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.
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-Frieddidn’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.
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-Friedbought 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.
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.
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.