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.
Forget fumbling with cables or hunting for batteries – TILER is making electric bike charging as seamless as parking your ride. The Dutch startup recently introduced its much-anticipated TILER Compact system, a plug-and-play wireless charger engineered to transform the user experience for e-bike riders.
At the heart of the new system is a clever combo: a charging kickstand that mounts directly to almost any e‑bike, and a thin charging mat that you simply park over. Once you drop the kickstand and it lands on the mat, the bike begins charging automatically via inductive transfer – no cable required. According to TILER, a 500 Wh battery will fully charge in about 3.5 hours, delivering comparable performance to traditional wired chargers.
It’s an elegantly simple concept (albeit a bit chunky) with a convenient upside: less clutter, fewer broken cables, and no more need to bend over while feeling around for a dark little hole.
TILER claims its system works with about 75% of existing e‑bike platforms, including those from Bosch, Yamaha, Bafang, and other big bames. The kit uses a modest 150 W wireless power output, which means charging speeds remain practical while keeping the system lightweight (the tile weighs just 2 kg, and it’s also stationary).
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TILER has already deployed over 200 charging points across Western Europe, primarily serving bike-share, delivery, hospitality, and hotel fleets. A recent case study in Munich showed how a cargo-bike operator saved approximately €1,250 per month in labor costs, avoided thousands in spare batteries, and cut battery damage by 20%. The takeaway? Less maintenance, more uptime.
Now shifting to prosumer markets, TILER says the Compact system will hit pre-orders soon, with a €250 price tag (roughly US $290) for the kickstand plus tile bundle. To get in line, a €29 refundable deposit is currently required, though they say it is refundable at any point until you receive your charger. Don’t get too excited just yet though, there’s a bit of a wait. Deliveries are expected in summer 2026, and for now are covering mostly European markets.
The concept isn’t entirely new. We’ve seen the idea pop up before, including in a patent from BMW for charging electric motorcycles. And the efficacy is there. Skeptics may wonder if wireless charging is slower or less efficient, but TILER says no. Its system retains over 85% efficiency, nearly matching wired charging speeds, and even pauses at 80% to protect battery health, then resumes as needed. The tile is even IP67-rated, safe for outdoor use, and about as bulky as a thick magazine.
Electrek’s Take
I love the concept. It makes perfect sense for shared e-bikes, especially since they’re often returning to a dock anyway. As long as people can be trained to park with the kickstand on the tile, it seems like a no-brainer.
And to be honest, I even like the idea for consumers. I know it sounds like a first-world problem, but bending over to plug something in at floor height is pretty annoying, not to mention a great way to throw out your back if you’re not exactly a spring chicken anymore. Having your e-bike start charging simply by parking it in the right place is a really cool feature! I don’t know if it’s $300 cool, but it’s pretty cool!
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Tesla has launched a new software update for its vehicles that includes the anticipated integration of Grok, but it doesnt even interface with the car yet.
Today, Tesla started pushing the update to the fleet, but there’s a significant caveat.
The automaker wrote in the release notes (2025.26):
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Grok (Beta) (US, AMD)
Grok now available directly in your Tesla
Requires Premium Connectivity or a WiFi connection
Grok is currently in Beta & does not issue commands to your car – existing voice commands remain unchanged.
First off, it is only available in vehicles in the US equipped with the AMD infotainment computer, which means cars produced since mid-2021.
But more importantly, Tesla says that it doesn’t send commands to the car under the current version. Therefore, it is simply like having Grok on your phone, but on the onboard computer instead.
Tesla showed an example:
There are a few other features in the 2025.26 software update, but they are not major.
For Tesla vehicles equipped with ambient lighting strips inside the car, the light strip can now sync to music:
Accent lights now respond to music & you can also choose to match the lights to the album’s color for a more immersive effect
Toybox > Light Sync
Here’s the new setting:
The audio setting can now be saved under multiple presets to match listening preferences for different people or circumstances:
The software update also includes the capacity to zoom or adjust the playback speed of the Dashcam Viewer.
Cybertruck also gets the updated Dashcam Viewer app with a grid view for easier access and review of recordings:
Tesla also updated the charging info in its navigation system to be able to search which locations require valet service or pay-to-park access.
Upon arrival, drivers will receive a notification with access codes, parking restrictions, level or floor information, and restroom availability:
Finally, there’s a new onboarding guide directly on the center display to help people who are experiencing a Tesla vehicle for the first time.
Electrek’s Take
Tesla is really playing catch-up here. Right now, this update is essentially nothing. If you already have Grok, it’s no more different than having it on your phone or through the vehicle’s browser, since it has no capacity to interact with any function inside the vehicle.
Most other automakers are integrating LLMs inside vehicles with the capacity to interact with the vehicle. In China, this is becoming standard even in entry-level cars.
In the Xiaomi YU7, the vehicle’s AI can not only interact with the car, but it also sees what the car sees through its camera, and it can tell you about what it sees:
Tesla is clearly far behind on that front as many automakers are integrating with other LLMs like ChatGPT and in-house LLMs, like Xiaomi’s.
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Robinhood stock hit an all-time high Friday as the financial services platform continued to rip higher this year, along with bitcoin and other crypto stocks.
Robinhood, up more than 160% in 2025, hit an intraday high above $101 before pulling back and closing slightly lower.
The reversal came after a Bloomberg report that JPMorgan plans to start charging fintechs for access to customer bank data, a move that could raise costs across the industry.
For fintech firms that rely on thin margins to offer free or low-cost services to customers, even slight disruptions to their cost structure can have major ripple effects. PayPal and Affirm both ended the day nearly 6% lower following the report.
Despite its stellar year, the online broker is facing several headwinds, with a regulatory probe in Florida, pushback over new staking fees and growing friction with one of the world’s most high-profile artificial intelligence companies.
Florida Attorney General James Uthmeier opened a formal investigation into Robinhood Crypto on Thursday, alleging the platform misled users by claiming to offer the lowest-cost crypto trading.
“Robinhood has long claimed to be the best bargain, but we believe those representations were deceptive,” Uthmeier said in a statement.
The probe centers on Robinhood’s use of payment for order flow — a common practice where market makers pay to execute trades — which the AG said can result in worse pricing for customers.
Robinhood Crypto General Counsel Lucas Moskowitz told CNBC its disclosures are “best-in-class” and that it delivers the lowest average cost.
“We disclose pricing information to customers during the lifecycle of a trade that clearly outlines the spread or the fees associated with the transaction, and the revenue Robinhood receives,” added Moskowitz.
Robinhood is also facing opposition to a new 25% cut of staking rewards for U.S. users, set to begin October 1. In Europe, the platform will take a smaller 15% cut.
Staking allows crypto holders to earn yield by locking up their tokens to help secure blockchain networks like ethereum, but platforms often take a percentage of those rewards as commission.
Robinhood’s 25% cut puts it in line with Coinbase, which charges between 25.25% and 35% depending on the token. The cut is notably higher than Gemini’s flat 15% fee.
It marks a shift for the company, which had previously steered clear of staking amid regulatory uncertainty.
Under President Joe Biden‘s administration, the Securities and Exchange Commission cracked down on U.S. platforms offering staking services, arguing they constituted unregistered securities.
With President Donald Trump in the White House, the agency has reversed course on several crypto enforcement actions, dropping cases against major players like Coinbase and Binance and signaling a more permissive stance.
Even as enforcement actions ease, Robinhood is under fresh scrutiny for its tokenized stock push, which is a growing part of its international strategy.
The company now offers blockchain-based assets in Europe that give users synthetic exposure to private firms like OpenAI and SpaceX through special purpose vehicles, or SPVs.
An SPV is a separate entity that acquires shares in a company. Users then buy tokens of the SPV and don’t have shareholder privileges or voting rights directly in the company.
OpenAI has publicly objected, warning the tokens do not represent real equity and were issued without its approval. In an interview with CNBC International, CEO Vlad Tenev acknowledged the tokens aren’t technically equity shares, but said that misses the broader point.
“What’s important is that retail customers have an opportunity to get exposure to this asset,” he said, pointing to the disruptive nature of AI and the historically limited access to pre-IPO companies.
“It is true that these are not technically equity,” Tenev added, noting that institutional investors often gain similar exposure through structured financial instruments.
The Bank of Lithuania — Robinhood’s lead regulator in the EU — told CNBC on Monday that it is “awaiting clarifications” following OpenAI’s statement.
“Only after receiving and evaluating this information will we be able to assess the legality and compliance of these specific instruments,” a spokesperson said, adding that information for investors must be “clear, fair, and non-misleading.”
Tenev responded that Robinhood is “happy to continue to answer questions from our regulators,” and said the company built its tokenized stock program to withstand scrutiny.
“Since this is a new thing, regulators are going to want to look at it,” he said. “And we expect to be scrutinized as a large, innovative player in this space.”
SEC Chair Paul Atkins recently called the model “an innovation” on CNBC’s Squawk Box, offering some validation as Robinhood leans further into its synthetic equity strategy — even as legal clarity remains in flux across jurisdictions.
Despite the regulatory noise, many investors remain focused on Robinhood’s upside, and particularly the political tailwinds.
The company is positioning itself as a key beneficiary of Trump’s newly signed megabill, which includes $1,000 government-seeded investment accounts for newborns. Robinhood said it’s already prototyping an app for the ‘Trump Accounts‘ initiative.