Read Sam Bankman-Fried’s statement to the court before 25-year sentencing

Published

2 years ago

March 29, 2024

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Disgraced FTX founder Sam Bankman-Fried whined that his “useful life” was over before he was sentenced Thursday to 25 years in prison.

“At the end of the day, my useful life is probably over,” Bankman-Fried said in a rambling 20-minute statement to a Manhattan court before Judge Lewis Kaplan handed down the sentence. “It has been over for a while now.”

The FTX founder, 32, was convicted of stealing more than $8 billion from his customers.

“I have long since given everything that I had to give, and I would do anything to be out there right now trying to help, but I know that’s not going to happen,” he said. “I can’t really do that from prison. I can’t really help.”

Bankman-Fried stood uncuffed in his tan jail garb to deliver his meandering mea culpa.

His hands were tightly clasped at his waist and his head was mostly bowed, with occasional glances at the judge, who called him “unremorseful.”

He said he made a “series of bad decisions” that led to the implosion of FTX, his cryptocurrency company, but the decisions were neither “selfish” or “selfless,” but just “bad.”

The fraudster said his customers “should be paid in full” to the “current value of assets” as there are “billions more than is necessary” available to use.

He also apologized to his employees, who “watched me throw away everything they had built.”

“I know a lot of people feel really let down, and they were right, they were, were very let down. I’m sorry about that. I’m sorry about what happened at every stage, things I should have done and said, things I shouldn’t have. I failed everyone that I care about and everything I care about too,” he said.

“They threw themselves into it. And then I threw all of that away,” he continued. “It haunts me every day.”

Judge Kaplan didn’t buy into Bankman-Fried’s apologies and said the disgraced tech whiz was “presenting himself as the good guy” when it was just an “act.”

He did it because he wanted to be a hugely, hugely politically influential person in this country, Kaplan said. He knew it was wrong, he knew it was criminal, he regrets that he made a very bad bet about the likelihood of being caught.”

Outside of his 25 years in prison, the former business owner was ordered to pay back $11 billion and has to forfeit any asset that could help him make the large repayment.

At his peak, the fraudster’s empire was worth $40 billion and he was rubbing elbows with the rich and powerful.

That all fell apart when he was arrested weeks after his platform collapsed and he was charged with using FTX users’ funds to pay off his $8 billion debt to his failing hedge fund Alameda Research.

He was later convicted of seven counts of fraud and conspiracy.

Kaplan Kaplan suggested that Bankman-Fried who is currently being held at the Metropolitan Detention Center in Brooklyn be sentenced to serve his time in a medium-security prison near his familys home in Northern California.

The Bureau of Prisons are expected to make a decision on where the scammer will go in the coming months.

US

Donald Trump awarded FIFA peace prize at World Cup draw

Published

2 hours ago

December 5, 2025

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Donald Trump awarded FIFA peace prize at World Cup draw

US President Donald Trump has been awarded FIFA’s new peace prize at the draw for next year’s World Cup.

FIFA President Gianni Infantino presented Mr Trump with a large golden trophy – formed of hands holding the earth – and a gold medal, which he wore around his neck.

The certificate, which Mr Infantino handed over at Washington DC’s Kennedy Center on Friday, recognises the US president for his actions to “promote peace and unity around the world”.

World football’s governing body, which announced the annual award last month, said it would be given to “individuals who have taken exceptional and extraordinary actions for peace”.

World Cup draw latest: Home nations and Republic of Ireland await fate

Mr Trump said it was “truly one of the greatest honours of my life”.

He said: “We saved millions and millions of lives. The Congo is an example – over 10 million people killed. It was heading for another 10 million very quickly.”

He also pointed to India and Pakistan, saying, “so many wars that we were able to end, in some cases a little before they started”.

Ahead of the draw, Mr Trump told reporters he did not care about the prize, but noted that he had “settled eight wars” in nearly 11 months in office.

The United States, along with Canada and Mexico, will host the tournament in 2026.

Mr Infantino, who has built up a strong relationship with the US president, backed him for the Nobel Peace Prize earlier this year.

“This is what we want from a leader – a leader that cares about the people,” Mr Infantino said of Mr Trump.

The FIFA leader said to Mr Trump, “this is your prize, this is your peace prize”.

Mr Trump thanked his family, including his wife, first lady Melania Trump, and praised the leaders of the other two host nations – Canadian Prime Minister Mark Carney and Mexican President Claudia Sheinbaum – in his brief remarks.

Mr Infantino has often spoken about football as a unifier for the world, but the prize is a departure from the federation’s traditional focus on sport.

FIFA has described the prize as one that rewards “individuals who have taken exceptional and extraordinary actions for peace, and by doing so have united people across the world”.

The award comes during a week where Mr Trump’s administration has been under scrutiny for lethal strikes on alleged drug boats in the Caribbean and as Mr Trump hardens his rhetoric against immigrants.

The Nobel Peace Prize this year was eventually awarded to Venezuelan opposition leader Maria Corina Machado, who said shortly after receiving the prize that she was dedicating it in part to Mr Trump for “his decisive support of our cause”.

Technology

Amazon had a very big week that could shape where its stagnant stock goes next

Published

2 hours ago

December 5, 2025

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Amazon had a very big week that could shape where its stagnant stock goes next

Environment

Podcast: Tesla texting and driving, Trump kills mpg, Aptera update, and more

Published

2 hours ago

December 5, 2025

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Podcast: Tesla texting and driving, Trump kills mpg, Aptera update, and more

In the Electrek Podcast, we discuss the most popular news in the world of sustainable transport and energy. In this week’s episode, we discuss Tesla allowing texting and driving on FSD v14, Trump killing CAFE’s MPG standard, an Aptera update, and more.

The show is live every Friday at 4 p.m. ET on Electrek’s YouTube channel.

As a reminder, we’ll have an accompanying post, like this one, on the site with an embedded link to the live stream. Head to the YouTube channel to get your questions and comments in.

After the show ends at around 5 p.m. ET, the video will be archived on YouTube and the audio on all your favorite podcast apps:

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We now have a Patreon if you want to help us avoid more ads and invest more in our content. We have some awesome gifts for our Patreons and more coming.

Here are a few of the articles that we will discuss during the podcast:

Here’s the live stream for today’s episode starting at 4:00 p.m. ET (or the video after 5 p.m. ET:

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