Connect with us

Published

2 years ago

on

Government exhibit in the case against former FTX CEO Sam Bankman-Fried.

Source: SDNY

As Sam Bankman-Fried prepares to face sentencing next month for his criminal fraud conviction tied to the epic collapse of FTX in 2022, former customers of the crypto exchange have reasons to believe they could actually recoup their money.

Bankman-Fried, who could spend the rest of his life behind bars, was found guilty in November on seven criminal counts after roughly $10 billion in customer funds from his company went missing. Some of that money went to pay for Bankman-Fried’s lavish lifestyle, but much of it went towards other investments that have, of late, appreciated dramatically in value.

Lawyers representing the bankruptcy estate of FTX told a judge in Delaware last week that they expect to fully repay customers and creditors with legitimate claims. Bankruptcy attorney Andrew Dietderich, who works with FTX’s new leadership team, said “there is still a great amount of work and risk” ahead in getting all the money back to clients, but that the team has a “strategy to achieve it.”

It’s a welcome development for the many thousands of customers (reportedly up to a million) who collectively lost billions of dollars in FTX’s collapse 15 months ago, when the crypto exchange spiraled into bankruptcy in a matter of days. Given the lightly regulated and unsecured nature of FTX — and the crypto industry at large — those clients faced the real possibility that the vast majority of their money had evaporated. Plenty of failed hedge funds and lenders lost virtually everything during the 2022 crypto winter.

Bankman-Fried never believed his company’s situation was that dire.

Even as regulators and federal prosecutors unearthed evidence showing that the 31-year-old entrepreneur and his top lieutenants had been pilfering billions of dollars from customer wallets for years, Bankman-Fried insisted that all the money was still somehow accessible.

“FTX US remains fully solvent,” Bankman-Fried wrote in a Substack post on Jan. 12, 2023, while he was under house arrest at his parents’ home in Palo Alto, California. He said the exchange “should be able to return all customers’ funds.”

In some ways, his narrative appears to be proving true.

Joseph Bankman and Barbara Fried arrive for the trial of their son, former FTX Chief Executive Sam Bankman-Fried, who is facing fraud charges over the collapse of the bankrupt cryptocurrency exchange, at Federal Court in New York City, U.S., October 26, 2023. 

Brendan Mcdermid | Reuters

For months, FTX’s new CEO, John Ray III, and his team of restructuring advisors have been clawing back cash, luxury property, and crypto, as well as tracking down missing assets. They’ve already collected more than $7 billion, and that doesn’t include valuables like $26 million in gifts and property to Bankman-Fried’s parents, or the $700 million handed over to K5 Global and founder Michael Kives, who invested FTX cash in companies like SpaceX. Some of those investments have seen a precipitous rise in value.

FTX had been negotiating with bidders about a potential reboot of the company, but those efforts were scrapped last month.

Braden Perry, who was once a senior trial lawyer for the Commodity Futures Trading Commission, FTX’s only official U.S. regulator, told CNBC that the decision to repay users in full came after “the abandonment of efforts to restart the FTX crypto exchange,” in favor of “a focus on liquidating assets to make customers whol​e.”

Getting actual money back in the hands of customers still remains a challenge. While a lot of the value has been recouped and more is to come, divvying up large amounts of cash is a complex process in bankruptcies, particularly when so much of the money is in non-traditional and illiquid assets.

Even Ray was doubtful at the beginning of the process, noting in late 2022 that, “At the end of the day, we’re not going to be able to recover all the losses here.” 

‘Sam coins’ soar

What Ray wasn’t banking on was a huge market rebound. When he made those remarks, crypto was mired in a bear market, with bitcoin trading at around $16,000. It’s now above $47,000.

In September, the bankruptcy team released a status report showing that FTX had $3.4 billion worth of digital assets, with over $1.1 billion coming from its Solana investment.

Solana fits into a category of so-called “Sam coins,” a group that also includes Serum, a token created and promoted by FTX and sister hedge fund Alameda Research. After the dust settled from FTX’s bankruptcy, Solana saw a huge run-up in its price, and it continued to rally after the September report. Since the end of that month, it’s spiked fivefold.

Meanwhile, FTX’s bitcoin stash, which was worth $560 million at the time of the September report, is today valued north of $1 billion.

Bankman-Fried’s investments weren’t limited to crypto. He also used client money to back startups like Anthropic, the artificial intelligence company founded by ex-OpenAI employees. FTX invested $500 million in Anthropic in 2021, before the generative AI boom. Anthropic’s valuation hit $18 billion in December 2023, which would value FTX’s roughly 8% stake at about $1.4 billion.

During Bankman-Fried’s criminal trial in New York, Judge Lewis Kaplan denied the defense’s request that it be permitted to say that FTX’s investment in Anthropic was a smart bet. The bankruptcy estate of FTX has been looking to sell its Anthropic stake, according to a court filing this month.

Sam Bankman-Fried stands as forewoman reads the verdict to the court.

Artist: Elizabeth Williams

In his biography on Bankman-Fried titled “Going Infinite,” Michael Lewis said he was told by an investor interested in bidding for the venture portfolio that “if it was sold intelligently, it should go for at least $2 billion.” Lewis, who published his book late last year, wrote that, based on his back-of-the-envelope math, the $7.3 billion that Ray’s team had come up with didn’t include Serum, some large clawbacks and other venture investments that had appreciated in value.

For FTX customers, being made whole, according to a judge’s ruling, means getting the cash equivalent of what their crypto was worth in November 2022. In other words, they’re not seeing any of the upside of FTX’s investments or being given virtual coins that would allow them to cash out at higher valuations.

Still, some investors have found a way to participate in the FTX’s ongoing odyssey. The market for FTX IOUs lit up last year as it became clear that the bankruptcy estate was cobbling together a lucrative portfolio. One financial firm that had lost around $100 million initially sold its FTX debt for 6 cents on the dollar in a new secondary market out of concern that he may never get a better deal. As of December, those claims were going for more than 70 cents on the dollar.

If customers are eventually made whole, that could play a big role in Bankman-Fried’s appeal, likely following his sentencing, which is set to take place in Brooklyn on March 28. Perry said it could also affect how the judge handles sentencing in the first place.

“Under the federal sentencing guidelines, and even assuming no monetary loss, SBF still faces at least 70 months in prison based on his base level offense, number of victims, sophisticated means, and leadership role,” Perry said.

The massive losses that were originally expected would suggest 30 to years to life, Perry added.

Renato Mariotti, a former prosecutor in the U.S. Justice Department’s Securities and Commodities Fraud Section, told CNBC that judges typically consider the amount of restitution paid to victims at sentencing.

“If the victim is made whole, that is a big plus for the defendant,” said Mariotti. He noted, however, that the extent of the fraud coupled with Bankman-Fried’s false testimony and violation of bond conditions could limit the reduction.

“I usually advise clients to pay restitution before sentencing if at all possible,” Mariotti said.

WATCH: Former SEC Chari discusses Bankman-Fried guilty verdict

Fmr. SEC Chair Jay Clayton: SBF trial is 'one of the largest campaign finance problems in history'

Related Topics:
Continue Reading

Environment

Jackery 72-hour sale increases savings and drops Explorer 2000 Plus 400W solar bundle to new $1,499 low, Velotric fall e-bike sale, more

Published

3 hours ago

on

September 17, 2025

By

Jackery 72-hour sale increases savings and drops Explorer 2000 Plus 400W solar bundle to new ,499 low, Velotric fall e-bike sale, more

Leading our Green Deals today is Jackery’s 72-hour Home Backup Flash Sale that is increasing savings from its previous sale to 52% – plus, there’s 5% and 10% bonus savings too. Among the large lineup, Jackery’s Explorer 2000 Plus Portable Power Station bundled with two 200W solar panels is falling to a new $1,499 low. We also have Velotric’s Ride into Fall Sale that is taking up to $400 off e-bikes and offering select fall gift bundles, like the T1 ST Plus Lightweight Urban e-bike coming with a FREE cargo rack at $1,299, among others. There’s also EcoFlow’s latest flash sale that is dropping the DELTA Pro 440W solar bundle to a new $1,799 low alongside the three other offers, as well as two pressure washer deals – one of which only lasts through the day – and plenty more waiting for you below. And don’t forget about all the hangover deals collected at the bottom of the page, like yesterday’s Segway E3 Pro Electric Scooter launch deal, the exclusive new low on Jackery’s Explorer 1000 v2 100W solar bundle, and more.

Head below for other New Green Deals we’ve found today and, of course, Electrek’s best EV buying and leasing deals. Also, check out the new Electrek Tesla Shop for the best deals on Tesla accessories.

Jackery’s 72-hour home backup flash sale drops Explorer 2000 Plus 400W solar bundle to new $1,499 low, more

Jackery has launched a 72-hour Essential Home Backup Flash Sale running through September 19 with increased discounts up to 52% on its power stations, solar bundles, and accessories, complete with bonus 5% and 10% savings on orders over $1,600. Among the lineup, we spotted the best deal yet on the Jackery’s Explorer 2000 Plus Portable Power Station bundled with two 200W solar panels for $1,499 shipped, which is beating out Amazon’s current pricing by $400. This bundle package usually fetches $3,099 at full price, which we’ve mostly seen taken down to $1,899 over 2025, though recently there have been some falls to $1,799 and a one-time drop to $1,673 back in February. The deal we’re seeing on this Explorer 2000 Plus bundle for the next three days beats out all that came before with a greater $1,600 markdown, landing it at a new all-time low price. Head below for more on this and the other units benefitting from discounts during this short-term sale.

A quick note on the extra savings options: If your cart’s total reaches $1,600, you can score an extra 5% savings by using the code SPECIAL5 at checkout, and once your order reaches $3,000 that extra savings bumps up to 10% using the code SPECIAL10 at checkout. If you’re planning to go big with your backup power setup, be sure to use these codes for the best deals!

Advertisement – scroll for more content

The Explorer 2000 Plus power station is one of Jackery’s more popular and expandable setup options, able to cover everything from one-day tailgates to multi-day camping trips to appliance and home backup. This bundle starts you at its base 2,042.8Wh LiFePO4 capacity that you’ll be able to expand as high as 12,000Wh with expansion batteries added on and up to 24,000Wh when two fully expanded station setups have been linked together. Through 10 port options it provides up to a steady 3,000W of power, surging up to 6,000W when needed, and even doubling with the dual-expanded linked setups.

You’ll be getting 400W of solar input with the panels in this Explorer 2000 Plus bundle, which starts you on the path towards its maximum 1,200W input, which would have the station alone back to full in two hours (and doesn’t account for expanded setups). From there, you can also recharge its battery via a typical AC outlet or through your car’s auxiliary/cigarette lighter port while parked or driving.

***Note: The extra savings have not been factored into the prices below, so be sure to use the code SPECIAL5 on orders over $1,600 and SPECIAL10 on orders over $3,000 to score the best prices!

Jackery’s flash offers on short-term adventuring power:

Jackery’s appliance backup flash offers:

Jackery’s home backup flash offers:

Jackery’s solar panel/expansion battery deals:

Jackery’s transfer switch deals:

And don’t miss out on the up to $2,300 early-bird savings on Jackery’s new HomePower 3600 Plus Power Station and bundles that will continue through September 21, starting from $1,699. We also have an ongoing exclusive $520 savings on the brand’s Explorer 1000 v2 Power Station with a 100W solar panel at a new $479 low, as well as the parallel HomePower 3000 station/bundle deals we’re seeing from Jackery’s official Amazon storefront that start from its $1,499 low.

man and woman each riding veltric's T1 ST Plus e-bikes down tree-lined street

Ride into fall on Velotric’s 39-pound T1 ST Plus e-bike with Apple Find My and a FREE cargo rack for $1,299 ($1,746 value), more

Velotric has launched its Ride into Fall Sale which is seeing up to $400 in price cuts on its e-bike lineup, with select models getting continued free gear bundles on top of the 30% savings you can score on three or more added-on accessories. Among the bunch, we’re seeing Velotric’s T1 ST Plus Lightweight Urban e-bike come along with a free rear cargo rack ($97 value) for $1,299 shipped. The e-bike alone would normally run you $1,649 without discounts, bumping up to $1,746 were you to buy the rear rack without the bundle option. We’ve mainly been seeing this model keep down at $1,399 for most of 2025, with the brand’s Labor Day Sale that began in late August being the first time we spotted it going lower. It’s coming back around during this new seasonal event for a second time, giving you $447 in combined savings.

If you want to learn more about this model, as well as the other deals/bundles, be sure to check out our original coverage of this sale here.

ecoflow delta pro power station powering appliances at campsite

Save up to 64% on four EcoFlow units: DELTA Pro 440W solar bundle at a new $1,799 low, more

As part of its extended Home Backup/Hurricane Preparedness Sale through September 21, EcoFlow has launched another 48-hour flash sale through September 17 that is taking up to 64% off four units. Among the lineup this time around, we spotted EcoFlow’s Delta Pro Portable Power Station getting bundled with two 220W solar panels for $1,799 shipped, which beats out Amazon’s pricing by $300. This bundle would normally run you $4,997 direct from the brand at full price, with things more keeping down at $3,999 at Amazon. We spotted a similar flash sale last week that first saw the price drop to $1,899 and now its going even lower. You’ll be getting a $2,200 markdown ($3,198 off the MSRP) for the best new price we have tracked. Head below for more on the other units benefitting from these flash savings, and if you plan to just pick up the station alone, be sure to take advantage of the promotion running for the rest of the sale that drops the price lower than ever.

If you want to learn more about this bundle, as well as the three other flash offers, be sure to check out our original coverage of this sale here before it ends tonight at midnight.

man using worx 13A 1,800 PSI electric pressure washer to clean side of stone stairs

Get a 1,800 PSI punch packed into Worx’s compact 13A pressure washer for $120 (second-best price of 2025)

Amazon is offering the Worx 13A 1,800 PSI Electric Pressure Washer for $119.99 shipped. While it carries a $180 MSRP directly from the brand, we’ve been seeing it at Amazon keeping between $159 earlier in the year to a more recent $146 rate, with discounts taking things lower between $130 and $124. We did see one drop to $108 at the top of July, with today’s deal otherwise being the best price tracked in 2025, giving you a compact cleaning solution with quite the punch at a total 33% markdown off the MSRP.

If you want to learn more about this compact pressure washer, be sure to check out our original coverage of this deal here.

man pulling Greenworks 3,000 PSI electric pressure washer out of garage

Score a complete combo kit with Greenworks’ 3,000 PSI electric pressure washer at a new $407 annual low (Today only)

As part of its Deals of the Day, Best Buy is offering the best rate this year on the Greenworks 3,000 PSI Electric Pressure Washer Combo Kit for $407 shipped. You’d normally be paying $679 for this combo package outside of discounts, which is not only the biggest we’ve seen for this model in its history, but is unavailable at Amazon or from the brand’s direct website. While the price has dipped as low as $349 in 2024, for the rest of the day, you can pick it up at the best tracked price of 2025, with $272 cut from the tag.

If you want to learn more about this model and its bundle, be sure to check out our original coverage of this one-day-only deal here.

Best Fall EV deals!

Best new Green Deals landing this week

The savings this week are also continuing to a collection of other markdowns. To the same tune as the offers above, these all help you take a more energy-conscious approach to your routine. Winter means you can lock in even better off-season price cuts on electric tools for the lawn while saving on EVs and tons of other gear.


Add Electrek as a preferred source on Google
Add Electrek as a preferred source on Google

FTC: We use income earning auto affiliate links. More.

Continue Reading

Environment

Another major automaker is turning to China for help

Published

3 hours ago

on

September 17, 2025

By

Another major automaker is turning to China for help

automaker-China-help-EV

Nissan becomes the latest global automaker to rely on China for help as it looks to turn things around. The Japanese automaker is facing an uphill battle as it plans to cut about 20,000 jobs while closing several plants as part of its recovery plan.

Nissan is the latest automaker to turn to China for help

Yesterday, we learned Nissan has already drastically cut production plans for the next-gen LEAF, a cornerstone of the company’s comeback plan.

A Nikkei report claimed Nissan was slashing production by more than half from September through November due to a battery shortage. The supply crunch is impacting production at Nissan’s Tochigi plant in Japan, where the new LEAF will be built for the US and Japanese markets.

It looks like Nissan is now turning to China, becoming the latest in a string of automakers looking to use Chinese tech or manufacturing methods to keep pace.

Advertisement – scroll for more content

Tatsuzo Tomita, Nissan’s chief of total delivered cost transformation (TdC), told reporters on Wednesday (via Reuters) that the company has “gained access to Chinese-style ways of working.” Now, the company is working to apply what it has learned to gain a competitive edge globally.

Nissan-LEAF-EV
2026 Nissan LEAF (Source: Nissan)

Nissan’s cost-cutting chief said the challenge is now figuring out how to apply those methods to parts for our current and upcoming vehicles.”

The Japanese automaker will learn from its suppliers in China and the methods they use to accelerate output at a lower cost.

Nissan-delays-supplier-payments
Nissan’s new N7 electric sedan alongside the GT-R (Source: Dongfeng Nissan)

Nissan follows Toyota, which is now sourcing Chinese parts to build EVs for global markets from its production base in Thailand. Volkswagen, Mercedes-Benz, BMW, Audi, Ford, and several other major global automakers have announced similar plans to either learn from or use tech from China to apply on a worldwide scale.

As part of its recovery plan, Re:Nissan, the company aims to cut costs by 250 billion yen by the end of fiscal year 2026. The plans include cutting around 20,000 jobs and closing seven global manufacturing plants.

Electrek’s Take

Nissan, once viewed as a leader in electrification with the launch of the first-gen LEAF, has lost ground over the past few years.

There are now more electric options than ever, making it difficult for some brands (like Nissan) to keep up with costs. Chinese automakers, such as BYD, manufacture nearly every vehicle component, from batteries to software, enabling them to launch lower-priced EVs while still generating a profit.

Nissan is betting on its next-gen EVs to help it turn things around, including the new LEAF. However, after significantly cutting production plans, Nissan will need to do something, and fast, to stay afloat.


Add Electrek as a preferred source on Google
Add Electrek as a preferred source on Google

FTC: We use income earning auto affiliate links. More.

Continue Reading

Environment

Exclusive: Rivian’s secret upcoming e-bike revealed in leaked images

Published

4 hours ago

on

September 17, 2025

By

Exclusive: Rivian's secret upcoming e-bike revealed in leaked images

We’ve known for years that the electric truck maker Rivian has been working on smaller, two-wheeled electric vehicles. After spinning out a micromobility startup, ALSO, to develop and market the vehicles, we’ve been counting the days until the company’s apparent unveiling next month. But now the wait may be over early as leaked images reveal the e-bike expected to be unveiled by the new electric startup.

The images come from a behind-the-scenes marketing video released by ALSO, sharing their eclectic, bohemian approach to filming what appears to be their big upcoming launch video. In a cheeky move, they included several scenes with the unreleased model, though they blurred the bike beyond recognition.

Apparently, they weren’t quite cheeky enough, though, as when I scrubbed frame-by-frame through the video, I could see multiple frames with partial images of the bike and at least five frames that fully reveal the bike before the censoring effect was added in the editing stage.

The images show a silver-colored electric bike with what appear to be 20″-ish wheels, front and rear suspension, and a large enclosure above the bottom bracket, giving the bike an appearance somewhere between a traditional electric bicycle and a more modern moped or motorbike.

Advertisement – scroll for more content

A large rear rack hovers over the rear wheel, seemingly disconnected from the rear, further strengthening the argument that the blurry chainstay is actually a rear swingarm providing full suspension. The front suspension appears to be an inverted fork, which would usually indicate a higher tier of componentry.

It’s unclear if the battery is removable, but if so, it may be the shoe-sized protuberance at the front of the enclosure. A large headlight approximately matching the proportions of one seen in ALSO’s teaser videos can be seen on the bike’s headtube, conveying a bit of the Rivian design theme that still runs through ALSO’s veins.

The images reveal the likely physical design of the bike, speaking to a unique frame and comfort-oriented, higher-end road-worthy components. But what we can’t see from these images is the tech that has gone into the bike, which is likely to be substantial considering the support that ALSO receives from electric automaker Rivian’s engineering prowess.

The current video, now available on the company’s blog page, appears to have the frames in question removed, potentially revealing that the company has since discovered the mistake and updated the video to remove the incriminating frames. Whoops.

Electrek’s Take

Well, this is interesting. I feel a bit bad spoiling the launch, but I don’t work for ALSO, I work for my readers. And the details we get here are fascinating. ALSO, there is so much more to the story of this e-bike.

It definitely looks like ALSO went with an innovative design approach, which we were all expecting. This isn’t some run-of-the-mill electric bike with a pile of parts selected à la carte from a catalog. This looks like a purpose-built commuting machine, which is exactly what ALSO said they were trying to do from the beginning – to build new vehicles.

That being said, I’m a bit worried about the path to profitability for ALSO with a bike like this. Assuming this is a street-legal Class 3 e-bike, which would seem likely as we can see bicycle pedals in multiple frames, then this is going to be a high-end (i.e., expensive) bike that requires pedaling to reach 28 mph (45 km/h), or could perhaps be throttle-limited to 20 mph (32 km/h). The throttle would be a good bet for a bike launched in the US, since if it doesn’t have a throttle, then story over. It’s dead on arrival. Thank you for playing, ALSO. Sorry, Americans just don’t buy throttle-less electric bikes en masse.

The bike’s design shows that it uses a lot of custom componentry, and the fact that it is also likely brimming with neat, innovative technology from ALSO’s engineering team further pushes that price tag up. I love that ALSO has taken their own approach and built something unique. But what scares me is that this smacks of VanMoof, CAKE, and other premium electric two-wheeler companies that ultimately folded. They, too, came in with big funding, tech-forward innovation, and slick-looking designs. None of that prevented their ultimate demise (though yes, I know they are both brands are now clawing their way out of bankruptcy under new ownership).

And it’s not that bikes like those from VanMoof and CAKE weren’t good. They were great – at least with service issues from VanMoof aside. They were full of refreshing innovation. It’s what made them special. But it’s also what made them expensive, pricing them out of accessibility for the masses and leaving them unable to sustain the burn rate of startups carrying large payrolls. And even in those cases, the companies had the advantage of launching in Europe, a market where riders are accustomed to spending thousands of dollars more on their bikes and using them as true car replacements.

But the US isn’t Europe. There’s a reason that the best-selling electric bike in the US is a $999 folding e-bike from a scrappy, lean startup that rose to become the largest e-bike company in the US while carrying a fraction of the workforce of the bigger guys. Lectric eBikes taught Americans that good e-bikes could cost less than a grand and get them anywhere in their city without breaking the bank. Sure, ALSO’s bikes will be nicer. But will they be 4-5x nicer?

It’s impossible to say how much ALSO will charge, but I’d bet we’re looking at a bike that falls somewhere in the $3.5-5.5k ballpark. The lower end of that range would mean ALSO knows it can’t price out its customers or it won’t succeed. The higher end of that range would mean the company is basically competing against premium e-bike brands like Riese & Müller. But the problem is that premium brands have been leaving the US because the market just isn’t there, at least not for the volume to make them sustainable.

And perhaps that’s ok for ALSO. Maybe the deep pockets from Daddy Rivian mean that ALSO can float for years without making a profit, helping them roll out more models in wider price ranges across multiple styles and markets. It’s too soon to tell and I’m basing this conjecture on a few pixelated screengrabs from a quirky behind-the-scenes video shoot.

But hey, we’re barely a month away from finding out for sure. I’ll see you guys back here on October 22nd with hopefully as many answers as we still have questions.

Note: AI seems to have wanted to replace the belt with a chain and added a derailleur that isn’t really there…

Add Electrek as a preferred source on Google
Add Electrek as a preferred source on Google

FTC: We use income earning auto affiliate links. More.

Continue Reading

Trending