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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.

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UK

Starmer survives rebellion as watered-down welfare cuts pass key vote

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Starmer survives rebellion as watered-down welfare cuts pass key vote

Sir Keir Starmer’s controversial welfare bill has passed its first hurdle in the Commons despite a sizeable rebellion from his MPs.

The prime minister’s watered-down Universal Credit and Personal Independent Payment Bill, aimed at saving £5.5bn, was backed by a majority of 75 on Tuesday evening.

A total of 49 Labour MPs voted against the bill – the largest rebellion since 47 MPs voted against Tony Blair’s Lone Parent benefit in 1997, according to Professor Phil Cowley from Queen Mary University.

Politics latest: Chancellor left in ‘impossible situation’ after PM survives welfare rebellion

After multiple concessions made due to threats of a Labour rebellion, many MPs questioned what they were voting for as the bill had been severely stripped down.

They ended up voting for only one part of the plan: a cut to Universal Credit (UC) sickness benefits for new claimants from £97 a week to £50 from 2026/7.

The Institute for Fiscal Studies (IFS) said the bill voted through “is not expected to deliver any savings over the next four years” because the savings from reducing the Universal Credit health element for new claimants will be roughly offset by the cost of increasing the UC standard allowance.

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Just 90 minutes before voting started on Tuesday evening, disabilities minister Stephen Timms announced the last of a series of concessions made as dozens of Labour MPs spoke of their fears for disabled and sick people if the bill was made law.

How did your MP vote on Labour’s welfare bill?

In a major U-turn, he said changes in eligibility for the personal independence payment (PIP), the main disability payment to help pay for extra costs incurred, would not take place until a review he is carrying out into the benefit is published in autumn 2026.

An amendment brought by Labour MP Rachael Maskell, which aimed to prevent the bill progressing to the next stage, was defeated but 44 Labour MPs voted for it.

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Welfare bill blows ‘black hole’ in chancellor’s accounts

A Number 10 source told Sky News’ political editor Beth Rigby: “Change isn’t easy, we’ve always known that, we’re determined to deliver on the mandate the country gave us, to make Britain work for hardworking people.

“We accept the will of the house, and want to take colleagues with us, our destination – a social security system that supports the most vulnerable, and enables people to thrive – remains.”

But the Conservative shadow chancellor Mel Stride called the vote “farcical” and said the government “ended up in this terrible situation” because they “rushed it”.

He warned the markets “will have noticed that when it comes to taking tougher decisions about controlling and spending, this government has been found wanting”.

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‘Absolutely lessons to learn’ after welfare vote

Work and Pensions Secretary Liz Kendall said: “I wish we’d got to this point in a different way. And there are absolutely lessons to learn.

“But I think it’s really important we pass this bill at the second reading, it put some really important reforms to the welfare system – tackling work disincentives, making sure that people with severe conditions would no longer be assessed and alongside our investment in employment support this will help people get back to work, because that’s the brighter future for them.”

She made further concessions on Monday in the hope the rebels’ fears would be allayed, but many were concerned the PIP eligibility was going to be changed at the same time the review was published, meaning its findings would not be taken into account.

Her changes were:

• Current PIP claimants, and any up to November 2026, would have the same eligibility criteria as they do now, instead of the stricter measure proposed

• A consultation into PIP to be “co-produced” with disabled people and published in autumn 2026

• For existing and future Universal Credit (UC) claimants, the combined value of the standard UC allowance and the health top-up will rise “at least in line with inflation” every year for the rest of this parliament

• The UC health top-up, for people with limited ability to work due to a disability or long-term sickness, will get a £300m boost next year – doubling the current amount – then rising to £800m the year after and £1bn in 2028/29.

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Women’s Euros: Extreme heat warnings in place as tournament kicks off

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Women's Euros: Extreme heat warnings in place as tournament kicks off

The Women’s Euros begin in Switzerland today – with extreme heat warnings in place.

Security measures have had to be relaxed by UEFA for the opening matches so fans can bring in water bottles.

Temperatures could be about 30C (86F) when the Swiss hosts open their campaign against Norway in Basel this evening.

Players have already seen the impact of heatwaves this summer at the men’s Club World Cup in the US.

Players take a drink during a training session of Spain soccer team at the Euro 2025, in Lausanne, Switzerland Tuesday, July 1, 2025 Pic: AP
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The Spain squad pauses for refreshments during a training session. Pic: AP

It is raising new concerns in the global players’ union about whether the stars of the sport are being protected in hot and humid conditions.

FIFPRO has asked FIFA to allow cooling breaks every 15 minutes rather than just in the 30th minute of each half.

There’s also a request for half-time to be extended from 15 to 20 minutes to help lower the core temperature of players.

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FIFPRO’s medical director, Dr Vincent Gouttebarge, said: “There are some very challenging weather conditions that we anticipated a couple of weeks ago already, that was already communicated to FIFA.

“And I think the past few weeks were confirmation of all worries that the heat conditions will play a negative role for the performance and the health of the players.”

Football has seemed focused on players and fans baking in the Middle East – but scorching summers in Europe and the US are becoming increasingly problematic for sport.

Chloe Kelly celebrates with Beth Mead, right, after scoring her side's sixth goal at Wembley Stadium, in London, Friday, May 30, 2025. AP
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England are the tournament’s defending champions. Pic: AP

While climate change is a factor, the issue is not new and at the 1994 World Cup, players were steaming as temperatures rose in the US.

There is now more awareness of the need for mitigation measures among players and their international union.

FIFPRO feels football officials weren’t responsive when it asked for kick-off times to be moved from the fierce afternoon heat in the US for the first 32-team Club World Cup.

FIFA has to balance the needs of fans and broadcasters with welfare, with no desire to load all the matches in the same evening time slots.

Electric storms have also seen six games stopped, including a two-hour pause during a Chelsea game at the weekend.

This is the dress rehearsal for the World Cup next summer, which is mostly in the US.

Players are also feeling the heat at the Club World Cup in the US. Pic: AP
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Players are also feeling the heat at the Club World Cup. Pic: AP

The use of more indoor, air conditioned stadiums should help.

There is no prospect of moving the World Cup to winter, as Qatar had to do in 2022.

And looking further ahead to this time in 2030, there will be World Cup matches in Spain, Portugal and Morocco. The temperatures this week have been hitting 40C (104F) in some host cities.

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Wildfires erupt in Italy and France amid heatwave

FIFA said in a statement to Sky News: “Heat conditions are a serious topic that affect football globally.

“At the FCWC some significant and progressive measures are being taken to protect the players from the heat. For instance, cooling breaks were implemented in 31 out of 54 matches so far.

“Discussions on how to deal with heat conditions need to take place collectively and FIFA stands ready to facilitate this dialogue, including through the Task Force on Player Welfare, and to receive constructive input from all stakeholders on how to further enhance heat management.

“In all of this, the protection of players must be at the centre.”

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Politics

SEC approves conversion of Grayscale’s large-cap crypto fund into ETF

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<div>SEC approves conversion of Grayscale's large-cap crypto fund into ETF</div>

<div>SEC approves conversion of Grayscale's large-cap crypto fund into ETF</div>

Grayscale has slowly narrowed the arbitrage opportunities on its crypto trusts by converting them into exchange-traded funds.

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