Sam Bankman-Fried FTX fraud victim tells judge: ‘My whole life has been destroyed’
NEW YORK, US – JANUARY 03: Sam Bankman-Fried leaves the court in New York, on January 03, 2023.
Fatih Aktas | Anadolu Agency | Getty Images
In a letter to the Department of Justice, an FTX customer who lost $4 million when the exchange filed for bankruptcy in 2022 expressed disgust at a circulating narrative that clients of the crypto exchange would ever be made whole.
“I have scraped the docket of scheduled claims and calculated the exact amount stolen,” wrote the former FTX customer, whose identity has been concealed by the government. “The total value of customer liabilities is $19,722,911,002.84.”
This week, that letter ended up on the desk of U.S. District Judge Lewis Kaplan, who on Thursday will inform FTX founder Sam Bankman-Fried of his prison sentence stemming from his role in the collapse of the exchange. At 9:30 a.m., sentencing proceedings will take place on the 26th floor of the federal courthouse in downtown Manhattan, the same place where a jury found the former crypto executive guilty of all seven criminal counts against him in November.
The victim, who wrote that 30 years worth of savings had been deposited into FTX three months before the exchange collapsed, is part of a last-minute push by prosecutors to sway Judge Kaplan ahead of the sentencing.
“My whole life has been destroyed,” the person wrote. “I have 2 young children, one born right before the collapse. Beyond the money, I lost my happiness, my ability to get out of bed, my desire to continue living. My wife is suicidal and depressed.”
The same sorts of stories were told during Bankman-Fried’s monthlong criminal trial last year. Prosecutors won their case by convincing jurors that Bankman-Fried had stolen at least $8 billion from customers. For some people, that meant financial ruin.
“In its sentencing submission, the prosecution has included moving accounts from FTX’s former customers that speak to the devastation experienced by those losing their money, the uncertainty of wondering whether they might ever get any of it back, and dealing with the emotional fallout of being duped,” said Yesha Yadav, law professor and Associate Dean at Vanderbilt University. “These victim impact statements can be very powerful.”
Bankman-Fried, 32, faces a maximum sentence of more than 100 years in prison, though the government has suggested a sentence in the range of 40 to 50 years. The defense is angling for no more than 6.5 years.
For months, Judge Kaplan has been weighing the appropriate punishment for Bankman-Fried’s crimes related to the implosion of his $32 billion crypto empire.
CNBC spoke to former federal prosecutors, trial attorneys, and a mix of lawyers working to defend white collar criminals to get their take on what to expect on Thursday.
Damaging testimony
Bankman-Fried was convicted of wire fraud and conspiracy to commit wire fraud against FTX customers and against lenders to sister hedge fund Alameda Research, as well as conspiracy to commit securities fraud and conspiracy to commit commodities fraud against FTX investors, and conspiracy to commit money laundering.
The defense team has argued that Bankman-Fried’s sentence should reflect the potential that FTX customers will be paid back in part or in full. The likelihood of that scenario has increased in recent months thanks to the rising value of cryptocurrencies and other assets FTX owned, such as its stake in artificial intelligence startup Anthropic.
Even as the bankruptcy estate promises to pay customers back, many of FTX’s thousands of victims argue that their crypto stakes have been significantly undervalued by the exchange’s new leadership team.
“A lot will be said about the loss at the time of the conduct, not the recovery or potential recovery after it was discovered,” said former federal and state prosecutor David Weinstein, who now practices as a corporate compliance and white collar defense attorney at Jones Walker. Weinstein said he expects to see a sentence in the range of 30 to 40 years.
Mark Bini, a former state and federal prosecutor and U.S. assistant attorney who specialized in financial crimes, anticipates a sentence of no less than 30 years.
“Probation calculates the guidelines at 110 years,” said Bini, who currently represents white collar crypto defendants as part of law firm Reed Smith’s On Chain digital asset team. “I think the judge is likely to side with probation and the government on the loss amount and the appropriate guidelines.”
Caroline Ellison, former chief executive officer of Alameda Research LLC, arrives to court in New York, US, on Thursday, Oct. 12, 2023.
Bloomberg | Bloomberg | Getty Images
Judge Kaplan, 78, is a veteran of the Southern District of New York and has presided over some of the biggest cases to roll through his courthouse. He showed little patience for Bankman-Fried during the defendant’s four days on the stand.
“Unfortunately for SBF, some of his testimony at trial came across as highly evasive, somewhat cold and often contradictory,” said Yadav, adding that a sentence of 20 to 25 years could offer Judge Kaplan a way to balance the severity of the crime with a recognition of customer recoveries and the potential for future rehabilitation.
Former federal prosecutor Neama Rahmani described Kaplan as “old school” and predicted a sentence of 20 to 30 years.
Tre Lovell, a Los Angeles corporate law attorney, said the core factors Kaplan will consider will be the extent of the fraud, along with the fact that Bankman-Fried appeared to have lied under oath while showing little remorse.
“The judge isn’t going to cut Bankman-Fried a break just because FTX has recovered a lot of funds to offset the amount that customers lost,” Lovell said. “The judge is just going to look at Bankman-Fried’s conduct at the time he was in charge of the company, not what the company did after he stepped down as CEO.”
Bankman-Fried has one last chance to take the stand in front of the judge in order to show some level of contrition and a promise to become a benefit to society.
“If he says he’s had a chance to think about what he did and that he’s very sorry for misusing the hard-won funds of investors, and that he wants to use his acumen in this field for the public good, then he may walk out with a prison sentence that is south of 20 years,” Lovell said. “In court, it’s never too late to say you’re sorry. But he won’t get a big discount on his sentence just for being contrite.”
WATCH: Prosecutors recommend a 40-50 year prison sentence for Bankman-Fried
![It's time to start recommending some Tesla Powerwall alternatives [update]](https://i0.wp.com/electrek.co/wp-content/uploads/sites/3/2025/05/Tesla-Powerwall.jpg?resize=1200,628&quality=82&strip=all&ssl=1)
For years, Tesla Powerwall has been the go-to recommendation for “normals” looking for a painless, low-effort experience from their first home solar and battery backup solutions. Its CEO’s recent involvement in controversial politics, however, means that people are now distancing themselves from the once-trailblazing company.
It begs the question: what other home solar battery solutions are there?
UPDATE 26JUL2025: added more options, put everything in alphabetical order.
Electricians and contractors often praise the sleek, energy-dense Tesla Powerwall, for good reasons. But the Powerwall isn’t the only top-shelf home battery on the market, but long wait times, Elon’s antics, and the proliferation of really good integrated alternatives from legacy EV brands might have you shopping for Tesla alternatives already. If that’s you, the next logical step is to re-think the brand’s solar battery offerings as well – here are some of the best options out there.
As I was putting this list together, I realized there were plenty of ways for me to present this information. “Best batteries ..?” Too opinion-based. “Cheapest batteries ..?” Too much research and a quick descent into Temu-grade nonsense. In the end, I went with the same solution I’ve been using on my 0% EV financing lists: alphabetical order, by brand. Enjoy!
Bluetti EP800 + B500
If you’re in a smaller space or renting and can’t (or don’t want to) add a hardwired battery solution to your home, Bluetti’s EP800 + B500 modular system is a sweet “middle ground” option that combines the Bluetti EP800 off-grid inverter and the company’s B500 battery packs in a floor-standing unit that can be used without a solar roof but also plays well with most rooftop PV options.
The basic EP800 + B500 package offers about 9.9 kWh of capacity for under $9,000 as I type this, and the system can scale up to nearly 20 kWh by adding more B500 packs. The system puts out 7.6 kW of power – more than enough, in other words, to keep some lights on and your fridge and foods (and meds) cold.
What’s more, it works great with Bluetti’s AC300 or AC500 gear if you want an option that’s a bit more portable if you move a lot or plan on moving soon.
EG4 14.3 kWh PowerPro
Two of the home solar installers I talked to in preparing this post mentioned the EG4 14.3kWh batteries, and its specs (on paper, at least) compare nicely with the Powerwall 3.
| Battery | Usable capacity (kWh) | Continuous power output (kW) | Roundtrip efficiency | Average price per kWh* | Coupling |
|---|---|---|---|---|---|
| Tesla Powerwall 3 | 13.5 | 11.5 | 97.5% | $926 | DC or AC |
| EG4 14.3kWh PowerPro | 11.44 | 10.24 | 99% | $786 | DC |
“The EG4 PowerPro solar battery from EG4 Electronics is the strongest alternative to the Tesla Powerwall,” writes Kristina Zagame, from the home solar experts at EnergySage. “(The EG4) has a similar capacity, meaning it’ll last a similar amount of time, and a slightly lower power output, which means it won’t be able to power quite as many devices at the same time. And, based on quotes through EnergySage, EG4 batteries tend to be a bit more affordable compared to Tesla.”
Enphase IQ Battery 10
If you’re looking for a one-brand solution for EV charging and whole-home battery backup but don’t want to be “locked in” to GM or Tesla’s ecosystem, Enphase offers a full line of Made-in-the-USA solutions that could be right for you.
“Energy systems developer Enphase Energy is providing an even more holistic approach to managing home power usage with the introduction of new EV charger technology called the IQ line,” wrote Scooter doll, when the brand first introduced its EV charging solutions back in 2023. “The Enphase IQ is Wi-Fi enabled and integrates seamlessly into a customer’s existing home system that can be controlled with your phone.”
Franklin WH aPower 2
If you love the sleek, minimalistic styling of the Tesla Powerwall 3 but still prefer to spend your money elsewhere, the Franklin WH aPower 2 offers similarly sleek styling and beats the Tesla offering on usable energy storage capacity by 1.5 kWh. That’s nearly a full day of keeping a modern refrigerator running.
The Franklin is also designed to be easily retrofit into an existing solar system, but it loses out to the Powerwall on price per kWh, at $1,176 (vs. $926 for the Tesla unit).
GM Energy Home System
Arguably the most fully integrated EV + battery backup + solar option out there outside of Tesla, the GM Energy Home System promises to do everything a conventional home solar battery does, plus work seamlessly with your GM EV to provide even more flexibility – whether that means using the electric fuel stored in your EV to hold out that much longer in an emergency, or using the energy stored in your home’s solar battery to power an escape in your EV is up to you.
GM Energy and GM’s car dealers list Qmerit as their installation partner, and they’re great, but if you “already have a guy,” you can order the Home System directly from GM Energy’s website for $12,700 (as I type this).
The GM Energy Home System system includes:
- GM Energy PowerBank
- GM Energy PowerShift Charger
- GM Energy Home Hub & Inverter
StorEn vanadium flow BESS
If lithium-ion’s ten-year cycle life or overhyped fire risk makes you nervous, StorEn Technologies is developing a consumer-focused battery solution based on vanadium flow chemistry. Their system promises to last 25 years or more with no capacity loss, so you can charge and drain the battery fully each day and without stressing about wear … but there are a couple of downsides.
First, they’re not yet available to the general public – only to StorEn’s early investors in (what I understand to be) a sort of quasi-Kickstarter deal.
Second, the StorEn batteries are significantly bulkier than a Powerwall. That said, if you’ve got the room and you’re old enough to realize that 25 years isn’t actually a super long time, the StorEn solution might to be a super compelling, nearly maintenance-free setup that might outlast both your solar panels and the roof they’re mounted on.
So, remember how I started this off saying that I wouldn’t turn this into a “best batteries” post? That’s partly driven by the fact that I’m neither an electrician, a chemical engineer, or someone who’s researched thousands of end-user experience surveys to come up with whatever metrics I’d need to confidently and correctly call one battery “the best.”
Our friends and solar industry experts at EnergySage, though? They’ve got all three of those things on staff, and they really, really like the Villara VillaGrid+.
“The Villara VillaGrid+ stands out as the best battery on the market, scoring highest in EnergySage’s rigorous Equipment Rating System, explains EnergySage’s Kristina Zagame. “That said, (the Villara VillaGrid+) is not necessarily the best Tesla Powerwall alternative. It’s a very different (and much pricier) battery.”
What puts the VillaGrid+ on top? According to Zagame, it all comes down to the battery’s lithium-titanium-oxide, or LTO chemistry. “Unlike more traditional lithium-ion batteries, LTO has better recharge capabilities for longer life cycles, and doesn’t contain any carbon, which makes it extra safe. The only downside is you’ll definitely shell out more money upfront for the VillaGrid+.”
That extra money will also buy some additional peace of mind, as Villara backs its LTO batteries with a 20-year warranty compared to Tesla Powerwall and its (and just about everyone else’s) 10-year deal. I couldn’t find a price, but Villara’s other products, like VillaGrid 5.75 kWh battery, come in at nearly double Powerwall’s per kWh cost. Check out the specs, below, then let us know if you think the novel chemistry and additional warranty are worth it in the comments.
| Battery | Usable capacity (kWh) | Continuous power output (kW) | Roundtrip efficiency | Average price per kWh* | Coupling |
|---|---|---|---|---|---|
| Tesla Powerwall 3 | 13.5 | 11.5 | 97.5% | $926 | DC or AC |
| Villara VillaGrid+ | 11.5 | 10 | 98.5% | Get quote | DC or AC |
Original content from Electrek.
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.
FTC: We use income earning auto affiliate links. More.
Air taxi startup Vertical Aerospace achieved a world’s first this week, completing the first flight between two airports through public airspace for an eVTOL at the Royal International Air Tattoo in Gloucestershire, England.
The Royal International Air Tattoo (RIAT) is the world’s largest military airshow, held every July and serving as a public showcase for the latest advancements in aviation technology. It’s fitting, then, that RIAT served as setting for the Vertical VX4 prototype’s first piloted public flight.
The eVTOL aircraft flew 17 miles from the company’s Flight Test Centre at Cotswold Airport to RAF Fairford, a Royal Air Force station used by the US Air Force. The Vertical VX4 reached speeds of 115 mph, and an altitude of 1800 ft, and also marked the first landing at a public location for an aircraft of this type.
The Vertical Aerospace entry was the only battery-electric aircraft present at RIAT 2025, and the flight served as a demonstration of the company’s broader strategy to unlock new hybrid-electric applications for defense, logistics, and special/close support missions where the eVTOL’s (relatively) quiet operations could give it a tactical advantage.
“RIAT is a global stage for the most advanced, mission-ready aerospace technology, and we’re proud to showcase how electric aviation will support the future of defense,” says Stuart Simpson, CEO of Vertical Aerospace. “Our hybrid-electric roadmap unlocks new capabilities for military operations, and Vertical’s RIAT presence reinforces our commitment to playing a meaningful role in the future of military and special mission aviation.”
Vertical’s VX4 debuted last year, with a 20% increase in the power-to-weight ratio that enables a top cruising speed of 150 mph and transports four passengers plus a pilot up to 100 miles on a single charge.
The inaugural VX4 flight was witnessed by several thousand UK aircraft enthusiasts, and showed how an eVTOL aircraft could integrate with real-world airport operations, building momentum toward more regular, certified deployment.
Electrek’s Take
Archer, BETA, EHang, Joby, XPeng – the list of eVTOL manufacturers seems to be as long as the list of new electric car brands that didn’t exist back when I first started working with EVs back in ::gulp:: the 1990s. The future of regional point-to-point air travel certainly seems to be vertical, and electric.
SOURCE | IMAGES: Vertical Aerospace.
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.
FTC: We use income earning auto affiliate links. More.
Say what you will about Elon Musk, but Tesla has changed the way that millions of people buy cars and, by extension, car insurance. Now, Honda is taking a page from Tesla’s successful playbook and launching its own in-house insurance business. Enter: Honda Insurance Solutions.
Honda Insurance Solutions is being launched as a fully licensed insurance agency serving the insurance needs of Acura and Honda customers, but it’s not stopping at competitive pricing and coverage options for Honda cars and motorcycles. Honda Insurance Solutions promises to go several steps beyond Tesla’s offering with coverage for trailers, RVs, homes, and even pets.
“Honda Insurance Solutions offers customers access to coverage through a brand they know and trust,” says Petar Vucurevic, President, American Honda Insurance Solutions, LLC and Senior Vice President, American Honda Finance Corporation. “Insurance is a key touchpoint in the vehicle ownership journey, and we aim to deliver a superior experience tailored to the unique needs of each customer, while promoting safer driving and increased peace of mind on the road.”
The company says the launch of its new insurance business is just part of Honda’s broader digital vehicle sales platform strategy, with future plans to integrate insurance offerings into new products.
Electrek’s Take
It’s important to note some of the key differences between Honda’s insurance offering and Tesla’s. Honda isn’t offering discounts, they’re not bundling insurance premiums into the vehicle financing, and they’re not building their insurance offerings into their dealerships’ checkout/F&I offices. Not yet, anyway.
What Honda is doing right now is deepening relationships with its existing customers and finding ways to make money on products it hasn’t sold them – whether that’s the Harley parked in the garage next to their Prologue or the garage itself.
It’s a smart play. And, once Honda figures out a way to cut franchise dealers out entirely and go to a direct sales model, it’ll look even smarter.
SOURCE | IMAGES: Honda.
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.
FTC: We use income earning auto affiliate links. More.
-
Sports3 years ago‘Storybook stuff’: Inside the night Bryce Harper sent the Phillies to the World Series
-
Sports1 year agoStory injured on diving stop, exits Red Sox game
-
Sports2 years agoGame 1 of WS least-watched in recorded history
-
Sports2 years agoMLB Rank 2023: Ranking baseball’s top 100 players
-
Sports4 years ago
Team Europe easily wins 4th straight Laver Cup
-
Sports2 years agoButton battles heat exhaustion in NASCAR debut
-
Environment2 years agoJapan and South Korea have a lot at stake in a free and open South China Sea
-
Environment2 years agoGame-changing Lectric XPedition launched as affordable electric cargo bike