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Former FTX CEO Sam Bankman-Fried arrives for a bail hearing at Manhattan Federal Court on August 11, 2023 in New York City.

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Heather Ferguson’s son lost approximately $130,000 in cash when crypto exchange FTX went bankrupt in November 2022. At the time, Ferguson traveled to where her child was living to spend four days consoling him. Since touching bottom, however, he has shown “resilience,” “confidence,” and a “determination to meet life’s challenges head on with renewed focus and vigor,” Ferguson wrote in a note to U.S. District Judge Lewis Kaplan on Tuesday.

It helps that in January, her son was contacted by the entity overseeing the disbursement of FTX client funds and told that he would be refunded the full amount he was owed.

“I am writing to convey my hope that Sam Bankman-Fried will be given a sentence in the range of 70 months for his role in the collapse of FTX,” Ferguson wrote in her letter to the judge. “The hope that customer funds will be reimbursed in some measures mitigates the severity of Sam’s guilt, and it seems to me that the length of his sentence should reflect this fact.”

Ferguson’s letter is part of an eleventh hour push by the defense to appeal to Kaplan’s sense of leniency as the judge gears up for Bankman-Fried’s sentencing hearing on Thursday.

In November, a jury of twelve found the former crypto executive guilty of all seven criminal counts against him, including wire fraud and conspiracy to commit wire fraud against FTX customers and against Alameda Research lenders; conspiracy to commit securities fraud and conspiracy to commit commodities fraud against FTX investors; and conspiracy to commit money laundering.

That the jury was able to reach a unanimous verdict in just a few hours that FTX’s ex-CEO stole $8 billion from customers of his now bankrupt crypto exchange suggests that they were truly convinced and that there were no holdouts that needed to be coaxed, Yesha Yadav, law professor and Associate Dean at Vanderbilt University, previously told CNBC.

On Tuesday, the defense submitted three letters in support of Bankman-Fried, while prosecutors filed more than 50 letters of their own, bringing the total number of victim impact statements to 117.

The question of whether FTX customers being made whole through bankruptcy should influence the court’s decision over sentencing is a major point of contention.

Earlier this month, federal prosecutors in Manhattan wrote in a memo to the court that Bankman-Fried should spend between 40 and 50 years in prison.

“Even now Bankman-Fried refuses to admit what he did was wrong,” the government wrote.

Even as the bankruptcy estate promises to pay back customers in full, many of FTX’s thousands of victims (reportedly up to a million) argue that their crypto stakes have been significantly undervalued by the exchange’s new leadership team.

Prosecution in Sam Bankman-Fried trial wrapping up in coming days

Parents chime in

Ferguson was one of three concerned parents to write Kaplan, suggesting that Bankman-Fried’s emotional and behavioral disorders be taken into account as part of his deliberations over sentencing.

“Along the vein of mitigating factors, some mention should be made of Sam’s ASD and the afflictive emotions that stemmed from his ADHD and his medications,” Ferguson wrote. “These are relevant factors in his background which likely caused him to show poor judgment, but did not likely correlate with an intention to be malicious toward his clients.”

Bankman-Fried’s psychiatrist, George Lerner, told Judge Lewis Kaplan in a letter in August that the former FTX CEO has a history of depression and attention-deficit/hyperactivity disorder. ADHD is among the most common neurodevelopmental disorders in children. 

“Additionally, there have been times when Mr. Bankman-Fried did not have access to the Emsam patch (typically when travelling/abroad) and exhibited symptoms of depression, including lethargy, anhedonia, low motivation, and increased ruminations,” Lerner wrote.

Without his medication, Lerner warned the judge, “Bankman-Fried will experience a return of his depression and ADHD symptoms and will be severely negatively impacted in his ability to assist in his own defense.”

At one point during Bankman-Fried’s criminal trial last year, the defense team also argued that he was not receiving adequate access to prescribed medication, including Adderall, a treatment for attention-deficit/hyperactivity disorder. And when initially remanded to custody, lawyers for Bankman-Fried argued that their client had a “limited” and “dwindling” supply of Emsam, a transdermal patch for treating depression. 

Maria Centrella, the mother of a 34-year-old son with Asperger’s Syndrome, also wrote to Judge Kaplan to share her experience raising a child on the Autism spectrum.

“I have no opinion as to his guilt or innocence under the law, but do want to share with you my experiences with my son that hopefully might give you some pause to reflect on Sam’s behavior and mental state leading up to and during the trial,” wrote Centrella, who says that she was not familiar with Bankman-Fried’s story until she watched Michael Lewis’s “60 Minutes” interview, in which he shared anecdotes from shadowing Bankman-Fried as part of reporting a book about his life.

“As he described Sam I saw my son and kept wondering why Asperger’s never came up in the segment, because those of us knowledgeable about it, could see his behavior, his mannerisms … and his brilliance… as huge indicators of him being on the spectrum,” Centrella wrote.

She went on to say that she reached out to Bankman-Fried’s father, Joe, who confirmed that Sam had indeed been diagnosed as on the autism spectrum and that the court had been made aware.

“I have no idea how familiar you are with Asperger’s, particularly those who are out working and supporting themselves, but I can speak from experience that the mind of those on the spectrum works differently. Though I have never met Sam, I firmly believe that while he may be an MIT grad – he did not fully understand the scope of what was going on and did not have malicious intent,” she wrote.

Matt Kelly, who also has an autistic son and has worked as a special needs teacher in the UK, wrote a three paragraph letter to share his personal and professional observations that “might be of consideration when deciding a sentence.”

“Many of Sam’s personality traits suggest some type of atypical neurological processes; whether this is a tendency to avoid eye contact, a habit of being unable to focus on one thing at a time, or a lack of emotional response in a situation where most people would show outward signs of strain and distress,” wrote Kelly.

“He has also witnessed his ex-partner and associates testify against him in court, and to a
person with unusual processing, this may have been confusing and upsetting,” Kelly added. “I hope that account is taken of Sam’s abnormal presentation in your sentencing, so that retribution is in proportion to the degree of fault, and that account is taken of which type of institution would be most appropriate in the case of someone like Sam.”

Sam Bankman-Fried set to testify at fraud trial in what experts deem a major gamble for the case

MIT roommate: He did communal laundry “on time”

Two of Bankman-Fried’s former friends and roommates at the Massachusetts Institute of Technology also submitted character references on his behalf.

Daniel Grazian, who graduated in 2013, says that he knew Bankman-Fried “well” for three years.

“Sam was a kind friend and a wonderful person to be around,” Grazian wrote in his letter to the court.

He goes on to say that Bankman-Fried “felt deeply for every living being, farm animals included” and that his portrayal as “being motivated by greed” was “completely inconsistent” with the Sam he knew.

“I believe that if Sam is given a lenient sentence, he will be an asset to society. If the fact that I still limit my meat consumption on ethical grounds is any indication, Sam will continue inspiring others to be a little bit kinder and gentler,” concludes Grazian’s letter.

Another classmate, Adam Hesterberg, who was part of the PhD class of 2018, had known Bankman-Fried before MIT, beginning at a math camp in 2007.

“In the time I knew him, Sam was responsible, was pleasant to be around, and cared about doing good for the world,” wrote Hesterberg in a letter to the judge.

One example he cited was Bankman-Fried’s role in executing house chores.

“Sam did his fair share of chores, usually by washing the pots and dishes used in cooking our meals and doing our kitchen laundry. He consistently did so well and on time; I only observed him late once, when a queue for the washing machine delayed the kitchen laundry,” the letter states.

Hesterberg went on to detail other instances of Bankman-Fried’s good nature, including wanting to “reduce farm animals’ suffering” and encourage his fellow classmates to donate to charitable causes, such as the Against Malaria Foundation.

“I don’t know to what extent a character reference from a decade ago should affect Sam’s sentencing, but to whatever extent it does, my impression of Sam was almost uniformly positive and is an argument for leniency in his sentence,” Hesterberg concludes.

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Tesla launches new software update with Grok, but it doesnt even interface with the car

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Tesla launches new software update with Grok, but it doesnt even interface with the car

Tesla has launched a new software update for its vehicles that includes the anticipated integration of Grok, but it doesnt even interface with the car yet.

Earlier this week, CEO Elon Musk said that Tesla would integrate Grok, the large language model developed by his private company, xAI, into its vehicles.

Today, Tesla started pushing the update to the fleet, but there’s a significant caveat.

The automaker wrote in the release notes (2025.26):

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Grok (Beta) (US, AMD)

Grok now available directly in your Tesla

Requires Premium Connectivity or a WiFi connection

Grok is currently in Beta & does not issue commands to your car – existing voice commands remain unchanged.

First off, it is only available in vehicles in the US equipped with the AMD infotainment computer, which means cars produced since mid-2021.

But more importantly, Tesla says that it doesn’t send commands to the car under the current version. Therefore, it is simply like having Grok on your phone, but on the onboard computer instead.

Tesla showed an example:

There are a few other features in the 2025.26 software update, but they are not major.

For Tesla vehicles equipped with ambient lighting strips inside the car, the light strip can now sync to music:

Accent lights now respond to music & you can also choose to match the lights to the album’s color for a more immersive effect

Toybox > Light Sync

Here’s the new setting:

The audio setting can now be saved under multiple presets to match listening preferences for different people or circumstances:

The software update also includes the capacity to zoom or adjust the playback speed of the Dashcam Viewer.

Cybertruck also gets the updated Dashcam Viewer app with a grid view for easier access and review of recordings:

Tesla also updated the charging info in its navigation system to be able to search which locations require valet service or pay-to-park access.

Upon arrival, drivers will receive a notification with access codes, parking restrictions, level or floor information, and restroom availability:

Finally, there’s a new onboarding guide directly on the center display to help people who are experiencing a Tesla vehicle for the first time.

Electrek’s Take

Tesla is really playing catch-up here. Right now, this update is essentially nothing. If you already have Grok, it’s no more different than having it on your phone or through the vehicle’s browser, since it has no capacity to interact with any function inside the vehicle.

Most other automakers are integrating LLMs inside vehicles with the capacity to interact with the vehicle. In China, this is becoming standard even in entry-level cars.

In the Xiaomi YU7, the vehicle’s AI can not only interact with the car, but it also sees what the car sees through its camera, and it can tell you about what it sees:

Tesla is clearly far behind on that front as many automakers are integrating with other LLMs like ChatGPT and in-house LLMs, like Xiaomi’s.

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Robinhood is up 160% this year, but several obstacles are ahead

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Robinhood is up 160% this year, but several obstacles are ahead

Florida AG opens probe into Robinhood. Here's the latest

Robinhood stock hit an all-time high Friday as the financial services platform continued to rip higher this year, along with bitcoin and other crypto stocks.

Robinhood, up more than 160% in 2025, hit an intraday high above $101 before pulling back and closing slightly lower.

The reversal came after a Bloomberg report that JPMorgan plans to start charging fintechs for access to customer bank data, a move that could raise costs across the industry.

For fintech firms that rely on thin margins to offer free or low-cost services to customers, even slight disruptions to their cost structure can have major ripple effects. PayPal and Affirm both ended the day nearly 6% lower following the report.

Despite its stellar year, the online broker is facing several headwinds, with a regulatory probe in Florida, pushback over new staking fees and growing friction with one of the world’s most high-profile artificial intelligence companies.

Florida Attorney General James Uthmeier opened a formal investigation into Robinhood Crypto on Thursday, alleging the platform misled users by claiming to offer the lowest-cost crypto trading.

“Robinhood has long claimed to be the best bargain, but we believe those representations were deceptive,” Uthmeier said in a statement.

The probe centers on Robinhood’s use of payment for order flow — a common practice where market makers pay to execute trades — which the AG said can result in worse pricing for customers.

Robinhood Crypto General Counsel Lucas Moskowitz told CNBC its disclosures are “best-in-class” and that it delivers the lowest average cost.

“We disclose pricing information to customers during the lifecycle of a trade that clearly outlines the spread or the fees associated with the transaction, and the revenue Robinhood receives,” added Moskowitz.

Robinhood CEO Vlad Tenev explains 'dual purpose' behind trading platform's new crypto offerings

Robinhood is also facing opposition to a new 25% cut of staking rewards for U.S. users, set to begin October 1. In Europe, the platform will take a smaller 15% cut.

Staking allows crypto holders to earn yield by locking up their tokens to help secure blockchain networks like ethereum, but platforms often take a percentage of those rewards as commission.

Robinhood’s 25% cut puts it in line with Coinbase, which charges between 25.25% and 35% depending on the token. The cut is notably higher than Gemini’s flat 15% fee.

It marks a shift for the company, which had previously steered clear of staking amid regulatory uncertainty.

Under President Joe Biden‘s administration, the Securities and Exchange Commission cracked down on U.S. platforms offering staking services, arguing they constituted unregistered securities.

With President Donald Trump in the White House, the agency has reversed course on several crypto enforcement actions, dropping cases against major players like Coinbase and Binance and signaling a more permissive stance.

Even as enforcement actions ease, Robinhood is under fresh scrutiny for its tokenized stock push, which is a growing part of its international strategy.

The company now offers blockchain-based assets in Europe that give users synthetic exposure to private firms like OpenAI and SpaceX through special purpose vehicles, or SPVs.

An SPV is a separate entity that acquires shares in a company. Users then buy tokens of the SPV and don’t have shareholder privileges or voting rights directly in the company.

OpenAI has publicly objected, warning the tokens do not represent real equity and were issued without its approval. In an interview with CNBC International, CEO Vlad Tenev acknowledged the tokens aren’t technically equity shares, but said that misses the broader point.

JPMorgan announces plans to charge for access to customer bank data

“What’s important is that retail customers have an opportunity to get exposure to this asset,” he said, pointing to the disruptive nature of AI and the historically limited access to pre-IPO companies.

“It is true that these are not technically equity,” Tenev added, noting that institutional investors often gain similar exposure through structured financial instruments.

The Bank of Lithuania — Robinhood’s lead regulator in the EU — told CNBC on Monday that it is “awaiting clarifications” following OpenAI’s statement.

“Only after receiving and evaluating this information will we be able to assess the legality and compliance of these specific instruments,” a spokesperson said, adding that information for investors must be “clear, fair, and non-misleading.”

Tenev responded that Robinhood is “happy to continue to answer questions from our regulators,” and said the company built its tokenized stock program to withstand scrutiny.

“Since this is a new thing, regulators are going to want to look at it,” he said. “And we expect to be scrutinized as a large, innovative player in this space.”

SEC Chair Paul Atkins recently called the model “an innovation” on CNBC’s Squawk Box, offering some validation as Robinhood leans further into its synthetic equity strategy — even as legal clarity remains in flux across jurisdictions.

Despite the regulatory noise, many investors remain focused on Robinhood’s upside, and particularly the political tailwinds.

The company is positioning itself as a key beneficiary of Trump’s newly signed megabill, which includes $1,000 government-seeded investment accounts for newborns. Robinhood said it’s already prototyping an app for the ‘Trump Accounts‘ initiative.

WATCH: Watch CNBC’s full interview with Robinhood CEO Vlad Tenev

Watch CNBC's full interview with Robinhood CEO Vlad Tenev

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Hyundai and Kia are betting on lower-priced EVs to ride out tariffs

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Hyundai and Kia are betting on lower-priced EVs to ride out tariffs

Korean auto giants Hyundai and Kia think lower-priced EVs will help minimize the blow from the new US auto tariffs. Hyundai is set to unveil a new entry-level electric car soon, which will be sold alongside the Kia EV2. Will it be the IONIQ 2?

Hyundai and Kia shift to lower-priced EVs

Hyundai and Kia already offer some of the most affordable and efficient electric vehicles on the market, with models like the IONIQ 5 and EV6.

In Europe, Korea, Japan, and other overseas markets, Hyundai sells the Inster EV (sold as the Casper Electric in Korea), an electric city car. The Inster EV starts at about $27,000 (€23,900), but Hyundai will soon offer another lower-priced EV, similar to the upcoming Kia EV2.

The Inster EV is seeing strong initial demand in Europe and Japan. According to a local report (via Newsis), demand for the Casper Electric is so high that buyers are waiting over a year for delivery.

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Hyundai is doubling down with plans to introduce an even more affordable EV, rumored to be the IONIQ 2. Xavier Martinet, CEO of Hyundai Motor Europe, said during a recent interview that “The new electric vehicle will be unveiled in the next few months.”

Hyundai-Kia-lower-priced-EVs
Hyundai Casper Electric/ Inster EV models (Source: Hyundai)

The new EV is expected to be a compact SUV, which will likely resemble the upcoming Kia EV2. Kia will launch the EV2 in Europe and other global regions in 2026.

Hyundai is keeping most details under wraps, but the expected IONIQ 2 is likely to sit below the Kona Electric as a smaller city EV.

Hyundai-Kia-lower-priced-EVs
Kia Concept EV2 (Source: Kia)

More affordable electric cars are on the way

Although nothing is confirmed, it’s expected to be priced at around €30,000 ($35,000), or slightly less than the Kia EV3.

The Kia EV3 starts at €35,990 in Europe and £33,005 in the UK, or about $42,000. Through the first half of the year, Kia’s compact electric SUV is the UK’s most popular EV.

Hyundai-Kia-lower-priced-EVs
Kia EV3 (Source: Kia)

Like the Hyundai IONIQ models and Kia’s other electric vehicles, the EV3 is based on the E-GMP platform. It’s available with two battery packs: 58.3 kWh or 81.48 kWh, providing a WLTP range of up to 430 km (270 miles) and 599 km (375 miles), respectively.

Hyundai is expected to reveal the new EV at the IAA Mobility show in Munich in September. Meanwhile, Kia is working on a smaller electric car to sit below the EV2 that could start at under €25,000 ($30,000).

Hyundai-Kia-lower-priced-EVs
Kia unveils EV4 sedan and hatchback, PV5 electric van, and EV2 Concept at 2025 Kia EV Day (Source: Kia)

According to the report, Hyundai and Kia are doubling down on lower-priced EVs to balance potential losses from the new US auto tariffs.

Despite opening its new EV manufacturing plant in Georgia to boost local production, Hyundai is still expected to expand sales in other regions. An industry insider explained, “Considering the risk of US tariffs, Hyundai’s move to target the European market with small electric vehicles is a natural strategy.”

Hyundai-Kia-lower-priced-EVs
2025 Hyundai IONIQ 5 (Source: Hyundai)

Although Hyundai is expanding in other markets, it remains a leading EV brand in the US. The IONIQ 5 remains a top-selling EV with over 19,000 units sold through June.

After delivering the first IONIQ 9 models in May, Hyundai reported that over 1,000 models had been sold through the end of June, its three-row electric SUV.

While the $7,500 EV tax credit is still here, Hyundai is offering generous savings with leases for the 2025 IONIQ 5 starting as low as $179 per month. The three-row IONIQ 9 starts at just $419 per month. And Hyundai is even throwing in a free ChargePoint Home Flex Level 2 charger if you buy or lease either model.

Unfortunately, we likely won’t see the entry-level EV2 or IONIQ 2 in the US. However, Kia is set to launch its first electric sedan, the EV4, in early 2026.

Ready to take advantage of the savings while they are still here? You can use our links below to find deals on Hyundai and Kia EV models in your area.

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

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