As Sam Bankman-Fried awaits prison sentence, FTX customers await a surprise: full repayment
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.
WATCH: Former SEC Chari discusses Bankman-Fried guilty verdict
GM may have decided to pull the plug on the forward-looking Chevy Brightdrop electric van a few months ago, but don’t let that stop you, but don’t let that fool you. Right now might be the best time ever to get your hands on one.
SKIP THE STORY: jump right to the deals (trusted affiliate link).
It’s hard to overstate how good the deals on Chevy’s Brightdrop got while GM was still trying to build up demand for its fleet-focused van, and now that the company has decided to stop production, the deals have gotten even better, with a newly announced $699 lease for 39 mo. with $2,999 down through January 2nd — and that’s before you factor in an additional $3,000 discount reserved for Costco Executive Members!
Despite that, I’ve heard more than one fleet manager express hesitation at the thought of adding a discontinued product to their fleet, even if it is a killer discount. To them, I offer the following, model-agnostic rebuttal:
Legacy brands support their products
Companies like GM aren’t going anywhere soon, and neither are the customers they’ve spent millions of dollars acquiring over the past several decades. They’ll keep building parts and offering service and maintenance on vehicles like the Brightdrop for at least a decade — not least of which because they have to!
GM sells each Brightdrop with a minimum 8 year/100,000 mile warranty on the battery and other key components, which can be extended either through GM itself or through reputable third-party companies like Xcelerate Auto for seven more.
There are precious few large fleets out there looking at 15 year, 200-plus thousand mile vehicle replacement cycles. For those that are, however, all indications so far are that the vehicle’s battery health and general performance will still be well within usable limits.
So, yes: parts longevity and manufacturer support will be there (something I’d be less confident about with a startup like Rivian or Bollinger, for example), but there’s more.
Section 179 and local incentives
The One Big, Beautiful Bill Act (OBBBA) of 2025 gutted America’s energy independence goals and ensuring its auto industry would fall even further behind the Chinese in the EV race, but the loss of Section 45W wasn’t the only change written into the IRS’ rulebook. Section 179, an immediate expense reduction that business owners can take on depreciable equipment assets, has been made significantly more powerful for 2025.
The section 179 expense deduction is limited to such items as cars, office equipment, business machinery, and computers. This speedy deduction can provide substantial tax relief for business owners who are purchasing startup equipment.
The revised Section 179 tax credit (or, more accurately, expense reduction) allows for a 100% deduction for equipment purchases has doubled to $2.5 million, with a phase-out kicking in at $4 million of capital investments that drops to zero at $6.5 million. That credit and can be applied to new and used vehicles, as well as charging infrastructure, battery energy storage systems, specialized tools, and more (as long as they’re new to you).
What’s more, with regional incentives like the up to $15,000 off a new medium-duty van available from Illinois utility ComEd, the net cost of GM’s $699 promo lease drops to ~$315/mo., and there is still state money out there, as well, depending on where you live.
All of which is to say: don’t let a little thing like GM discontinuing the Brightdrop convince you to skip it. If you do that, the bean counters that killed off the Buick Grand National, GMC Syclone, and Pontiac Fiero win.
SOURCE | IMAGES: GM Envolve.
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US Energy Information Administration (EIA) data released on November 25 and reviewed by the SUN DAY Campaign reveal that, during the first nine months of 2025 and for the past year, solar and battery storage have dominated growth among competing energy sources, while fossil fuels and nuclear power have stagnated.
Solar set new records in September
EIA’s latest “Electric Power Monthly” report (with data through September 30, 2025), once again confirms that solar is the fastest-growing source of electricity in the US.
In September alone, electrical generation by utility-scale solar (>1 megawatt (MW)) ballooned by well over 36.1% compared to September 2024, while “estimated” small-scale (e.g., rooftop) solar PV increased by 12.7%. Combined, they grew by 29.9% and provided 9.7% of US electrical output during the month, up from 7.6% a year ago.
Moreover, generation from utility-scale solar thermal and photovoltaic systems expanded by 35.8%, while that from small-scale systems rose by 11.2% during the first nine months of 2025 compared to the same period in 2024. The combination of utility-scale and small-scale solar increased by 29.0% and produced a bit over 9.0% (utility-scale: 6.85%; small-scale: 2.16%) of total US electrical generation for January-September, up from 7.2% a year earlier.
And for the third consecutive month, utility-scale solar generated more electricity than US wind farms: by 4% in July, 15% in August, and 9% in September. Including small-scale systems, solar has outproduced wind for five consecutive months and by over 40% in September.
Wind leads among renewables
Wind turbines across the US produced 9.8% of US electricity in the first nine months of 2025 – an increase of 1.3% compared to the same period a year earlier and 79% more than that produced by US hydropower plants.
During the first nine months of 2025, electrical generation from wind plus utility-scale and small-scale solar provided 18.8% of the US total, up from 17.1% during the first three quarters of 2024.
Wind and solar combined provided 15.1% more electricity than did coal during the first nine months of this year, and 9.8% more than the US’s nuclear power plants. In fact, as solar and wind expanded, nuclear-generated electricity dropped by 0.1%.
Renewables are now only second to natural gas
The mix of all renewables (wind, solar, hydropower, biomass, and geothermal) produced 8.7% more electricity in January-September than they did a year ago, providing 25.6% of total US electricity production compared to 24.2% 12 months earlier.
Renewables’ share of electrical generation is now second to only that of natural gas, which saw a 3.8% drop in electrical output during the first nine months of 2025.
Solar + storage have dominated 2025
Between October 1, 2024, and September 30, 2025, utility-scale solar capacity grew by 31,619.5 MW, while an additional 5,923.5 MW was provided by small-scale solar. EIA foresees continued strong solar growth, with an additional 35,210.9 MW of utility–scale solar capacity being added in the next 12 months.
Strong growth was also experienced by battery storage, which grew by 59.4% during the past year, adding 13,808.9 MW of new capacity. EIA also notes that planned battery capacity additions over the next year total 22,052.9 MW.
Wind also made a strong showing during the past 12 months, adding 4,843.2 MW, while planned capacity additions over the next year total 9,630.0 MW (onshore) plus 800.0 MW (offshore).
On the other hand, natural gas capacity increased by only 3,417.1 MW and nuclear power added 46.0 MW. Meanwhile, coal capacity plummeted by 3,926.1 MW and petroleum-based capacity fell by an additional 606.6 MW.
Thus, during the past year, renewable energy capacity, including battery storage, small-scale solar, hydropower, geothermal, and biomass, ballooned by 56,019.7 MW while that of all fossil fuels and nuclear power combined actually declined by 1,095.2 MW.
The EIA expects this trend to continue and accelerate over the next 12 months. Utility-scale renewables plus battery storage are projected to increase by 67,806.1 MW (a forecast for small-scale solar is not provided). Meanwhile, natural gas capacity is expected to increase by only 3,835.8 MW, while coal capacity is projected to decrease by 5,857.0 MW, and oil capacity is anticipated to decrease by 5.8 MW. EIA does not project any new growth for nuclear power in the coming year.
SUN DAY Campaign’s executive director Ken Bossong said:
The Trump Administration’s efforts to jump-start nuclear power and fossil fuels are not succeeding. Capacity additions from solar, wind, and battery storage continue to dramatically outpace those from gas, coal, and nuclear, and by growing margins.
Read more: EIA: Solar + storage dominate, fossil fuels stagnate to August 2025
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The bZ3X is off to a strong start as Toyota’s most affordable electric SUV, starting at around $15,000 in China.
The bZ3X is a $15,000 Toyota electric SUV in China
Toyota’s joint venture, GAC Toyota, launched the bZ3X in China this March, an affordable, compact electric SUV aimed at young families.
The bZ3X is Toyota’s “first 100,000 yuan-level pure electric SUV,” starting at just 109,800 yuan, or roughly $15,000.
By May, the electric SUV was the best-selling foreign-owned EV in China, beating out the Volkswagen ID.3, Nissan N7, BMW i3, and Volkswagen ID.4 CROZZ.
According to the latest update, the bZ3X remains a hot seller. GAC Toyota announced that bZ3X sales exceeded 10,000 units for two consecutive months, with 10,010 units sold in November. Cumulative deliveries have now surpassed 62,000 units.
GAC Toyota recently put the electric SUV through rigorous testing on a winter road trip across China, “showcasing its impressive capabilities as a 100,000-yuan-class pure electric vehicle.”
Measuring 4,645 mm in length, 1,885 mm in width, and 1,625 mm in height, the bZ3X is about the same size as BYD’s popular Yuan Plus (sold as the Atto 3 overseas).
Inside, the electric SUV is a major upgrade over the Toyota vehicles we’re accustomed to, with advanced ADAS features, smart storage, and large digital screens.
The bZ3X is available in seven different trims in China, two of which include a LiDAR. Upgrading to the LiDAR version costs 149,800 yuan ($20,500).
Toyota’s electric SUV is available with 50.04 kWh and 67.92 kWh battery pack options, providing a CLTC range of 430 km (267 miles) and 610 km (379 miles), respectively.
Less than two weeks ago, GAC Toyota launched pre-sales for the bZ7, a new flagship electric sedan. According to Toyota, the new flagship EV “possesses a higher level of intelligence than any of Toyota’s offerings in global markets,” as the automaker fights to regain market share in China’s fierce auto market.
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