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Sam Bankman-Fried, also known by the initials SBF, has tumbled from crypto king to convicted fraudster.

The founder of the FTX cryptocurrency exchange was found guilty in November of defrauding customers of his cryptocurrency exchange out of billions of dollars.

A Manhattan jury convicted him on all seven counts after a month-long trial.

FTX collapsed last November, shocking financial markets and wiping out the crypto tycoon’s estimated $26bn (£21bn) fortune.

But how did the 31-year-old go from such astronomic financial heights to being sentenced to 25 years in prison?

His early life

Bankman-Fried grew up in California’s wealthy San Francisco Bay area, where he attended a $56,000-a-year school.

Both his parents were professors at the prestigious Stanford Law School.

He studied at the Massachusetts Institute of Technology (MIT) where he lived in a group house called Epsilon Theta, which promotes itself as an alcohol-free community “known for liking beanbags, board games, puzzles, and rubber ducks”.

He once told an FTX podcast he did not apply himself in classes and did not know what to do with his life for most of college.

Bankman-Fried graduated in 2014 with a major in physics and a minor in maths.

Vegan, teetotaller, effective altruist

Bankman-Fried didn’t lose the values of Epsilon Theta after graduation, if what he has told journalists is to be believed.

He pushed back against claims of drug and alcohol use at FTX, telling the New York Times’ DealBook Summit there were no “wild parties” at the company.

“When we had parties, we played board games and, you know, 20% of people would have three-quarters of a beer each or something like that. And you know, the rest of us would not drink anything,” he said.

He is also known for being a vegan – and has stuck to his principles in jail despite not being provided with vegan meals, according to his lawyers.

They said he was “literally subsisting” on bread, water and peanut butter in the run-up to his trial.

His veganism is linked to a history of animal rights activism – which in turn is bound up with the effective altruism movement.

While studying, he was reportedly considering a career in animal welfare, having organised a protest against factory farming in his first year of college.

But he met with Will MacAskill, one of the movement’s leaders, who told him he could make more of an impact by finding a career that paid well, and then donating money to charity.

This is known as “earning to give” and it’s one of the central pillars of effective altruism, a movement that seeks to do good by using resources effectively.

When Bankman-Fried took a job at quantitative trading firm Jane Street after graduating, he said he donated about half of his salary to charities, including animal welfare organisations.

He talked about plans to eventually donate most of the money made in his lifetime, with a focus on “long-termism” or safeguarding the future of humanity.

Read more:
The rise and fall of Sam Bankman-Fried

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Sam Bankman-Fried, who founded and led FTX until a liquidity crunch forced the cryptocurrency exchange to declare bankruptcy, is escorted out of the Magistrate Court building after his arrest in Nassau, Bahamas December 13, 2022. REUTERS/Dante Carrer REFILE - CORRECTING INFORMATION
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Sam Bankman-Fried after his arrest in the Bahamas

The start of the crypto king

After three years at Jane Street, Bankman-Fried quit with his eye on taking more risks to make more money.

He landed on crypto as the best way of getting rich quickly.

It started with Bitcoin. He realised it was selling for more in Asia than it was in the US – and figured if he could buy it in one place and sell it in another he could turn an easy profit.

“I got involved in crypto without any idea what crypto was,” he told Forbes. “It just seemed like there was a lot of good trading to do.”

In 2017 he co-founded cryptocurrency trading firm Alameda Research, bringing in other recruits from the effective altruism community and reportedly donating half of the company’s profits to charity.

At its peak, the company was moving $25m in Bitcoin each day.

Two years later, he founded FTX, an exchange which allowed users to buy and sell buy cryptocurrencies, and moved to Hong Kong.

The FTX boom

From Hong Kong, operations moved to the tax haven of the Bahamas, where Bankman-Fried bought a multimillion-dollar waterfront penthouse.

The luxury property, overlooking an area used for filming the scene where Daniel Craig famously emerged from the water as James Bond in Casino Royale, was also used as a home office for Bankman-Fried and up to nine of his FTX devotees.

In 2021, Forbes described him as “the richest twentysomething in the world” with a net worth of $22.5bn, putting him at 32 on The Forbes 400 rich list.

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What went wrong for FTX’s Sam Bankman-Fried?

Relationship with Caroline Ellison

Bankman-Fried had an on-again, off-again relationship with Caroline Ellison, having met her while working at Jane Street.

He persuaded her to join Alameda Research. As a fellow effective altruist, she was also attracted by the prospect of earning money to give to charity.

The pair lived together in the Bahamas penthouse.

Ellison, who became Alameda’s co-chief executive in 2021 and assumed full control last year, has pleaded guilty to fraud charges and agreed to cooperate with prosecutors.

She appeared to have been unhappy at Alameda long before its collapse.

In July, the New York Times published an article citing her personal writings from early 2022, in which she described feeling “unhappy and overwhelmed” at work and “hurt/rejected” by a breakup with Bankman-Fried.

Bankman-Fried was jailed for allegedly sharing the writings with the reporter, with a judge saying it likely amounted to witness tampering.

Political donations

Bankman-Fried was the second-largest individual donor to Joe Biden in the 2020 election cycle.

He was also among the largest donors to Democratic candidates and causes ahead of the November 2022 midterm elections.

Prosecutors said he used $100m in stolen FTX deposits to fund those donations, which he hoped would spur the passage of crypto-friendly legislation.

He was initially charged with conspiring to break US campaign finance laws, but this charge was dropped after The Bahamas said it was not part of its agreement to extradite him.

However, a judge has said the political donations can still be discussed at the trial because they are “intertwined
inextricably” with the fraud charges.

The trial

After he was arrested in the Bahamas in December and extradited to the US, Bankman-Fried was found guilty of seven charges of fraud and conspiracy stemming from the collapse of FTX.

Bankman-Fried – who pleaded not guilty to two counts of fraud and five of conspiracy – clasped his hands together as the verdict was delivered.

He admitted “mistakes” in running FTX when he testified during the month-long trial, but denied stealing at least $10bn of his customers’ money.

Prosecutors claimed he used the funds for risky bets at his hedge fund Alameda Research – with a huge financial black hole emerging when crypto markets fell sharply.

He was sentenced to 25 years in prison on 28 March.

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Donald Trump says he thinks US will annex Greenland

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Donald Trump says he thinks US will annex Greenland

Donald Trump has said he thinks the US will annex Greenland, days after the country’s incoming prime minister said: “We don’t want to be Americans.”

During an Oval Office meeting with NATO secretary general Mark Rutte, the US president was asked about his hopes to annex Greenland.

“I think that will happen,” he said. “I didn’t give it much thought before, but I’m sitting with a man who could be very instrumental.

“You know Mark, we need that for international security. We have a lot of our favourite players cruising around the coast and we have to be careful.”

Donald Trump and NATO secretary general Mark Rutte. Pic: Reuters
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Mr Trump and NATO secretary general Mark Rutte. Pic: Reuters

Mr Trump questioned Denmark’s claim to the autonomous territory, saying Denmark was “very far away” from Greenland despite being part of the country’s kingdom.

“A boat landed there 200 years ago or something. They say they have rights to it,” Mr Trump said. “I don’t know if that’s true. I don’t think it is, actually.”

He said the US already has a military presence in Greenland and added: “Maybe you’ll see more and more soldiers going there.”

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Why Greenland’s election result is a blow to Trump

It comes after Greenland’s centre-right party won an election in a result seen as a rejection of Mr Trump’s interference in the island’s politics.

The Demokraatit party favours a slow move towards independence from Denmark – with its leader Jens-Frederik Nielsen telling Sky News on the eve of the election “we want to build our own country by ourselves”.

In his White House news briefing Mr Trump claimed the election result was very good for the US and said “the person who did the best is a very good person as far as we’re concerned.”

Mr Trump also reacted to Vladimir Putin’s remarks about Russia agreeing to an end in fighting in Ukraine, but adding “lots of questions” remain over proposals for a 30-day ceasefire.

The US president said his Russian counterpart’s statement was not complete and reiterated his willingness to talk to him, adding: “Hopefully Russia will do the right thing.”

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Ukraine war: Zelenskyy warns partners not to let Putin ‘deceive’ them on ceasefire

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Ukraine war: Zelenskyy warns partners not to let Putin 'deceive' them on ceasefire

Volodymyr Zelenskyy has called on Ukraine’s partners to make sure Russia doesn’t “deceive” them over a ceasefire.

After breakthrough talks between Ukrainian and US officials in Saudi Arabia, Kyiv said it was ready to accept a proposed 30-day ceasefire with Russia.

But his nightly address on Wednesday evening, a day after the Jeddah summit, President Zelenskyy said, “we must move toward peace” – but issued a warning to allies.

“The key factor is our partners’ ability to ensure Russia’s readiness not to deceive but to genuinely end the war,” the Ukrainian leader said. “Because right now, Russian strikes have not stopped.”

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From Tuesday: Ukraine backs ceasefire plan

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The focus has now switched to Vladimir Putin’s response to the proposed ceasefire. President Trump said the US had received “some positive messages” adding: “We have people going to Russia right now”.

However, he warned Moscow: “In a financial sense, yeah we could do things very bad for Russia, would be devastating for Russia.”

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Will Russia go for ceasefire deal?

European defence ministers, meeting in Paris, said now was the time for Moscow to show it was serious about ending the war.

UK Defence Secretary John Healey was among those attending, and had a direct message for Russia’s president: “I say to president Putin, over to you, you want to talk, prove it.”

Mr Healey called on Russia to accept the ceasefire and end the war, adding, “the pressure is now on Putin”.

For his part, President Putin has been playing to his domestic audience with a visit to Kursk, where Russian troops finally seem to be gaining the upper hand against Ukrainian forces who seized territory in the Russian region last year.

The Russian line is approaching Sumy from Kursk Oblast
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The Russian line is approaching Sumy from Kursk Oblast

Dressed in camouflage, the Russian president called for his forces to defeat the enemy and completely liberate Kursk, in remarks reported by the Interfax news agency.

He also said enemy troops captured in the region will be treated as terrorists, as Russia’s chief of the general staff told Mr Putin that Ukrainian forces in the region are surrounded.

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Trump fights trade war on multiple fronts as Canada and EU retaliate

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Trump fights trade war on multiple fronts as Canada and EU retaliate

Donald Trump has launched a fresh attack on the EU during a meeting with Irish premier Micheal Martin in the Oval Office.

The US president said he did not want “to do anything to hurt Ireland” but added that the trade relationship between the countries should be focused on “fairness”.

It comes after the president imposed 25% tariffs on global steel and aluminium imports to the US – prompting Canada to announce retaliatory tariffs on US goods worth $29.8bn (£16bn) from tomorrow and the EU to impose counter tariffs on €26bn (£22bn) of US goods from 1 April.

Meanwhile, Sir Keir Starmer said he was “disappointed” to see the president impose global tariffs on steel and aluminium and promised to “keep all options on the table” in how the UK would respond.

During Mr Trump’s meeting with Mr Martin, the president raised the “massive” trade imbalance between the two countries and said Ireland was “of course” taking advantage of the US.

He said the EU was “set up in order to take advantage of the United States”.

Asked by Sky News’ Ireland correspondent Stephen Murphy if Ireland was also taking advantage, Mr Trump replied: “Of course they are.”

He added: “I have great respect for Ireland, for what they did and they should have done just what they did. But the United States shouldn’t have let that happen. We had stupid leaders, we had leaders who didn’t have a clue.

“All of a sudden Ireland has our pharmaceutical companies, this beautiful island of five million people has got the entire US pharmaceutical industry in its grasp.”

Politics latest: Starmer promises to ‘keep options on the table’

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‘They have millions of cars coming in and they don’t accept our cars’

Mr Trump said he loves Ireland, where he has a golf course – but said he wishes the US had “not been so stupid for so many years, not just with Ireland, with everybody”.

Many US pharmaceutical companies have set up their manufacturing facilities in Ireland due to its low 12.5% corporate tax rate.

Irish firms then pay a royalty fee to US parent companies so they can use formulas to make products – meaning Ireland could be the hardest hit EU member by Mr Trump’s 25% tariffs.

‘I would have imposed 200% tariffs’

Mr Trump said if he had been president when those companies started to move to Ireland, he would have imposed a 200% tariff on them so they could not sell anything into the US and they would have “stayed here”.

The president said he would like to see American pharmaceutical companies returning to the US, but expected Mr Martin to “fight on that issue”.

He also told Sky News he would “absolutely” place tariffs on cars from the EU.

Read more:
What are Trump’s tariffs and how will they affect the UK?

The man Canada is sending to battle Trump

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Should UK be worried by Trump tariffs?

Mr Trump accused previous presidents of having “lost big segments” of the US economy and said the EU “treats us very badly”, referencing a recent ruling against Apple.

“They have not been fair. They sue our companies and win massive amounts of money. They sued Apple, won 17 billion US dollars and they use that for other reasons, I guess, to run the European Union,” he said.

“So I’m not knocking it. They’re doing what they should be doing, perhaps for the European Union, but it does create ill will – and as you know, we’re going to be doing reciprocal tariffs so whatever they charge us with, we’re charging them. Nobody can complain about that.”

Michael Martin played a blinder as the first leader in the Oval post-Zelenskyy blood bath

Well, that went well.

An Oval Office meeting that in any other St Patrick’s week would have been regarded as almost unimaginably confrontational – this time around the Irish delegation will be floating on air.

Micheal Martin was in the lion’s den today, the first leader to step into the Oval Office since Volodymyr Zelenskyy’s verbal bloodbath, and you could forgive the Irish PM for being apprehensive.

This was always going to be the most important visit of a taoiseach to the White House in generations. What is usually a jovial green-tinged occasion was this year imbued with a new sense of gravity and nervousness.

The Irish government knew it was in the president’s crosshairs – any small country that boasts a huge trade surplus with the US was bound to be a target for this administration. American figures put that surplus in goods at around €80bn (£67bn) last year, although Irish statisticians insist it was a mere €50bn (£41.9bn) – still a record.

In the Oval, I managed to ask the president if Ireland was taking advantage of America. “Of course they are,” he replied. But Mr Trump is at heart a businessman, and it sounded more like a sneaking admiration.

“I have great respect for Ireland, and what they did,” he said. Ireland did exactly what they should have done, he continued, referencing the luring of lucrative US multinationals. But he placed the blame firmly on “stupid” American leaders who “allowed” it to happen. Mr Martin sat beside him, saying nothing.

The EU was set up to exploit America, Mr Trump said. It was “abuse”. Again and again, it was the Brussels bogeyman, not the Emerald Isle, that bore the brunt of his attack.

I asked if he would respond with more tariffs to the new EU tariffs. “Of course,” Mr Trump responded. After an anecdote about the lack of Chevrolets in Munich, I asked would he now consider tariffs on the crucial European car industry – he replied in the affirmative.

Mr Martin sat beside him, saying nothing.

When the taoiseach did speak, it was to hit the Irish talking points – the Ireland-US relationship was a “two-way street”, with the Irish currently the sixth-largest investor in the US.

“Just look how many Boeings Ryanair is purchasing” was the theme of Mr Martin’s argument.

The leaders joked about Mr Martin’s boxer father. Mr Trump spoke admiringly of Conor McGregor and Rory McIlroy. The minutes ticked away… Ireland unscathed.

They finished with a discussion about the president’s Irish resort at Doonbeg in County Clare. Mr Trump lauded the Irish efficiency at approving an expansion plan, and decried the subsequent EU approval period of several years. Once again – Ireland good, Brussels bad.

There was so much nervousness in Irish government circles. Now they must be wondering what the fuss was all about.

‘Great honour’ to meet Irish Taoiseach

Despite his criticism of Ireland, Mr Trump said it was a “great honour” to have the taoiseach at the White House.

He said the US has “tremendous” business relationships in Ireland “and that will only get stronger”.

Donald Trump with Irish Taoiseach Micheal Martin. Pic: Reuters
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Reporters asked questions in the same style as the Zelenskyy meeting. Pic: Reuters

The US leader said his personal relationship with Mr Martin was “very, very strong and very, very good” as he thanked him for coming to Washington DC to celebrate St Patrick’s Day.

He added that Mr Martin did not “look nervous” about the subject of tariffs during their meeting.

Taoiseach reminds Trump of Irish investment in US

The taoiseach praised Mr Trump’s work on “peace initiatives” and said the two countries have a “very good relationship, a historic one”.

But, hinting at the tariffs imposed by Mr Trump, Mr Martin said: “It’s a two-way street. We are investing a lot more in America.”

He said he understands where Mr Trump is coming from, but added that Irish companies Ryanair and aircraft leasing firm Aercap “buy more Boeing” planes than anybody else outside the US.

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