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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.

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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
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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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Boos and cheers for Trump as he visits Kennedy Center for Les Mis

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Boos and cheers for Trump as he visits Kennedy Center for Les Mis

Les Miserables, what else.

The hit musical about anti-government protest is now showing at the Kennedy Center in Washington DC.

Donald Trump was in the audience for Wednesday’s performance for what amounts to a busman’s holiday.

The narrative explores issues of social justice, love, and the enduring power of human compassion amidst a backdrop of poverty and revolution. Not everyone shares the president’s vision of those themes.

Indeed his presence drew what can only be described as mixed reviews from his fellow theatre goers – cheers and boos in equal measure as he waved from the front row of the circle.

The script of Les Miserables barely presents a break from the day job – Trump won’t be the only one getting a sense of art imitating life, as the real thing plays out on the streets of LA.

It is the first show the president has chosen to attend since he made sweeping changes at the iconic venue, prompting an outcry and accusations that he was politicising art and ‘MAGAfying’ the venerated institution.

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According to CNN, a number of Les Miserables cast members had planned to sit out the performance in protest.

The Kennedy Center is a prestigious venue that showcases the best of American performance art.

More than 2,000 shows per year include the famous honours ceremony, an annual event that celebrates artists who have made a significant contribution to US culture.

Honourees through the years have included Joni Mitchell, Aretha Franklin, the Grateful Dead and Francis Ford Coppola.

The Kennedy Center in Washington DC
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The Kennedy Center in Washington DC

Following his election in November, Trump made himself chairman of the Kennedy Center’s board and replaced members with political loyalists.

Traditionally, the board has been made up of individuals from across the political spectrum; after his election, Trump got rid of 18 members and replaced them with political soulmates, including his chief of staff Susie Wiles and Fox presenters Laura Ingraham and Maria Bartiromo.

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Donald Trump signalled a change in artistic direction at the Kennedy Center when he wrote on social media of “Drag shows specifically targeting our youth”, and said of its production schedule: “We didn’t like what they were showing, we’re going to make sure it’s good and it’s not going to be woke.”

His changes prompted a number of acts to cancel shows at the venue in protest. The touring production of Broadway hit Hamilton cancelled dates, as did actor and producer Issa Rae, writer Louise Penny and Pulitzer Prize-winning folk musician Rhiannon Giddens.

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Trump’s attendance at the Les Mis performance was designed to boost fundraising, with donors paying up to $2m to attend a reception with the president.

Ticket sales and subscriptions have, reportedly, slumped since Trump’s changes although the centre’s management points out its campaign to renew subscriptions has been launched later this year than last.

Trump watched the performance of Les Miserables from the presidential box, in the company of his wife, Melania.

Vice president JD Vance was also there. When he attended a performance by the National Symphony Orchestra in March with his wife, he was booed by members of the audience.

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Why Trump’s military ‘birthday’ parade is so controversial

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Why Trump's military 'birthday' parade is so controversial

For the first time in more than 30 years, tanks will roll through the capital of the United States.

The 250th anniversary of the United States Army could see hundreds of thousands descend on Washington DC to watch as 60-ton M1 Abrams battle tanks and Paladin self-propelled howitzers rumble along the streets.

But, like almost everything Donald Trump is involved in, it has not come without controversy or criticism.

It wasn’t originally planned as a birthday celebration – the event had been in the works since before Trump was elected – but earlier this year the President announced his intention to add a massive military parade to the event, which would coincide with his own 79th birthday.

Speaking earlier this week, Trump said it is going to be a “big day”, adding: “We want to show off a little bit.”

Officials have estimated around 200,000 people could turn out, including protesters, plus 6,600 soldiers, 150 vehicles and 50 aircraft.

More than 1,500 ‘No Kings’ demonstrations have also been planned across the US, but the group has said it will not be holding events in Washington DC, in part to avoid a direct confrontation.

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It comes as the president warned that any protesters who rain on his military parade “will be met with very big force”.

Does the US typical hold military parades?

Unlike other countries, military parades in the United States are fairly rare, but Trump has made no secret of his desire for one.

The last time such a major display took place in the US it was in 1991, when tanks and thousands of troops paraded through Washington to celebrate the ousting of Iraqi president Saddam Hussein’s army from Kuwait.

Troops march over the Memorial Bridge in Washington, D.C., as they head towards the Pentagon during the National Victory Day Parade on Satur
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Troops march over the Memorial Bridge in Washington DC, as they head towards the Pentagon during the National Victory Day Parade in 1991. Pic: PA

During Trump’s first administration, he ordered the Pentagon to look into holding a display after a visit to France in 2017.

He was seemingly inspired after witnessing the country’s Bastille Day parade, and attempted to plan a Veteran’s Day parade for 2018. However, this was cancelled due to “ridiculously high” cost estimates.

Trump ultimately settled for a display of tanks and other armoured vehicles during a fourth of July celebration, named Salute to America, two years later.

Tanks parade past President Donald Trump, Melania Trump, President Emmanuel Macron and his wife Brigitte Macron in 2017. Pic: AP
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Tanks parade past President Donald Trump, Melania Trump, President Emmanuel Macron and his wife Brigitte Macron in 2017. Pic: AP

What is happening on the day?

Saturday will start with a wreath-laying ceremony in the morning at Arlington National Cemetery, followed by an army birthday festival on the National Mall in DC. The festival will include equipment displays and military demonstrations.

The day will conclude with a military parade throughout the city, overseen by Trump.

After the parade, the US Army Golden Knights team will parachute in and present the president with a flag.

How much will it cost?

All the celebrations will cost the US Army between $25 million (£18.51m) and $45 million (£33.33m), officials told Reuters.

Preparations are underway in Washington DC for the celebrations. Pic: AP
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Preparations are underway in Washington DC for the celebrations. Pic: AP

These estimates include costs that will be born by the city of Washington, include litter clean up. The event will involve 18 miles of fencing and 175 metal detectors being installed in the capital.

The military has also begun taking steps to protect the streets from damage caused by heavy tanks, including laying down metal plates in some areas.

The Army said it will pay for any unexpected repairs if needed and has set aside several million dollars in case of damage.

Why is it controversial?

President Trump’s critics have called the parade an authoritarian display of power, that is particularly wasteful as his administration seeks to slash federal spending.

Military vehicles are being transported to Washington DC ahead of this weekend's parade. Pic: AP
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Military vehicles are being transported to Washington DC ahead of this weekend’s parade. Pic: AP

The cost of the Army’s celebration is several million dollars more than it would have been without a parade, officials said.

Among the critics is California Governor Gavin Newsom, who has been trading barbs with Trump since the outbreak of riots in LA.

“And we all know, this Saturday, he’s ordering our American heroes – the United States military – forcing them to put on a vulgar display to celebrate his birthday, just as other failed dictators have done in the past,” he said.

Calif. Gov. Gavin Newsom presents his revised state budget during a news conference in Sacramento, Calif., Wednesday, May 14, 2025. (Photo/Rich Pedroncelli)
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Among the critics is California Governor Gavin Newsom. Pic: AP

“This is his ego and making everything about ‘him’,” Senator Jack Reed, the top democrat on the Senate Armed Services Committee, has also said.

But other officials have pointed out plans for the Army’s 250th birthday began before Trump won the presidential election, and it is not officially an event to mark his birthday – the dates just happen to be the same.

How will it compare to military parades around the world?

One of the criticisms of the parade is that it is a show of military might more often seen in authoritarian countries, such as North Korea, Russia, Iran and China.

This is because tanks in the streets are symbolically associated with these regimes, where they are designed to inspire nationalism and fear, whilst also promoting obedience – they often take place under the watchful eye of their country’s leader.

Russia holds its annual Victory Day parade on 9 May to commemorate the country’s Soviet victory over Nazi Germany. In recent years, it has been used to protect military strength during the Ukraine war.

A general view shows Red Square during a military parade on Victory Day, marking the 80th anniversary of the victory over Nazi Germany in World War Two, in central Moscow, Russia, May 9, 2025. Ivan Sekretarev/Host agency RIA Novosti/Handout via REUTERS ATTENTION EDITORS - THIS IMAGE WAS PROVIDED BY A THIRD PARTY.
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Red Square during a military parade on Victory Day in 2025. Pic: Reuters

China holds a National Day parade on 1 October every ten years, or on key anniversaries, to celebrate the founding of the People’s Republic in 1949.

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In Iran, an Army Day Parade takes place in April, a month after the country’s Revolution Day celebrations.

North Korea's 2023 military parade. Pic: AP
Image:
North Korea’s 2023 military parade. Pic: AP

North Korea holds parades on key dates like Kim Il-sung’s birthday, or the ruling party’s foundation day. Taking place in the country’s capital of Pyongyang, the display will often feature new weapons, closely watched by leader Kim Jong-un.

But not every country that holds a military parade is necessarily authoritarian.

Pic: MoD
Image:
Pic: MoD

The UK holds its annual Trooping of the Colour every summer to celebrate the birthday of the British Monarch.

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Israel defied Trump and chose to act now

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Israel defied Trump and chose to act now

One word did the heavy lifting in Marco Rubio’s statement: unilateral.

The US secretary of state was keen to emphasise that strikes on Iran were Israel’s decision alone.

Israel-Iran latest: Iran retaliates after airstrikes

But that was not enough for Iran’s foreign minister, who claimed Israel could not have carried out the attack without support from America.

President Donald Trump had urged Prime Minister Benjamin Netanyahu not to attack Iran.

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Israeli PM announces strikes on Iran

The two leaders had what was described as a heated 40-minute exchange by telephone last Monday.

Speaking just hours before the attack, Trump said he feared such action would destroy US hopes of agreement with Iran.

Time and time again, the US president has insisted that Iran cannot have a nuclear weapon.

But the Americans and Iranians have been engaged in negotiations for months as the US president sought a diplomatic solution. At one point, he even appeared to concede slightly on enrichment.

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‘They cannot have nuclear weapons’

But Israel claimed the weaponisation of enriched uranium posed “a clear and present danger to Israel’s very survival”.

Netanyahu values his relationship with Trump, but the timing of this action was on Israel’s terms.

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Washington was informed in advance – the president’s national security team watched the strikes in real time in the situation room at the White House.

Afterwards, they said their number one priority was the safety of US personnel.

America had already restricted the movement of its staff in Israel and begun evacuating non-essential staff from its embassy in Baghdad.

Marco Rubio sent a clear warning: “Iran should not target US interests or personnel.”

They don’t want to be dragged into this, but have stated that they will protect Israel, if necessary.

America didn’t choose this moment, but knows the threat this escalation poses for US staff in the region.

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