Government exhibit in the case against former FTX CEO Sam Bankman-Fried.
Source: SDNY
While prosecutors are requesting that FTX founder Sam Bankman-Fried spend 40 to 50 years in prison for his crimes, the defense team is urging the judge to consider a sentence that’s roughly 90% shorter.
Bankman-Fried’s fate will be announced in Manhattan on Thursday morning by Judge Lewis Kaplan, who presided over the monthlong trial in November. Bankman-Fried was found guilty of seven charges tied to the collapse of crypto exchange FTX and the roughly $10 billion of customer deposits that went missing.
The hope for Bankman-Fried’s team is that Kaplan takes into account the increased likelihood that FTX customers will be able to recoup most, if not all, of the money they lost when the exchange spiraled into bankruptcy in 2022.
Lawyers representing the bankruptcy estate of FTX told a judge in Delaware last month 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 was a potentially dramatic change in the narrative surrounding FTX’s collapse 16 months ago. At the time, it was believed that many thousands of customers — reportedly up to a million — collectively lost billions of dollars that would be unrecoverable due to the lightly regulated and unsecured nature of the crypto industry. Those clients faced the real possibility that the vast majority of their money had evaporated, just like in other cases of hedge funds and lenders that failed during the so-called crypto winter of 2022.
Much of the government’s successful case against Bankman-Fried hinged on convincing the jury that the defendant had stolen billions of dollars worth of FTX customer money to make risky bets at Alameda.
For months, as FTX has wound its way through a Delaware bankruptcy court, 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 that have since increased in value.
Bankman-Fried’s defense team has asked the court for a sentence in the range of 63 to 78 months. Beyond the fact that he’s a “first time, nonviolent offender,” attorneys for the FTX founder largely lean on the argument that Bankman-Fried’s risky bets paid off and the bankruptcy estate expects to fully repay FTX customers.
It’s a story that Bankman-Fried was trying to sell as he awaited trial.
“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.”
One key asset in FTX’s portfolio is its stake in artificial intelligence startup Anthropic. Late last week, FTX’s bankruptcy estate struck a deal with a consortium of buyers to sell the majority of its Anthropic holdings for $884 million. Under Bankman-Fried’s leadership, FTX invested $500 million in the startup in 2021 before the boom in generative AI. The company’s valuation hit $18 billion in December 2023, which would put FTX’s roughly 8% stake at about $1.4 billion.
During Bankman-Fried’s trial, Kaplan denied the defense’s request that it be permitted to say that FTX’s investment in Anthropic was a smart bet.
‘Still guilty’
Renato Mariotti, a former prosecutor in the U.S. Justice Department’s Securities and Commodities Fraud Section, told CNBC that the more money the estate is able to recover for clients, the better for Bankman-Fried.
“If true, that is relevant and the judge is required to consider victim restitution at sentencing,” Mariotti said. “But even if victims weren’t harmed, he is still guilty of the offense.”
Mariotti said he expects the sentence to fall somewhere in between what the prosecution and defense are asking, predicting it will be “at least 20 to 25 years.”
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
In addition to the Anthropic gains, FTX customers can look at the rebound in crypto for signs of optimism. Bitcoin is trading at close to $70,000, up from less than $17,000 at the time of FTX’s collapse.
Solana fits into a category of so-called “Sam coins,” a group that also includes Serum, a token created and promoted by FTX and Alameda. Solana saw a huge run-up of late, climbing more than eightfold since the end of September.
Meanwhile, FTX’s bitcoin stash, which was worth $560 million at the time of the September report, when the coin was trading at around $25,000, has seen a significant uptick as well. Bitcoin’s value has increased by around 180% since then.
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.
Braden Perry, who was once a senior trial lawyer for the Commodity Futures Trading Commission, told CNBC that Bankman-Fried faces at least 70 months in prison based on his base level offense, number of victims, sophisticated means and leadership role — even if there’s no monetary loss to the victims. The massive losses that were originally expected would suggest 30 years to life, Perry added.
Earlier this year, we covered the unveiling of the NIUMM, an electric microcar designed for urban residents (and especially those with a NIU scooter already, since it shares the same batteries). Now the company is actually bringing it to market.
The electric microcar was on display at EICMA 2025, the Milan Motorcycle Show, where NIU showed off how it shares the same drivetrain as its NQi-series scooters.
The small format L6e quadricycle uses a pair of NQi batteries – the same ones from NIU’s scooters – to power the little not-a-car up to around 70 km (43 miles) at speeds of up to 45 km/h (28 mph). That’s the maximum allowable speed for the L6e class.
For anyone who already owns the scooter, those two batteries may be sufficient. But the range can be nearly doubled by carrying a second pair of batteries in the convenient extra battery slots built into the vehicle.
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When the NIUMM was originally launched, it wasn’t yet clear if it was actually headed for production, or at least when that may be. But NIU’s Director of International, Sieghart Michielsen, explained that the vehicle is finishing homologation testing now, marking the last major obstacle to its commercial launch.
L6e quadricycles have carved out a unique and growing niche in European cities, where their compact size, low speed, and lightweight classification make them ideal for navigating dense urban environments. These light four-wheeled vehicles are limited to a top speed of 45 km/h (28 mph) and a maximum weight of 425 kg (excluding batteries), allowing them to be driven with a moped license in many countries.
That accessibility, combined with their affordability and electric drivetrains, has made L6e quadricycles especially popular among teenagers, city dwellers, and older adults looking for an easy-to-use alternative to cars.
One of the most iconic examples is the Citroen Ami, a no-frills, ultra-compact electric vehicle that has gained cult status in urban areas thanks to its minimalist design, €7,000 price tag, and availability through subscription or car-sharing services. My wife and I spent a week living with a Citroen Ami while on vacation in Greece, and it proved to be a fascinating way to navigate around.
Other standout L6e models like the Renault Twizy, the Microlino, and the Eli Zero, have helped demonstrate real demand for niche, small vehicles. These vehicles offer just enough comfort and protection from the elements for short city trips, while avoiding the cost, complexity, and parking headaches of full-size cars –making them an increasingly attractive option in Europe’s car-light future.
NIU could leverage the growing momentum for these types of vehicles if it can stick the landing with the NIUMM. While we still don’t have solid pricing or availability timelines yet, it looks like we’re looking at sooner rather than later.
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Cadillac wants to live up to its “standard of the world” tag line so bad they can taste is – but adding $60K to the CELESTIQ’s MSRP might not be the flex the marketing team might think. To teach them a lesson, we’re going to ignore the CELESTIQ and list every new EV you can buy for less than that $60K price hike, instead. Enjoy!
If you’re curious about what those vehicles are actually selling for, what rebates and special rates are out there, or even just want to take one for a test drive, click on one of the links and you’ll be directed to a local dealer who can walk you through it all (trusted affiliate link).
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Zhengzhou Nissan has launched a new, plug-in pickup in the Chinese market called the Z9. It’s the same size as the Nissan Frontier Pro, offers over 35 miles of all-electric range, and pricing starts at just $16,600.
UPDATE 04NOV2025: more details and more markets for 2026.
The rebuilding of Nissan started to pick up earlier this year with the launch of the brand’s first plug-in pickup truck in China this past summer. The plug-in hybrid (PHEV) model offers 410 hp and an 84 mile electric-only range – more than enough for it to meet the everyday needs of most drivers with easy access to liquid fuel when needed.
It seems like a neat truck, but since it was designed and developed specifically for the Chinese market, its great specs and nearly impossible $24,800 starting price (on the entry-level Frontier Pro model) meant it would have limited impact – and limited interest – in other markets.
You can read the original post, first published back in June, below, then let us know what you think of Nissan’s plans to export its plug-in pickup to other markets in the comments.
What’s more, if you feel like spending a bit more, you can get a Zhengzhou Nissan Z9 equipped with a 32.85 kWh battery that’s good for almost 85 miles (135 km) of all-electric range. And even that extended-range model, at ¥168,900 (about $23,400) is still price-competitive with the Jeff Bezos-backed Slate EV.
In short, it’s bound to be a winner.
It’ll sell, but it won’t sell here
US-market Nissan Frontier.
With excitement surrounding the Kia Tasman, Slate, and other, similarly affordable light-duty pickups building on the success of the Ford Maverick hybrid, it should come as no surprise that Nissan has international ambitions for its newest electrified pickup.
“In alignment with our ‘In China, For China, Toward the World’ strategy for electrification and smart transformation, Nissan will fully support ZNA’s ‘off-road strategy,’” explained Stephen Ma, Chairman of Nissan (China) Management Committee and President of Dongfeng Motor Co., Ltd. “We are working to strengthen our research and manufacturing capabilities, further advancing our presence in the core markets of pickups and off-road vehicles, with the ultimate goal of achieving global expansion.”
It’s exciting stuff, but with all the recent troubles it’s been experiencing, it’s doubtful that Nissan will bring either of its new, Chinese-built mid-size pickups to the US (electrified or otherwise).
“The mission of the new generation of Chinese automotive professionals is clear – to ensure that made-in-China cars are driven across the world. ZNA will utilize its dual-brand and dual-channel advantages to expand its global footprint,” Mr. Mao Limin, Executive Vice President of ZNA, at the Z9’s launch. “We aim to be one of the top exporters of pickups within three years and to reach a sales milestone of 100,000 units.”
I’ve already written out my own comeback plans for Nissan, and this new Chinese-market pickup truck doesn’t really fit into them. Like many of you, I’m of the belief that a PHEV isn’t an EV – but I do see their value as “lilypad” cars, and the two Lightning owners I know? Their previous Ford F-150s were hybrids.
If you’re considering going solar, it’s always a good idea to get quotes from a few installers. To make sure you find a trusted, reliable solar installer near you that offers competitive pricing, check out EnergySage, a free service that makes it easy for you to go solar. It has hundreds of pre-vetted solar installers competing for your business, ensuring you get high-quality solutions and save 20-30% compared to going it alone. Plus, it’s free to use, and you won’t get sales calls until you select an installer and share your phone number with them.
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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