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.
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.
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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.
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.
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.”
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.
Hundreds of homes have been damaged and nearly 10,000 are without power after a tornado smashed through parts of Omaha, in the US state of Nebraska.
A number of tornadoes were reported in the state but the worst hit the suburbs to the northwest of the city, which has a population of 485,000.
The homes damaged were mostly in the Elkhorn area, police said, and emergency workers were going door-to-door to help people trapped in the debris.
Elkhorn residents Pat and Kim Woods said they took shelter when the tornado was about 200 yards away.
“We could hear it coming through,” Mr Woods said.
“When we came up, our fence was gone and we looked to the northwest and the whole neighbourhood’s gone.”
Mrs Woods added: “The whole neighbourhood just to the north of us is pretty flattened.”
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But while some homes in the area were destroyed, others appeared untouched.
There were no reports of deaths but a number of people suffered minor injuries, according to Omaha Police Chief Todd Schmaderer, who added: “People had warnings of this and that saved lives.”
One of the other tornados passed through parts of Eppley Airfield, the city’s airport, which was closed for almost an hour.
Passengers were sent to storm shelters, according to Omaha Airport Authority Chief Strategy Officer Steve McCoy.
The terminal was not affected but other airport buildings “sustained damage”.
The airport has now reopened, although flight delays are expected late into Friday.
The tornado then crossed the Missouri River into Iowa, where damage reports are still coming through.
Daniel Fienhold, who owns a steakhouse in Crescent, Iowa, said he watched the weather from outside with his daughter and employees.
“It started raining, and then it started hailing, and then all the clouds started to kind of swirl and come together, and as soon as the wind started to pick up, that’s when I headed for the basement, but we never saw it,” he said.
Three workers at an industrial plant were injured when another tornado struck near the Nebraska city of Lincoln on Friday afternoon.
The building collapsed with around 70 people inside and several had to be rescued from the debris.
The weekend is not likely to bring any relief – The Weather Service has issued tornado watches across parts of Iowa, Kansas, Missouri, Oklahoma and Texas.
Student protests against Israel’s war in Gaza continue to spread across the US, following last week’s arrest of more than 100 demonstrators at Columbia University.
There have been nearly 550 protest-related arrests in the past week at major US universities, according to a tally by news agency Reuters.
The students want universities to cut ties with companies helping Israel’s war in Gaza and, in some cases, with Israel itself.
Some universities have called in police to end the demonstrations, resulting in clashes and arrests, while others appear to be biding their time as the academic semester enters its final days.
The University of Southern California cancelled its main graduation ceremony, set for 10 May, after the arrests of 93 people at the Los Angeles campus on Wednesday.
At Boston’s Emerson College, 108 people were arrested overnight with video showing students linking arms to resist officers, who then moved forcefully through the crowd, throwing some students to the ground.
Student protester Ocean Muir said: “There were just more cops on all sides.
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“It felt like we were being slowly pushed in and crushed.”
She said police lifted her by her arms and legs to carry her away and she was charged with trespassing and disorderly conduct.
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At Emory University’s Atlanta campus, 28 people were detained and the local branch of activist group Jewish Voice For Peace said police used tear gas and tasers on protesters.
Police there admitted using “chemical irritants” but denied using rubber bullets.
Cheryl Elliott, Emory’s vice president for public safety, said the aim was to clear the area of a “disruptive encampment while holding individuals accountable to the law” but human rights groups questioned the “apparent use of excessive force” against free speech.
Charges were dropped, meanwhile, against 46 of the 60 people detained by police at the University of Texas.
At Indiana University Bloomington, police with shields and batons shoved into a line of protesters, arresting 33 people.
At City College of New York, police officers retreated from protests, to cheers from the hundreds of students gathered on the lawn on the Harlem campus.
At California State Polytechnic University in Humboldt, students have been barricaded in a campus building since Monday, with staff trying to negotiate.
At University of Connecticut one protester was arrested and tents torn down, while protests continued at Stanford University and the New Jersey campus of Princeton University.
Police cleared tents and arrested more than 100 people last week but students put the tents up again in an area where graduation ceremonies will be held in a few weeks.
The administration has given protesters until Friday to leave.
There have been accusations that some pro-Palestinian protesters have harassed or abused Jewish students but protesters blame outsiders trying to infiltrate and malign their movement.
Protest leaders admit there has been abuse directed at Jewish students but insist the protests are not antisemitic.
Some of the universities have seen counter-protests from Israel supporters.
The hearing at the Supreme Court concerned the 6 January riots, election subversion and Trump’s alleged involvement. It is a crime against democracy, at the serious end of the legal jeopardy he faces.
His lawyers argued he should be shielded by immunity from prosecution for what he did while acting as president.
The prosecution’s case is that he was acting as a private citizen, not in an official capacity.
Trump wasn’t present at the hearing in Washington DC, but he will have liked what he heard.
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The prevailing legal assessment is that discussions with the nine-judge panel indicate that, while they didn’t necessarily agree with his argument for immunity, they have enough questions to delay the prosecution further.
A majority appear to think that presidents have some immunity from criminal prosecution for their official actions, even if the exact parameters are unclear.
What is clear is that if the trial court is instructed to determine which of Trump’s allegedly illegal acts qualify for immunity as official acts, it will be an extended process that could easily push the trial beyond the November election.
Such a scenario would suit Trump. The less criminal exposure he has before America votes, the better for him.
If he can push the trial past November, and win back the White House, he can use the power of office to make the charges go away.
The New York hush money trial is the only one of four criminal prosecutions to have begun.
The Supreme Court appears set to shorten the odds on it being the only one before America goes to the polls.
It is the pressing matter of the truth, the whole truth and nothing but the truth about the man who would be president, and it’s a race against time.
This stress test of the fundamentals of American democracy and rule of law gets ever more stressful.