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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.

Larry David appeared in an advert for FTX during the Super Bowl in 2022
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Larry David appeared in an advert for FTX during the Super Bowl in 2022

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.

A year later, a jury convicted the fallen entrepreneur of fraud and money laundering after just five hours of deliberations – based on evidence from close colleagues who had turned against him.

Now, “SBF” is beginning a lengthy prison sentence of 25 years for what prosecutors have described as “one of the biggest financial frauds in American history”.

His punishment may be little comfort to five million FTX customers who were suddenly locked out of their accounts as the company entered bankruptcy – and are yet to receive any compensation.

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November: ‘Crypto king’ guilty of fraud

An estimated 80,000 of Bankman-Fried’s victims were based in the UK. Some of them had millions of pounds tied up in the company after entrusting him with their life savings.

While slick marketing campaigns had presented FTX as a safe way to invest in volatile cryptocurrencies, the reality behind the scenes couldn’t have been more different.

Secret back doors had been established that allowed SBF’s other company, Alameda Research, to access money belonging to FTX customers and make risky bets without their knowledge.

Meanwhile, executives were spending lavishly. Private jets ferried Amazon orders from Miami to the firm’s headquarters in the Bahamas, £12m was spent on luxury hotel stays in just nine months, and employees in the US were allowed to order £160 of food deliveries each a day.

The fallout from FTX’s demise also reaches as far as the White House. Bankman-Fried was one of the largest donors to Joe Biden’s campaign in 2020, with the president subsequently facing pressure to return millions of dollars.

Read more:
Who is Sam Bankman-Fried?
SBF ‘wanted to be US president’

Sam Bankman-Fried's colleague and on-off girlfriend Caroline Ellison testified against him. Pic: Reuters
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Sam Bankman-Fried’s colleague and on-off girlfriend Caroline Ellison testified against him. Pic: Reuters

A new chief executive has been tasked with untangling where all the money went. Soon after FTX went under, he said: “Never in my career have I seen such a complete failure of corporate controls.”

Unusually, and thankfully, FTX victims are expected to be compensated in full eventually – kind of.

The payouts they receive will be based on what cryptocurrencies were worth in November 2022. But Bitcoin was trading at £16,000 back then and is now worth £55,500.

Bizarre plans to bring FTX out of bankruptcy and reopen the exchange have also been abandoned.

Other entrepreneurs in this space – who had loyal, cult-like followings and huge profiles – are also facing jail time.

Changpeng Zhao has pleaded guilty to money laundering charges. Reuters
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Changpeng Zhao has pleaded guilty to money laundering charges. Pic: Reuters

Changpeng Zhao, who ran the world’s biggest crypto exchange Binance, sensationally resigned last year after pleading guilty to money laundering violations in the US.

His company had allowed individuals in Syria, Iran and Russian-occupied parts of Ukraine to evade economic sanctions – and allegedly made it easy for terrorists and criminals to move money.

The billionaire faces jail time when he is sentenced next month.

Do Kwon created two cryptocurrencies that spectacularly collapsed in May 2022, with investors losing an estimated $40bn (£31.7bn) in a matter of days.

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He later went on the run but was captured in Montenegro last year after attempting to fly to Dubai using a fake passport.

A civil fraud trial against Kwon and his company Terraform Labs began this week, with prosecutors warning: “Terra was a fraud, a house of cards, and when it collapsed, investors nearly lost everything.”

Do Kwon created two cryptocurrencies that lost tens of billions of dollars - then went on the run. Pic: Reuters
Image:
Do Kwon created two cryptocurrencies that lost tens of billions of dollars – then went on the run. Pic: Reuters

In a way, Bankman-Fried’s sentence marks the end of an era for crypto – when extravagant excesses and a lack of regulatory oversight were the norm.

Bitcoin’s recent gains have been driven by regulated products that allow investors to gain exposure to the cryptocurrency’s price without owning it directly.

And many of these products are offered by established, traditional finance firms like BlackRock, which is the world’s largest asset management company.

A damning report described the rise and fall of FTX as a tale of “hubris, incompetence and greed” – with Bankman-Fried and his inner circle showing little regard for the financial wellbeing of his customers.

Millions of people had their fingers burned, and many will be put off from ever investing in cryptocurrencies again.

But while the industry has learned some lessons, the crypto market’s rapid surge in recent months mean there’s a real risk of another bubble forming – and new bad actors taking advantage of investors looking for a piece of the action.

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‘Priceless’ jewellery stolen from Louvre museum in Paris – as authorities reveal details of daring raid

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'Priceless' jewellery stolen from Louvre museum in Paris - as authorities reveal details of daring raid

“Priceless” jewellery has been stolen from the Louvre museum in Paris – as authorities revealed details of the daring raid that has forced the closure of the world famous landmark.

The museum, which is the world’s most popular, drawing up to 30,000 visitors a day, said on X it was closing for “exceptional reasons” on Sunday.

In a separate post, culture minister Rachida Dati said there had been a robbery and she was on site alongside museum and police teams.

Police working by a basket lift used by thieves at the Louvre museum in Paris. Pic: AP
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Police working by a basket lift used by thieves at the Louvre museum in Paris. Pic: AP

The Louvre museum in Paris. File pic: AP
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The Louvre museum in Paris. File pic: AP

French interior minister Laurent Nunez said the “major robbery” involved intruders entering the museum via a basket lift using a platform mounted on a lorry.

“They broke a window and went towards several display cases where they stole jewellery,” he added.

“These are jewels that have genuine heritage value and are, in fact, priceless.”

Mr Nunez told France Inter radio the robbery lasted seven minutes, while the interior ministry said the criminals fled on two motorbikes. No injuries have been reported.

More on France

The robbers were well-prepared, Mr Nunez said, and “had done scouting”, cutting window panes “with a disc cutter” before escaping “on a TMAX” (a type of Yamaha maxi-scooter).

The robbery took place between 9.30 and 9.40am (8.30-8.40am UK time), the French government said in a statement, adding an investigation has begun, forensic work was under way and “a detailed list of the stolen items is being compiled”.

Hooded criminals carrying “small chainsaws” entered the building from the River Seine side, where construction work is taking place, French daily newspaper, Le Parisien, said, quoting preliminary findings from the police investigation.

A window believed to have been used in a robbery at the Louvre museum in Paris. Pic: Reuters
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A window believed to have been used in a robbery at the Louvre museum in Paris. Pic: Reuters

Thieves used a basket lift mounted on a lorry to rob the Louvre. Pic: AP
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Thieves used a basket lift mounted on a lorry to rob the Louvre. Pic: AP

Intruders went to the Galerie d’Apollon (Apollo Gallery), home to a selection of the French Crown Jewels, the ministry said.

The robbers escaped with nine pieces of jewellery from Napoleon and the Empress’s collection.

A necklace, a brooch, a tiara, were among the items taken from the Napoleon and French Sovereigns display cases. A third robber stayed outside, Le Parisien said.

One of the stolen gems was later found broken outside the museum, according to the paper, which said it was believed to be Empress Eugenie’s crown.

Police sealed off the museum and evacuated visitors. New arrivals were turned away and nearby streets were closed, according to the interior ministry.

Social media users posted pictures and videos from in and outside the building, with one people leaving in what the user described as “total panic”.

Robbers broke in on the Seine side of the museum. Pic: Reuters
Image:
Robbers broke in on the Seine side of the museum. Pic: Reuters

On person on X said they were there and reported a confused-sounding scene of police “running near pyramid and trying to enter the Louvre from glass side doors but they were locked and they could not enter”.

“Everyone inside was running and banging on glass doors to get out, but could not open. Police and military police arrived,” they added.

It’s not the first time the museum, one of the world’s most famous and a French national landmark, has been targeted by thieves.

In 1911, the Mona Lisa vanished from its frame, stolen by a former worker who hid inside the museum and walked out with the painting under his coat.

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It was recovered two years later in Florence – an episode that helped make Leonardo da Vinci’s portrait the world’s best-known artwork.

In 1983, two Renaissance-era pieces of armour were stolen and only recovered nearly four decades later.

The museum’s collection also bears the legacy of Napoleonic-era looting, containing 33,000 works of art, including antiquities, sculptures and paintings.

In addition to the Mona Lisa, its star attractions feature the Venus de Milo and the Winged Victory of Samothrace.

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Hamas hands over bodies of two more hostages, Israel confirms

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Hamas hands over bodies of two more hostages, Israel confirms

Israel has received the bodies of two more hostages from the Red Cross, the Israeli prime minister’s office has confirmed.

Shortly after 10pm UK time on Saturday, Israel’s military said Hamas handed over “two coffins of deceased hostages”.

There has been no identification of the bodies yet.

The news came as tensions were beginning to rise over the closure of the Rafah border crossing between Gaza and Egypt.

Benjamin Netanyahu‘s office had said earlier on Saturday evening that it would stay closed “until further notice” – as the deadline for Hamas to return the bodies of the hostages had passed with no confirmation.

Mr Netanyahu had warned that its reopening would depend on how Hamas fulfilled its role in returning the remains of all 28 dead hostages.

The handover brings the count of returned bodies to 12 hostages, up from 10, according to Israel’s tally. Another 16 deceased hostages would then still have to be returned.

More on Benjamin Netanyahu

All 28 were supposed to have been handed over by last Monday.

The handover of remains is among key points – along with aid deliveries into Gaza and the devastated territory’s future – in the ceasefire process meant to end two years of war.

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Rafah crossing to remain closed

Israel’s foreign ministry had originally said the Rafah crossing would likely reopen on Sunday – another step in the fragile ceasefire. This has now been revised to being closed “until further notice”.

A satellite image shows the back-up of aid trucks at the border from the air. Pic: ©2025 Vantor/Reuters
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A satellite image shows the back-up of aid trucks at the border from the air. Pic: ©2025 Vantor/Reuters

A fully reopened crossing would make it easier for Gazans to seek medical treatment, travel internationally or visit family in Egypt, which is home to tens of thousands of Palestinians.

It is unclear who will operate the crossing’s heavily damaged Gaza side once the war ends.

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Meanwhile, Gaza’s ruins were being scoured for the dead, over a week into a ceasefire. Newly recovered bodies brought the Palestinian toll above 68,000, according to Gaza’s Health Ministry.

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The ministry, part of the Hamas-run government, does not distinguish between civilians and combatants in its count. But the ministry maintains detailed casualty records that are seen as generally reliable by UN agencies and independent experts.

Famine declared

Israel has disputed them without providing its own toll.

Hamas-led militants killed around 1,200 people, mostly civilians, and abducted 251 people in the attack on southern Israel that sparked the war on October 7 2023.

Gaza’s more than two million people are hoping the ceasefire will bring relief from the humanitarian disaster caused by Israel’s offensive. Throughout the war, Israel restricted aid entry to Gaza – sometimes halting it altogether.

Famine was declared in Gaza City, and the UN says it has verified more than 400 people who died of malnutrition-related causes, including more than 100 children.

Officials in Israel say they have let in enough food, accusing Hamas of stealing much of it. The UN and other aid agencies deny this claim.

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Volodymyr Zelenskyy believes ‘Putin is afraid’ that Donald Trump could still supply Ukraine with Tomahawk missiles

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Volodymyr Zelenskyy believes 'Putin is afraid' that Donald Trump could still supply Ukraine with Tomahawk missiles

Volodymyr Zelenskyy has not ruled out the possibility that he can secure long-range Tomahawk missiles from the US, adding that he believes “Putin is afraid” of the consequences.

In an exclusive interview with NBC News’s Meet the Press, Ukraine’s president discussed some of the details of his two-hour meeting with Donald Trump on Friday, including his desire for the weapons after three years of war with Russia.

“It’s good that President Trump didn’t say ‘no’, but for today, didn’t say ‘yes’,” he said about the supply of the missiles, as part of a discussion which will air on Sunday.

Ukraine war latest: Zelenskyy proposes ‘drone for Tomahawk’

He admitted the US president was concerned about a potential escalation with Russia, but Mr Zelenskyy told NBC, Sky News’s US partner, that the weapons are a genuine concern for Vladimir Putin.

“I think that Putin [is] afraid that United States will deliver us Tomahawks. And I think that he [is] really afraid that we will use them,” he said.

Volodymyr Zelenskyy still hopes the US will supply Tomahawks. Pic: Meet the Press/NBC News
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Volodymyr Zelenskyy still hopes the US will supply Tomahawks. Pic: Meet the Press/NBC News

The weapons have a significantly longer range than any other missiles in Ukraine’s armoury and have the potential to be a game-changer in the war against Russia.

More on Russia

While Mr Trump did not rule out providing the Tomahawk missiles, he appeared cool to the prospect as he looked ahead to a meeting with the Russian president in Hungary in the coming weeks.

‘US doesn’t want escalation’

Following the meeting with Mr Trump, who held a phone call with Mr Putin on Thursday, Mr Zelenskyy told reporters: “We spoke about long-range (missiles) of course. And I do not want to make statements about it.”

But he added: “We don’t speak about it because… United States doesn’t want this escalation”.

Volodymyr Zelenskyy's plans to secure new missiles had worried Russia. Pic: Reuters
Image:
Volodymyr Zelenskyy’s plans to secure new missiles had worried Russia. Pic: Reuters

Later in a post on X, Mr Zelenskyy said he was counting on President Trump to “bring this war closer to an end”.

“We discussed all key issues – our positions on the battlefield, long-range capabilities and air defence, and, of course, diplomatic prospects,” he said.

“Russia must end the aggression it started and continues to deliberately prolong. We count on the United States’ pressure.”

In a roundtable with journalists following the meeting, Mr Trump confirmed that hitting targets deep inside Russian territory would be an “escalation”.

Donald Trump said hitting targets deep inside Russian territory would be an 'escalation'. Pic: Reuters
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Donald Trump said hitting targets deep inside Russian territory would be an ‘escalation’. Pic: Reuters

He also said he was hesitant to tap into the US’ supply of Tomahawks, saying: “I have an obligation also to make sure that we’re completely stocked up as a country, because you never know what’s going to happen in war and peace.

“We’d much rather have them not need Tomahawks. We’d much rather have the war be over to be honest.”

Analysis: Is Trump being ‘played’ by Putin?

Before Donald Trump met with Volodymyr Zelenskyy, he hosted one of his favourite singers, Andrea Bocelli, in the Oval Office.

The Italian tenor serenaded him with the signature track Time To Say Goodbye, a song about hope and new beginnings.

But the next event on his agenda suggested antipathy between Trump and the Ukrainian president are firmly lodged in the past.

On the key issue of whether Vladimir Putin actually wants peace, the pair continue to fundamentally disagree.

Trump repeated several times his belief that Putin is committed to ending the war, which may come as a surprise to the people of eastern Ukraine, being pummeled by an expanded Russian offensive in the past few months.

Trump also spoke about “bad blood on both sides”, again inferring equal blame on Zelenskyy, whose sovereign nation was invaded, and Putin, who is doing the invading.

It’s in Putin’s gift to stop the fighting immediately, but that was glossed over.

Read more from Martha .

At Mr Trump and Mr Putin’s last meeting in Alaska in August, there were hopes that the conflict may finally be coming to an end.

But the US president was unable to pressure the Russian leader into accepting a ceasefire or a one-on-one meeting with Mr Zelenskyy.

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Following Friday’s meeting at the White House, UK Prime Minister Sir Keir Starmer confirmed he had called Mr Zelenskyy to reiterate his support.

Ukraine has UK’s ‘resolute support’

A Downing Street spokesperson said: “The prime minister spoke to the president of Ukraine, European leaders and the NATO secretary general this evening following President Zelenskyy’s visit to the White House today.

“The leaders reiterated their unwavering commitment to Ukraine in the face of ongoing Russian aggression. A just and lasting peace for Ukraine was the only way to stop the killing for good, they agreed.

“Further discussions about how they could support Ukraine in the lead up to, and following, a ceasefire would continue this week, including in a Coalition of the Willing call on Friday, the leaders agreed.

“Following the call with world leaders this evening, the prime minister then spoke to President Zelenskyy bilaterally to underscore the United Kingdom’s resolute support for Ukraine.”

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