Disgraced crypto entrepreneur Sam Bankman-Fried has been sentenced to 25 years in prison after being convicted of stealing billions of dollars from his customers.
He was the chief executive of FTX, which suddenly went bankrupt in November 2022 – leaving millions of users frozen out of their accounts and unable to make withdrawals.
The 32-year-old American could have faced up to 100 years behind bars – but last month, his lawyers argued such a sentence would have been “barbaric” and a five-year term would be more appropriate.
Initial reports said he had been sentenced to 20 years – but this has since been corrected to 25.
Prosecutors had asked the judge to jail Bankman-Fried for 40 to 50 years, arguing the public needed protecting from the fraudster and a harsh punishment would deter other criminals.
“The defendant victimised tens of thousands of people and companies, across several continents, over a period of multiple years,” prosecutors said in a court filing.
“He stole money from customers who entrusted it to him; he lied to investors; he sent fabricated documents to lenders; he pumped millions of dollars in illegal donations into our political system; and he bribed foreign officials. Each of these crimes is worthy of a lengthy sentence.”
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Prosecutors also said Bankman-Fried had cost customers, investors and lenders over $10bn (£7.9bn) by misappropriating funds to fuel his quest for influence and dominance in the new industry, and had illegally used money from FTX depositors to cover his expenses, which included purchasing luxury properties in the Caribbean, alleged bribes to Chinese officials and private planes.
At the sentencing hearing in Manhattan, Judge Lewis Kaplan said the businessman lied on the witness stand when he insisted he had no knowledge of customer funds being used this way.
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The judge also described Bankman-Fried’s claim that victims will be paid back in full as “misleading and logically flawed”.
“A thief who takes his loot to Las Vegas and successfully bets the stolen money is not entitled to a discount on the sentence by using his Las Vegas winnings to pay back what he stole,” Judge Kaplan warned.
Crypto king’s jail term is end of an era
Sam Bankman-Fried was breathlessly described as a wunderkind – a boy wonder transforming the world of finance.
Renowned for his messy hair and unkempt appearance, he graced the covers of Forbes and Fortune, who pondered whether he could become the next Warren Buffett.
The 32-year-old was the founder of FTX, which had quickly become the world’s second-largest cryptocurrency exchange – a place where investors could buy and sell digital assets like Bitcoin.
Star-studded adverts featuring the tennis player Naomi Osaka and the comedian Larry David added to its allure – with eye-watering sums spent on sponsorship deals.
But in November 2022, Bankman-Fried’s crypto empire came crashing down after it emerged that customer funds worth $10bn (£7.9bn) was missing.
The judge said that the sentence reflected “a risk that this man will be in a position to do something very bad in the future”.
“And it’s not a trivial risk at all.”
He added that it was “for the purpose of disabling him to the extent that can appropriately be done for a significant period of time”.
Before he was sentenced, Mr Bankman-Fried apologised in a rambling statement.
Image: Sam Bankman-Fried leaving court last July. Pic: Reuters
“A lot of people feel really let down. And they were very let down. And I’m sorry about that. I’m sorry about what happened at every stage,” he said.
“My useful life is probably over. It’s been over for a while now, from before my arrest.”
Judge Kaplan said he would advise the Federal Bureau of Prisons to send him to a medium-security prison or less near the San Francisco area because he’s unlikely to be a physical threat to other inmates or prison staff, and his autism and social awkwardness would make him vulnerable to other inmates in a high-security location.
It took just five-and-a-half hours for a jury in New York to convict him of two counts of fraud and five of conspiracy last November.
Three people from Bankman-Fried’s inner circle – including his former girlfriend Caroline Ellison – pleaded guilty to related crimes and testified at his trial.
Image: Sam Bankman-Fried’s colleague and on-off girlfriend Caroline Ellison testified against him. Pic: Reuters
Bankman-Fried’s conviction followed a dramatic fall from grace from his time as chief executive of FTX – the second-largest cryptocurrency exchange in the world at one time – when he was worth billions of dollars on paper.
FTX allowed investors to buy dozens of virtual currencies, from Bitcoin to more obscure ones like Shiba Inu Coin.
Image: Pic: Reuters
Flush with billions of dollars of investors’ cash, Bankman-Fried rode a crest of success that included a Super Bowl advertisement and celebrity endorsements from stars like quarterback Tom Brady, basketball star Stephen Curry and comedian Larry David.
But after the collapse of cryptocurrency prices in 2022, Bankman-Fried tried to plug the holes in the balance sheet of FTX’s hedge fund affiliate, known as Alameda Research.
Bankman-Fried’s victims – an estimated 80,000 of whom are based in the UK – remain out of pocket, with some losing their life savings.
Prosecutors described his crimes as one of the biggest financial frauds in US history.
A father returning home after scattering his wife’s ashes was among the victims of the Air India crash, leaving his two young children suddenly orphaned.
Flight 171 was carrying 242 people when it struck a medical college hostel less than a minute after taking off from Ahmedabad airport, in western India.
Twenty-nine people on the ground were killed, taking the total number of victims to 270. A hospital official confirmed 270 bodies have been recovered from the crash site, but DNA testing is being conducted to identify the bodies.
Among the victims, 37-year-old Arjun Patoliya had been visiting India to fulfil his wife Bharti’s “final wish” to be laid to rest in her hometown of Gujarat.
Bharti had died just over two weeks ago, following a “courageous battle with cancer”.
A GoFundMe page, set up to raise funds for their two children, says: “Arjun left to bid farewell to his wife, never returned to the children they both raised.
“Now, these two beautiful young girls have been left without parents – their world turned upside down in just over two weeks.”
A fundraiser, which has topped more than a quarter of a million pounds, confirms all money raised will go directly into a legal trust, “to ensure every penny is dedicated to the girls’ needs”.
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India’s aviation minister has said a government panel reviewing the crash will complete its assessment in three months.
Ram Mohan Naidu said the government has also ordered “extended surveillance” of Boeing 787 planes. Air India operates 33 Boeing 787s, while rival airline IndiGo has one, according to data from Flightradar24.
Mr Naidu said the plane started descending after reaching 650 feet.
Every theory as to what happened will be looked into, he said. But in the meantime, he has instructed the airline to assist the families of passengers to ensure there is no delay in handing over the bodies of those who died.
Black box has been found
India’s aviation ministry says workers have recovered the digital flight data recorder – one of two black boxes on the plane, from the rooftop of the building where it crashed.
This box has data on engine and control settings, so will be able to show if there was a loss of engine power or lift after takeoff.
The investigation will initially focus on the engine, flaps and landing gear, a source told Reuters on Friday.
A possible bird-hit is not among the key areas of focus, the source said, adding that teams of anti-terror experts were part of the investigation process.
There is no information yet on the cockpit voice recorder, the other black box, which will be a crucial part of understanding what caused the plane to crash.
Tributes have been paid to victims of the Air India plane crash, including a couple and their three children and a man returning home after scattering his wife’s ashes.
Flight 171 was carrying 242 people when it struck a medical college hostel less than a minute after taking off from Ahmedabad airport, in western India, bound for Gatwick on Thursday.
Among those on board were 169 Indian nationals, 53 Britons, seven Portuguese nationals and one Canadian, the airline said.
It has confirmed 241 of those on the Boeing 787 Dreamliner were killed in the crash, with just one survivor – a British man from Leicester. Twenty-nine people on the ground were also killed, taking the total number of victims to 270, officials have said.
Tributes to those who died in the worst aviation crash in a decade are now being shared.
Arjun Patoliya
The 37-year-old had been to India to fulfil his wife Bharti’s “final wish” to scatter her ashes in her hometown in Gujarat, after she died following a battle with cancer.
He was returning home to his young daughters in north London, according to a GoFundMe page set up for the girls.
It says: “In a span of just 18 days, two young sisters – only 4 and 8 years old – have lost both of their beloved parents.”
Dr Prateek Joshi and his family
Image: The Joshi family smiling in a selfie before the plane took off. Pic: Supplied
Dr Joshi, a radiologist at the Royal Derby Hospital, was on the flight with his wife, Dr Komi Vyas, and their three children, Mirayal, Nakul and Pradyut.
In a post on Facebook, Derby Hindu Temple said: “We pray to Lord Shiva to grant eternal peace to the departed souls and to give strength to the bereaved family to bear this immense loss.”
Dr Joshi’s colleague Dr Rajeev Singh described him as “a wonderful man, friend, husband and father, and an exceptional radiologist who was highly respected in his field”.
“It is hard to accept that a man with such a passion for life, and his beautiful young family, have been taken in this way,” his statement continued.
“His passing has left a profound void, not only in his professional contributions but in the warmth and spirit that he gave to the world every day.”
Akeel Nanabawa, his wife Hannaa Vorajee and their four-year-old daughter
Image: Akeel Nanabawa, his wife Hannaa and their four-year-old daughter Sara. Pic: PA
The family of three from Gloucester were “widely loved and deeply respected”, their family said in a statement issued through their imam.
Mr Nanabawa ran a recruitment firm and Ms Vorajee volunteered at a local Islamic school and was a director for an organisation promoting understanding of Islam, Imam Abdullah Samad said.
Their daughter, Sara Nanabawa, was four years old.
The imam, who is headteacher at the school Sara had just started attending, told Sky News: “She had a smile like the rays of the sun, she would light up the room.
“She was exactly what her parents would have wanted her to be. She took a lot of good qualities from her parents. Staff at the school are absolutely devastated.”
He said of her parents: “They were widely loved and deeply respected. His quiet generosity, her warmth and kindness, and their daughter’s bright, joyful spirit made a lasting impact on everyone who knew them.”
Mariam and Javed Ali Syed and their two children
Image: Javed and Miriam Ali Syed. Pic: Facebook
The couple and their two children – five-year-old Zayn and four-year-old Amani – were returning from a holiday in India, Ms Ali Syed’s sister-in-law told the Telegraph.
The mother-of-two reportedly worked for Harrods for a decade while Mr Ali Syed is reported to have worked at a London hotel.
Speaking to the Telegraph, Yasmine Hassan said of the couple’s two children: “They are so small, they are five and four. And it’s just thinking how scared they must have been.”
The 40-year-old nurse and mother of two worked at Queen Alexandra Hospital in Portsmouth.
A Facebook page for nurses from India said she was originally from Thiruvalla, Kerala, and touched “countless lives with her care and compassion”.
Ajay Kumar Ramesh
Mr Ramesh was seated in a different row to his brother, Vishwash Kumar Ramesh, whose survival is being hailed as a miracle.
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0:58
Indian PM meets lone survivor of crash
Speaking outside the family home in Leicester, Jay, a relative of the brothers, said Vishwash asked about Ajay when he contacted his father after the tragedy.
Jay said: “After the crash, he spoke to his dad worrying about his brother saying, ‘Where’s Ajay’?”
Raxa Modha, her daughter-in-law and infant grandson
Image: Raxa Modha with her husband, who died from cancer. Pic: Facebook
A member of Raxa Modha’s family has told Sky News she was in India for a religious ceremony after the death of her husband two months ago.
She had travelled with her daughter-in-law Yasha and infant grandson Rudra.
All three of them were from Wellingborough, Northamptonshire.
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Image: Heer (left) and Dhir Baxi, with their grandmother. Pic: Family handout/PA
The siblings, both in their early twenties, were returning home to London after surprising their grandmother for her birthday.
Their cousin Ishan Baxi, who lives in Ahmedabad, said both women had an “amazing aura” and wanted to “roam the world”.
He said: “I am unable to control my tears even now also just because I was close to them, you just imagine what emotions parents are going through right now and think about guilt the grandma would feel right now.
“I just want God to bless those souls, all dreams, promises, aspirations vanished in seconds.”
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Image: Fiongal and Jamie Greenlaw-Meek. Pic: Instagram
The couple, who ran a spiritual wellness centre in Ramsgate, Kent, filmed themselves laughing and joking at the airport just moments before boarding the plane.
The former editor of This Morning has paid tribute to Fiongal, who appeared on the show earlier this year, and his partner.
Martin Frizell said on Instagram: “I remember his visit to the studio in January, he was passionate about auras and although I’m a sceptical sort, his vibrancy and sheer enthusiasm won folk over.”
Adam and Hasina Taju, and Altafhusen Patel
Adam Taju, 72, and his wife Hasina, 70, were flying with their son-in-law Altafhusen, the couple’s granddaughter told the BBC.
Iran claims it has shot down two Israeli jets and that its response to Friday night’s attacks on nuclear and military infrastructure has begun.
The reports emerged as smoke was seen rising from Tel Aviv as Iran launched missiles at the Israeli city.
Air raid sirens had been heard across Tel Aviv and Jerusalem as the missiles neared Israel.
Footage has shown Israel’s Iron Dome air defence system – which uses radars to detect and intercept short-range rockets, missiles and drones – stopping Iranian missiles from striking the city.
However, video also suggests some missiles made it through. According to Israeli medics, a total of 34 people were taken to hospital in the Tel Aviv metropolitan area.
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3:13
How Iran’s retaliatory attack unfolded
In a statement at around 1:50am on Saturday local time (11:50pm on Friday UK time), the Israel Defense Forces said: “In the past hour, dozens of missiles have been launched from Iran toward the State of Israel. Some of the missiles were intercepted.
“Search and Rescue forces are currently operating in a number of locations across the country in which reports of fallen projectiles were received.”
Meanwhile, the Iranian Army had earlier said in a statement that its “defence forces successfully hit and destroyed two F-35 fighter jets belonging to the zionist entity, in addition to a large number of small drones”.
“The fate of the two fighter pilots remains unknown and is being investigated,” the statement added.
Image: An explosion is seen during a missile attack in Tel Aviv tonight. Pic: AP Photo/Tomer Neuberg
Sky News correspondent Mark Stone, who used to be based in Jerusalem, has said Iran is trying to “overwhelm the Iron Dome defence system, which has to be manually reloaded again and again”.
He added: “[The Iron Dome] can be overwhelmed. We saw a number of instances in the videos a moment ago where it was clearly overwhelmed and some of those ballistic missiles hit targets in Tel Aviv.”
Three American officials have told Sky’s US partner network NBC News that the US military helped Israel down some Iranian missiles this evening.
Image: Response workers in Tel Aviv. Pic: Magen David Adom
Image: The aftermath of the attack on Tel Aviv. Pic: Magen David Adom
As the barrage of missiles was fired at Israel, Iran’s supreme leader Ayatollah Ali Khamenei wrote on X: “The Zionist regime (Israel) will not remain unscathed from the consequences of its crime.
“The Iranian nation must be guaranteed that our response will not be half-measured,” he said, adding Iran will “inflict heavy blows” on Israel.
Mr Khamenei also said that Israel has initiated a war and that Tehran will not allow it to conduct “hit and run” attacks without grave consequences.
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0:47
Smoke rises in Iran after Israeli strikes
It came before Israeli Prime Minister Benjamin Netanyahu called on Iranians to stand up to the regime in Tehran and help Israel “clear the path for you to achieve your freedom”.
In a video released during Iran’s missile attack on Israel, Mr Netanyahu said Israel had taken out a “large portion” of Iran’s ballistic missile arsenal and its “most significant enrichment facility”.
“More is on the way,” he added. “The regime does not know what hit them, or what will hit them. It has never been weaker. This is your opportunity to stand up and let your voices be heard.”
The Israeli military has told people they can now leave air raid shelters but must stay near them in case of further attacks.
The Israel Defence Forces issued instructions earlier this evening telling residents to stay in shelters and minimise movement in open areas.
UK Prime Minister Sir Keir Starmer and US President Donald Trump have agreed the mounting conflict between Iran and Israel should be resolved by “diplomacy and dialogue”.
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0:36
Israeli ambassador: ‘We were expecting Iran’s retaliation’
The two leaders spoke on Friday evening, as western nations began a diplomatic flurry to calm the conflict between Israel and Iran.
Sir Keir earlier urged Mr Netanyahu to de-escalate and work towards a “diplomatic resolution”.
Meanwhile, Mr Trump urged Iran to quickly reach an agreement on curbing its nuclear program as Israel vowed to continue its bombardment of the country.
Mr Trump framed the volatile moment in the Middle East as a possible “second chance” for Iran’s leadership to avoid further destruction “before there is nothing left and save what was once known as the Iranian Empire.”
The US president had urged Mr Netanyahu not to attack Iran.
The two leaders had what was described as a heated 40-minute exchange by telephone last Monday.
Speaking just hours before the attack, Mr Trump said he feared such action would destroy US hopes of an agreement with Iran to curtail its nuclear programme.