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.
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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2:19
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.
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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.
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.
Image: Changpeng Zhao has pleaded guilty to money laundering charges. Pic: Reuters
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.”
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.
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.
Israel has launched a major attack on Iran and declared a state of emergency over retaliation fears.
The operation, called “Rising Lion”, killed a number of Iranian commanders, scientists and the head of the country’s powerful Revolutionary Guard, according to Iranian state media.
Iran launched more than 100 drones towards Israel after the country vowed retaliation, an Israeli military spokesperson said.
Shortly after 1am UK time on Friday, Israel launched what it called “pre-emptive strikes” against targets in Iran.
Explosions were heard in Iran’s capital, Tehran, while Iranian state TV broadcast footage of blown-out walls, burning roofs and shattered windows in residential buildings across the city.
It reported that blasts had set the Revolutionary Guard’s headquarters on fire.
Iranian local media site, Nournews, reported 78 people were killed and 329 were injured in the strikes in Tehran.
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1:19
Explosions at Iran nuclear site
Bracing for retaliation, Israel closed its airspace and said it was calling up tens of thousands of soldiers to protect the country’s borders.
Israeli Prime Minister Benjamin Netanyahu said the operation “will continue for as many days as it takes to remove this threat”.
Image: Firefighters work at the scene of a damaged building in the aftermath of Israeli strikes, in Tehran.
Pic: WANA/Reuters
The Israeli military said all of its pilots involved in the strike on Iran returned home unharmed, as the country’s armed forces continued assessing the results of the operation.
Flights around the Middle East were cancelled as a result of the strikes, with passengers in Iraq, Jordan, Israel, Lebanon, Iran and Dubai facing delays.
Image: Pic: WANA/Reutes
Where and who was targeted?
In a video announcing the military operation, Mr Netanyahu said the strikes hit Iran’s main nuclear enrichment site, the Natanz atomic facility.
An IDF spokesperson said the site has been “significantly harmed” adding the strikes hit an underground facility and other crucial infrastructure.
The international atomic watchdog (IAEA) said it was in contact with Iranian authorities regarding radiation levels at the Natanz facility – which is in the central Isfahan province – adding later that there had been no increase in levels.
Image: The Natanz nuclear facility in Iran.
Pivc: Maxar Technologies/AP
The IDF said the strikes eliminated several senior military commanders of the Iranian regime.
Six nuclear scientists were also killed, according to Iranian state media.
Scroll through the slider below to see who was killed and what we know about them. For more information, read our full explainer here.
Why has Israel launched strikes now?
The attack comes amid rising international fears over Iran’s nuclear programme, with the UN watchdog warning earlier this week that the country is breaking its obligations for the first time in 20 years.
Israel and the US have long feared that Iran is plotting to develop a nuclear weapon. Tehran has repeatedly denied this and insists its programme is for civilian purposes – to generate energy.
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7:14
In full: Netanyahu statement
Mr Netanyahu claimed on Friday that if Iran wasn’t stopped, “it could produce a nuclear weapon within a very short time”.
He went further to claim Iran had in recent years developed enough highly-enriched uranium for “nine atom bombs”.
US and Iranian officials were scheduled to hold a sixth round of talks on Tehran’s escalating uranium enrichment programme in Oman on Sunday.
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4:31
Israel strike: ‘This is the big one’
Israel previously launched strikes on Iran in October 2024.
Sky News’ Middle East correspondent Alistair Bunkall said last year’s strikes eliminated much of Iran’s air defences, giving the Israeli air force some freedom of movement in Iran’s skies.
Ayatollah Ali Khamenei, Iran’s supreme leader, warned of “severe punishment”, claiming Israel targeted “residential areas”.
“In the enemy’s attacks, a number of commanders and scientists were martyred. Their successors and colleagues will immediately continue their duties,” he said in a statement reported by the Tasnim news agency.
Hours after Israeli strikes, Iran launched more than 100 drones in retaliation, an Israel Defence Force (IDF) spokesperson said.
The IDF confirmed Israel had begun intercepting unmanned aerial vehicles (UAVS) which it said had been fired from Iran.
A second volley of more than 100 drones were then launched towards Israel, which will take several hours to make the journey.
Strikes over the past year
Tensions between Iran and Israel have boiled over in the past year.
Iran has backed, funded and trained several proxy groups across the Middle East region to varying degrees, including Hamas in Gaza, the Houthis in Yemen, Hezbollah in Lebanon and a number of other factions based in Syria and Iraq.
Israel accuses Iran of backing militant attacks against it, while Iran says Israel has carried out a number of killings of Iranian officials and scientists – which Israel has not commented on.
Below are some of the attacks that have happened since April 2024:
How has the world reacted?
US President Donald Trump wrote on the Truth Social platform that he gave Iran “chance after chance” to make a deal, but they “couldn’t get it done”.
He wrote: “I told them [Iran] it would be much worse than anything they know, anticipated, or were told, that the United States makes the best and most lethal military equipment anywhere in the World, BY FAR, and that Israel has a lot of it, with much more to come – And they know how to use it.
“Certain Iranian hardliner’s spoke bravely, but they didn’t know what was about to happen. They are all DEAD now, and it will only get worse!”
Marco Rubio, US secretary of state, said earlier that America was not involved in the attack and warned Iran not to retaliate against American interests in the region.
Mr Rubio added that America believes the strikes are necessary for Israel’s self defence.
Meanwhile, British Prime Minister Sir Keir Starmer urged “all parties to step back and reduce tensions urgently”.
The UK is not currently helping to defend Israel from Iranian drone attacks, Sky News’ security and defence editor, Deborah Haynes, said. The government will, however, hold an emergency COBRA meeting on Friday, Sky News understands.
A Chinese foreign ministry spokesperson said it is paying close attention to the attacks and called on the relevant parties to act in ways that will lead to regional peace and stability.
Russia called the Israeli strikes “unprovoked” and in “breach of the United Nations charter”.
In the Middle East, the UAE condemned Israel’s strikes against Iran “in the strongest terms” and expressed “deep concern” over the repercussions on regional security. Saudi Arabia also condemned the Israeli attack.
Neighbouring Qatar called Israel’s attack a “flagrant violation” of Iran’s sovereignty and security.