Check out this Quick Charge episode (above) then let us know what you think of Kubota’s modular power kits in the comments.
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Your personalized solar quotes are easy to compare online and you’ll get access to unbiased Energy Advisors to help you every step of the way. Get started here.
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