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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
Image:
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
Image:
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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‘He doesn’t speak for Ireland’: Irish leaders critical of McGregor-Trump meeting

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'He doesn't speak for Ireland': Irish leaders critical of McGregor-Trump meeting

Mixed martial arts fighter Conor McGregor has met Donald Trump in the Oval Office after complaining about Ireland’s “illegal immigration racket”.

The 36-year-old told Mr Trump that his work ethic was “inspiring”, with the two men sharing jovial comments about the fighter’s suit and a map featuring the Gulf of Mexico labelled as the Gulf of America.

In comments made in the White House briefing room before the meeting during the St. Patrick’s Day visit, he said he was visiting the White House to “raise the issues the people of Ireland face”.

“What is going on in Ireland is a travesty,” he said. “Our government is the government of zero action with zero accountability.”

Trump and McGregor meeting in the Oval Office. Pic: X/@MargoMartin47
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Trump and McGregor meeting in the Oval Office. Pic: X/@MargoMartin47

McGregor warned “Ireland is at the cusp of potentially losing its Irishness” due to the “illegal immigration racket”.

“Ireland and America, we are siblings. We consider America our big sibling. So it’s important for Ireland to be a peaceful, prosperous country for 40 million Irish Americans to have a place to visit, [to] come back to their home.

“So we wish for our relationship with the United States to continue, and we wish to be taken care of by the big bro. The United States should look after its little bro. And that’s how we feel,” McGregor said.

More on Conor Mcgregor

White House press secretary Karoline Leavitt, who appeared alongside McGregor in the briefing room, said: “We couldn’t think of a better guest to have with us on St. Patrick’s Day.”

At a meeting with Irish Prime Minister Micheal Martin last week, Mr Trump said McGregor was his favourite Irish person partly because “he’s got the best tattoos I’ve ever seen”.

UFC fighter Conor McGregor speaks at the briefing room lectern, with White House press secretary Karoline Leavitt at his side, during a visit to the White House in Washington.
Pic: Reuters
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UFC fighter Conor McGregor speaks with White House press secretary Karoline Leavitt at his side during a visit to the White House in Washington. Pic: Reuters

But Mr Martin and deputy prime minister Simon Harris have been critical of today’s Trump-McGregor meeting.

In a post on X, Mr Martin said: “McGregor’s remarks are wrong, and do not reflect the spirit of St Patrick’s Day, or the views of the people of Ireland.”

Meanwhile, Mr Harris said that McGregor was not in the US to represent Ireland and did not speak for the people of Ireland, and “has no mandate to”.

In exclusive comments made to Sky News’ David Blevins about Mr Martin’s comments, McGregor said: “Shame on him for saying that, speaking down on an Irish man.”

He added: “Every metric available to us has shown that the government of Ireland has failed the people of Ireland.”

Mr Trump is well known for his support of Ultimate Fighting Championship, which McGregor is best known for competing in, and attended bouts during the 2024 presidential campaign.

Read more: The deepening ties that led to the controversial Tates flying to freedom in US

McGregor is a controversial figure in Ireland after a woman who accused him of raping her won her civil case and was awarded more than £200,000 in damages.

Tesco was among the retailers that stopped selling alcohol brands linked to McGregor after Nikita Hand was awarded €248,603 (£206,000) after a jury found McGregor assaulted her in a hotel in 2018.

McGregor is appealing against the outcome of the civil case.

McGregor also pleaded guilty to assaulting a man in a Dublin pub in 2019 and has been subject to several other allegations of assault and sexual assault.

His social media posts were also linked to the 2023 Dublin riots. Irish police were reportedly investigating McGregor’s posts for alleged incitement to hatred in relation to the riots.

McGregor, nicknamed the Notorious, rose to worldwide prominence for winning several UFC championships.

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Sky News obtains first accounts of what happened inside Syrian cities shaken by bloody violence

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Sky News obtains first accounts of what happened inside Syrian cities shaken by bloody violence

No checkpoint is the same, some want paperwork, others wave you through after a brief look inside – but from Damascus to Latakia, there are a lot of checkpoints, and in one way or another, you are checked every time.

It wasn’t like this just a month or two ago, but it is now after the most violent few days the country has seen since Bashar al Assad was forced from power in December last year.

We drove through cities like Jableh, on Syria’s Mediterranean coast, almost unrecognisable now.

The bustling streets, markets and shops are silent, apart from the sirens of passing General Security convoys – their armed soldiers packed on the back of pick-up trucks.

The debris of battle is everywhere, buildings are burnt out and peppered with bullet holes, glass from smashed shopfront windows spills across the pavement and spent machine gun casings litter the streets.

DESTRUCTION IN JABLEH
SN eyewitness from Stuart Ramsay about Syrian Alawites which features:
Hmeimim air base, home to the Russian military in Syria; mass grave in Al-Sanobar; head of General Security, Mustafa Kunefate; various GVs of locals and case studies
Image:
Cities like Jableh, on Syria’s Mediterranean Coast, are almost unrecognisable now

DESTRUCTION IN JABLEH
SN eyewitness from Stuart Ramsay about Syrian Alawites which features:
Hmeimim air base, home to the Russian military in Syria; mass grave in Al-Sanobar; head of General Security, Mustafa Kunefate; various GVs of locals and case studies
Image:
The debris of battle is everywhere after pro-Assad militia attacked the city

After three months of relatively peaceful times, things have dramatically changed here, all because of the events of 6, 7 and 8 March.

A Thursday, Friday, and Saturday that could determine Syria’s future.

Driving out of Jableh and over a bridge, we pass through another checkpoint, then through a deserted village, home to a community of Syrian Alawites. Shops and homes are destroyed, soldiers guard the roads in and out.

We are on our way to the Hmeimim air base, home to the Russian military in Syria.

It’s also now home to as many as 10,000 Alawites who are now camping in and around the base.

SN eyewitness from Stuart Ramsay about Syrian Alawites which features:
Hmeimim air base, home to the Russian military in Syria; mass grave in Al-Sanobar; head of General Security, Mustafa Kunefate; various GVs of locals and case studies
Image:
The Hmeimim air base is home to the Russian military in Syria

gv  russian airbase
SN eyewitness from Stuart Ramsay about Syrian Alawites which features:
Hmeimim air base, home to the Russian military in Syria; mass grave in Al-Sanobar; head of General Security, Mustafa Kunefate; various GVs of locals and case studies
Image:
The site is also now home to as many as 10,000 Alawites camping in and around the area

They are seeking shelter and protection, watched on by Russian soldiers who remain inside.

Some of the thousands are in tents or under makeshift cover, others are sleeping rough or in their cars.

SN eyewitness from Stuart Ramsay about Syrian Alawites which features:
Hmeimim air base, home to the Russian military in Syria; mass grave in Al-Sanobar; head of General Security, Mustafa Kunefate; various GVs of locals and case studies
Image:
Thousands of people are in tents or under makeshift cover

SN eyewitness from Stuart Ramsay about Syrian Alawites which features:
Hmeimim air base, home to the Russian military in Syria; mass grave in Al-Sanobar; head of General Security, Mustafa Kunefate; various GVs of locals and case studies
Image:
One of many children displaced after her family were attacked by pro-Assad militia

photo label "woman in her car"
SN eyewitness from Stuart Ramsay about Syrian Alawites which features:
Hmeimim air base, home to the Russian military in Syria; mass grave in Al-Sanobar; head of General Security, Mustafa Kunefate; various GVs of locals and case studies
Image:
Some are sleeping rough or in their cars

man sleeping in car
SN eyewitness from Stuart Ramsay about Syrian Alawites which features:
Hmeimim air base, home to the Russian military in Syria; mass grave in Al-Sanobar; head of General Security, Mustafa Kunefate; various GVs of locals and case studies

I first visited the airbase last December – then it consisted of a small cluster of shops and restaurants, established over years to service the Russian personnel.

Now the shops are shuttered and the restaurants cleared of tables to allow the families to sleep.

As I approached the gates of the base, I was surrounded by people pushing against each other, trying to get to me to tell me stories of being burnt out of their houses, or of family members killed in front of their eyes.

SN eyewitness from Stuart Ramsay about Syrian Alawites which features:
Hmeimim air base, home to the Russian military in Syria; mass grave in Al-Sanobar; head of General Security, Mustafa Kunefate; various GVs of locals and case studies
Image:
Crowds gather around Sky’s Stuart Ramsay to describe how their relatives were killed by pro-Assad forces

A young woman pulled me aside. “We need help, international help,” she whispered.

“We need international peacekeepers; my house was on fire.”

Explainer: Who are the Alawites?

The Alawites are a religious minority in Syria, originating from Shia Islam. The overthrown president Bashar al Assad belonged to the sect.

They make up around 10% of Syria’s population, which is majority Sunni, and mainly live in the country’s coastal regions.

During Assad’s reign, the Alawites made up a large part of his support base and held top posts in the army and security agencies.

Since his fall from power, many Alawites were fired from their jobs and some former soldiers who reconciled with the new authorities were killed.

Civilians have now been targeted in revenge killings by Sunni Muslim militants loyal to the new government, who have blamed Assad’s loyalists for attacks against the country’s new security forces in recent weeks.

The Alawites, along with Syria’s other minority communities, including Kurds, Christians and Druze, have said they are concerned about revenge attacks and are not convinced by the new government’s promise of an inclusive country.

In the crowd, I met Adiba Shehaidi. She’s sleeping rough outside the base after escaping her village, Ain al Arous.

“They attacked us, just like that, slaughtered us, our friends, our neighbours, our children, our relatives – our in-laws, all of them, were slaughtered. They stormed the houses, shooting…” she recounted her story of escape.

“What can we say? To the world, what can we say? What was our crime?” she cried.

screengrab from SN Ramsay VT from Syria about attacks against Alawite minority
P 021451MO SYRIA CONFLICT RAMSAY 06 LONG VT4
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People in mourning after killings

SN eyewitness from Stuart Ramsay about Syrian Alawites which features: Hmeimim air base, home to the Russian military in Syria; mass grave in Al-Sanobar; head of General Security, Mustafa Kunefate; various GVs of locals and case studies
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Grieving relatives have described how their families were slaughtered

We were told that whole families had been killed with some buried in mass graves.

Not far away from the base, in the village of Al Sanobar – we found one. A mass grave consisting of two trenches, dug under the cover of darkness by villagers. They buried 80 people here.

Sticks had been placed in the earth to signal a body buried beneath. We are told a family of 17 are in one of the graves.

SN eyewitness from Stuart Ramsay about Syrian Alawites which features:
Hmeimim air base, home to the Russian military in Syria; mass grave in Al-Sanobar; head of General Security, Mustafa Kunefate; various GVs of locals and case studies
Image:
A mass grave in the village of Al-Sanobar

SN eyewitness from Stuart Ramsay about Syrian Alawites which features:
Hmeimim air base, home to the Russian military in Syria; mass grave in Al-Sanobar; head of General Security, Mustafa Kunefate; various GVs of locals and case studies
Image:
Sticks have been placed in the earth to show where a body is buried

Further into the village, we came across a group of men digging more graves. They told us they had found the bodies of their families, friends, and neighbours littered on the streets and in houses.

So far, they have buried 223 people, all from this one village.

Map for SN eyewitness from Stuart Ramsay about Syrian Alawites
Image:
Latakia, on Syria’s Mediterranean coast, is where pro-Assad fighters are accused of killing Alawite civilians

On trucks, the bodies wrapped in blankets and plastic were brought to their final resting place near their homes. Under a blistering sun a simple ceremony is held, then side by side they are buried.

These families have been devastated – their anguish obvious.

Read more:
Alawites take refuge from Syrian army
Government forces clash with Assad loyalists
Syria vows to investigate mass killings

Convoys of government security forces are now constantly patrolling all the areas where the killings took place, and they are trying to encourage the Alawites to return to their villages, saying it is now safe.

SN eyewitness from Stuart Ramsay about Syrian Alawites which features:
Hmeimim air base, home to the Russian military in Syria; mass grave in Al-Sanobar; head of General Security, Mustafa Kunefate; various GVs of locals and case studies
Image:
Convoys of government security forces are patrolling all the areas where the killings took place

The head of General Security, Mustafa Kunefate, told me what happened here was unacceptable and must not happen again.

He explained how Assad loyalists had attacked and killed soldiers, police officers, and civilians – filming it and posting it on social media. This, he said, led to “undisciplined groups” arriving to this part of Syria, acting “outside of the Ministry of Defence’s command”.

 head of General Security, Mustafa Kunefate
SN eyewitness from Stuart Ramsay about Syrian Alawites which features:
Hmeimim air base, home to the Russian military in Syria; mass grave in Al-Sanobar; head of General Security, Mustafa Kunefate; various GVs of locals and case studies
Image:
The head of General Security, Mustafa Kunefate, tells Sky’s Stuart Ramsay that Assad loyalists were to blame for the killings

 head of General Security, Mustafa Kunefate
SN eyewitness from Stuart Ramsay about Syrian Alawites which features:
Hmeimim air base, home to the Russian military in Syria; mass grave in Al-Sanobar; head of General Security, Mustafa Kunefate; various GVs of locals and case studies
Image:
Kunefate: What happened was unacceptable and must not happen again

“Among these groups were some with a questionable intent, many arrived with no clear instructions, simply coming to break the siege on the Ministry of Defence personnel and police,” Mr Kunefate told me.

“This resulted in chaos and a breakdown of discipline among the fighting groups that entered the coastal region.”

The scene of some of the worst fighting happened in the city of Jableh when the pro-Assad militia attacked. Much of the centre of town has been badly damaged in the fighting, and it is tense.

SN eyewitness from Stuart Ramsay about Syrian Alawites which features:
Hmeimim air base, home to the Russian military in Syria; mass grave in Al-Sanobar; head of General Security, Mustafa Kunefate; various GVs of locals and case studies
Image:
Security convoys patrol cities like Jableh, badly damaged during fighting with pro-Assad forces.

General Security convoys constantly patrol the city, home to Sunni civilians who were murdered like their Alawite neighbours.

Imad Bitar’s father Talal died after his car was fired upon by Assad fighters.

I met him in their family home where he told me he wants peace but believes it will only happen when Assad’s fighters are captured.

Imad Bitar whose father Talal died after his car was fired upon by Assad fighters.
SN eyewitness from Stuart Ramsay about Syrian Alawites which features:
Hmeimim air base, home to the Russian military in Syria; mass grave in Al-Sanobar; head of General Security, Mustafa Kunefate; various GVs of locals and case studies
Image:
Sunni civilians in the city of Jableh were also murdered by pro-Assad fighters, including Imad Bitar’s father Talal

“We must find a way to live together, our only demand now is for the remaining factions to leave Syria and for those responsible for the regime’s crimes to face a formal trial. It’s not about sectarian divisions, it’s about justice.”

This has been a difficult time for the new government trying to unite Syria.

The massacres of Alawites at the hands of militia puts President Ahmed al Sharaa’s unity project in jeopardy.

But if there is a positive from that dreadful weekend, it is that the government acknowledges the mistakes and is promising to bring those responsible to justice.

The World with Yalda Hakim at 9pm on Sky News will feature a series of special reports on Syria from our chief correspondent Stuart Ramsay and special correspondent Alex Crawford.

Watch their latest report inside Al-Hol camp, where thousands of families affiliated to the former Islamic State group are being held by Kurdish forces in northeast Syria.

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Crew welcomed into International Space Station to replace astronauts stranded for nine months

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Crew welcomed into International Space Station to replace astronauts stranded for nine months

A crew has entered the International Space Station (ISS) to replace the astronauts who were stranded there for nine months.

A SpaceX capsule delivered four astronauts on Sunday on a mission to allow Butch Wilmore and Suni Williams – who have been on the ISS since June 2024 – to return home.

The Dragon craft, with the Crew-10 astronauts inside, docked with the orbiting laboratory at 4.04am UK time, around 29 hours after it had been launched on the top of the Falcon 9 rocket from NASA’s Kennedy Space Center in Florida.

Butch Wilmore (back row centre) and Suni Williams (back row right) celebrate with the rest of the astronauts replacing them on the International Space Station.
Image:
Butch Wilmore (back row centre) and Suni Williams (back row right) celebrate with the rest of the astronauts replacing them on the International Space Station.

pic: nasa
Image:
The replacement crew, including Russia’s Kirill Peskov (centre), were welcomed on board the International Space Station (ISS). Pic: NASA

NASA’s Anne McClain and Nichole Ayers, both military pilots, along with Japan’s Takuya Onishi and Russia’s Kirill Peskov, both former airline pilots, will spend the next six months at the space station.

Their mission will allow four members of Crew-9, which includes Mr Wilmore and Ms Williams, to return to Earth.

Astronauts on the ISS say they have requested ballot papers for the US election
Image:
Suni Williams and Butch Wilmore during their unplanned nine month stay in space.
File pic: NASA/AP

It took several minutes for Dragon to safely dock at the ISS, in what is an automated process.

But there was about 1 hour and 45 minutes of additional safety checks before the hatch could be opened.

More on International Space Station

Mr Wilmore swung open the space station’s hatch and rang the ship’s bell as the arrivals floated in one by one and were greeted with hugs and handshakes.

How they were stranded

Mr Wilmore and Ms Williams originally planned to go to space for just eight days but got stuck on the station after their Boeing Starliner spacecraft started experiencing problems.

Technical issues left them stranded, and various attempts to bring them home were unsuccessful.

The craft encountered so many problems that NASA insisted it return to Earth empty, leaving the pilots behind until now.

‘You can hardly even put it into words’

“It was a wonderful day. Great to see our friends arrive,” Ms Williams told Mission Control after the new astronauts had been welcomed aboard.

The moments after docking with Suni Williams, centre, finally facing the prospect of returning back to Earth.
Pic: NASA/AP
Image:
The moments after docking with Suni Williams, centre, finally facing the prospect of returning back to Earth.
Pic: NASA/AP

The Astronauts, including Japan's Takuya Onishi, greeting one another after arrival on the International Space Station.
Pic: NASA/AP
Image:
The astronauts, including Japan’s Takuya Onishi, greeting one another after arrival on the International Space Station.
Pic: NASA/AP

Speaking after the successful docking, Ms McClain added: “Crew-10 has had a great journey up here and I cannot tell you the immense joy of our crew when we looked out the window and we saw the space station for the first time.

“That is such an amazing journey. You can hardly even put it into words.”

Still of dragon capsule edging towards ISS before it docks. Pic: NASA
Image:
The dragon capsule was manoeuvred towards ISS before it docked. Pic: NASA

Rendezvous, Docking, Hatch Opening and Welcoming Remarks of the NASA/SpaceX Crew-10 Crew at the International Space Station Pic: NASA
source: NASA TV
Image:
The view from the ISS as the Dragon capsule edged closer and docked. Pic: NASA

The journey back to Earth

The four newcomers will spend the next few days learning the station’s ins and outs from Mr Wilmore and Ms Williams.

Then the two of them will strap into their own capsule later in the week, one that has been up there since last year, to close out the unexpected extended mission.

The pair’s ride back arrived in late September with a downsized crew of two and two empty seats reserved for the leg back.

Rendezvous, Docking, Hatch Opening and Welcoming Remarks of the NASA/SpaceX Crew-10 Crew at the International Space Station Pic: NASA
source: NASA TV
Image:
The Dragon capsule safely docked with the International Space Station. Pic: NASA

But more delays emerged when their replacements’ brand new capsule needed extensive battery repairs.

An older capsule took its place, pushing up their return by a couple of weeks to mid-March.

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Weather permitting, the SpaceX capsule carrying them and two other astronauts will undock no earlier than Wednesday and splash down off Florida’s coast.

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