Connect with us

Published

on

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

Artist: Elizabeth Williams

Just before 8 p.m. on Thursday, 12 jurors found Sam Bankman-Fried guilty of all seven counts against him. You could have heard a pin drop in the courtroom as the forewoman repeated the word “guilty” seven times in a row into a handheld microphone.

Bankman-Fried stood facing the jury box, neither flinching nor betraying any sort of emotion. In less than three hours of deliberation, jurors had swiftly come to the conclusion that Bankman-Fried had defrauded FTX customers, as well as lenders to its sister hedge fund, Alameda Research.

Bankman-Fried’s criminal trial was held in room 26b on the top floor of 500 Pearl Street, one of two federal courthouses of the Southern District of New York. The building fast became the de facto headquarters for many journalists over the last five weeks.

The courthouse had a few hard-and-fast rules, and a number of looser guidelines depending on who was on duty.

The big non-negotiable was no electronics in the courthouse. There were certain workarounds, like having a seat in the media room, which required your publication to have covered around half a dozen SDNY cases. There, you have access to electricity and internet, an absolute game changer when every second counts. (CNBC put out a note requesting access ahead of the trial — an email which was ultimately ignored.)

The second workaround involved borrowing the resources of CNBC’s capable and kind television photographers. Stashing a backpack with electronics in a car parked on Pearl Street made it possible to sprint from the courtroom to the car, then to a nearby park bench, where this CNBC writer could type and dispatch notes to editors in San Francisco. A 65-watt power bank compatible with a USB-C laptop charging cord proved essential to the operation.

As the days grew colder, it was essential to have a seat in a car to keep your fingers warm. Every exit to file a report included another breakneck trip through security, in a sort of run, rinse, repeat cycle — security, courtroom, exit, photographer’s car to file, back up through security, over and over again. Running shoes were part of the daily uniform.

If you had neither a seat in the media room nor a trusted colleague with whom to stash your electronics, the alternative was opting into the court’s coat check system, which looks like a scene from a Vegas casino. Depending upon the number of electronics you have, you get a different colored poker chip.

For CNBC, the chip was always black, and this writer was able to sprint past the coat check and get up to the courtroom faster than people who had to check their belongings. It also made for a swifter exit not having to wait in line to retrieve checked items.

No electronics inside the courthouse meant relying on a steady stash of notebooks, pens, and highlighters. A non-smart watch was another must-have, as were easily hidden snacks like Starbursts and mini chocolate chip Clif bars.

And perhaps second in importance only to pen and paper was an opaque water bottle that could hold coffee — tantamount to illicit contraband in the courthouse. (Rumor had it that a spilled coffee resulted in a $100,000 expense to replace the portion of carpet affected by the mishap.)

Another essential hack was keeping all supplies in a clear Auburn University totebag, an accessory that garnered a lot of attention from one security guard who was a Georgia fan. The bag’s transparency expedited the process of getting through security in a game where every second made a difference.

A cafe on the 8th floor offered the cheapest quality lunch you can find in downtown Manhattan, including discounted prices on candy like M&Ms and Starbursts.

In the courtroom, only 21 seats were reserved for the public, including journalists. Some days, it was easier to land a spot than others. On the eve of Bankman-Fried’s second day of testimony before the jury, for example, the line began at 10 p.m. the night before, and the 21st seat was taken by around 3 a.m. the following morning.

CNBC correspondent MacKenzie Sigalos reporting on the Sam Bankman-Fried trial from outside the SDNY courthouse at 500 Pearl Street in downtown Manhattan.

Dan Mangan

Over time, some long-haul reporters grew to prefer the overflow courtrooms on the 23rd and 24th floors. In overflow, events from the proceedings were live streamed on a series of monitors, and unlike the room where it was all going down, you had a bit more freedom to sometimes eat and drink whatever you wanted, to (reportedly) vape and take side bets on government objection tallies, and critically, to laugh out loud when testimony seemed especially evasive or outrageous.

Overflow contained a veritable who’s who of journalists, actors, bestselling authors, and white-collar criminals.

During the first week of the trial, Martin Shkreli, the so-called “Pharma bro,” who was sent to federal prison for hiking the price of a life-saving drug by around 5,000% overnight, showed up to watch.

Across the multiple days of Bankman-Fried’s testimony, CNBC correspondent Andrew Ross-Sorkin popped into overflow after he wrapped his morning show, as did the defendant’s recent biographer, Michael Lewis, who always had on a pair of HOKA sneakers — off-white from wear, with neon-peach colored laces and bright yellow soles.

Lewis would often slip in at the last minute, queueing in the security line around 9:26 a.m. one morning, allowing just a few minutes before the trial was due to resume. Intentionally arriving late is a pro move. If you aren’t going to be one of the first 21 people to arrive, the goal is to cut it as close as possible to the start of court. Staying with your electronics allowed you to optimize for time writing while concurrently skipping the long wait in line. One journalist compared the just-in-time strategy to an Indiana Jones-style entrance.

Lewis, whose book about Bankman-Fried and his inner circle was released on the first day of trial, was often swarmed in the elevator and on breaks from testimony by other writers keen for a moment with the author.

Then there was Ben McKenzie, an actor who first rose to stardom with his leading role on the long-running show, The O.C. McKenzie, who has had a lengthy acting career since, recently ventured into the world of crypto reporting with a book he co-wrote, “Easy Money: Cryptocurrency, Casino Capitalism, and the Golden Age of Fraud.”

Attorneys and interested civilians also filled the pews of overflow.

This motley crew of characters became close over the course of five weeks. Cut off from electronics and connections to the outside world, an inevitable bond of camaraderie formed. These were the people who helped you fill a missing name or finish a quote when you had 20 seconds in the elevator before sprinting out to grab your laptop.

Sam Bankman-Fried’s parents, seated to the left, react to the verdict. U.S. Attorney Damian Williams is seated to the far right.

Artist: Elizabeth Williams

The moment of truth

Back in the courtroom on Thursday evening, the anticipation was palpable in room 26b on the top floor of 500 Pearl Street. Every pew was filled with the same faces that had crowded the courthouse since the trial began on Oct. 3 — a group comprised of some of the top names in business and crypto news media.

Most in the gallery were dressed in multiple layers of fleece-lined jackets, sweaters, and a mix of jeans and sweatpants. Any hint of formal dress was gone by the second week of court, in part thanks to the weather. Over the course of the monthlong trial, the temperature had plunged from 79 degrees Fahrenheit to 42 degrees on the evening the verdict was read.

But in Judge Kaplan’s courtroom that evening, there was no way of knowing what it was like outside. Typically, during the day, the ceiling-high windows along the perimeter of the courtroom would offer unrivaled views over the Manhattan skyline. But that night, opaque white blinds obscured the world beyond the domain of the 78-year-old judge.

The jury had been sent to deliberate at 3:15 p.m. and had been given an hour to eat pizza for dinner, courtesy of the government. By 7:30 p.m., it was unclear to the room of writers whether the jury would reach a unanimous decision by the deadline of 8 p.m., when the last security shift ended. They’d had less than four hours to consider the evidence in a trial that had run for a month and consisted of nearly 20 witnesses and hundreds of exhibits.

Then, at 7:37 p.m., attorneys for both the government and the defense rushed back as the clerk announced, “The jury has reached a verdict.” A minute later, jurors were back in their seats.

FTX founder Sam Bankman-Fried is questioned by prosecutor Danielle Sassoon (not seen) during his fraud trial over the collapse of the bankrupt cryptocurrency exchange at federal court in New York City, U.S., October 31, 2023 in this courtroom sketch. 

Jane Rosenberg | Reuters

All eyes were trained on Bankman-Fried, as well his parents, Joe Bankman and Barbara Fried, who sat clutching one another in the second row. Neither they nor their son shed a tear over the course of the proceedings, in what appeared to be stoicism or perhaps a reflection of an emotional callus built up over months of fighting against regulators, prosecutors, the FTX bankruptcy estate, and paparazzi.

A scene in the security line outside the courthouse one morning was typical. A photographer, standing outside tinted glass designed to conceal the faces within, held a portable light above his head as he stalked Bankman-Fried’s parents along a thirty-foot stretch. Over the course of ten minutes, he inched along the line with them, flashing his light hundreds of times to capture the perfect shot of two people at the lowest point in their lives.

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

The defendant wore a purple tie with his black suit, which hung loose on his gaunt frame. His face, drawn, made his ears stand out a bit more than usual, and his iconic curls had returned. The fresh haircut he donned during the first week of trial, reportedly given to him by a fellow inmate, had lost its form and given way to the wild tendrils now synonymous with the man once regaled as the king of crypto.

Kaplan instructed Bankman-Fried to stand and face the jury box as the verdicts were read. The only other person standing was the forewoman.

By 7:47 p.m., Bankman-Fried’s fate had been delivered. Bankman-Fried’s parents hunched over and buried their head in their hands, but true to form, they stopped short of crying.

Immediately after the guilty verdicts, the defense’s principal trial attorney, Mark Cohen, asked for a poll of the jurors. A courtroom official went juror by juror, asking each if their verdict was read properly. Each said yes.

Judge Kaplan thanked the jurors for their service, adding a flourish of personal anecdotes to his final address to the jury. The twelve civilians stared blankly as the judge thanked them for paying attention and for learning the inner workings of the crypto industry.

The jurors were escorted out. Judge Kaplan congratulated attorneys on both sides on having done a “good job,” then departed himself.

Bankman-Fried, his parents, and a few dozen reporters lingered behind in the courtroom.

Bankman-Fried had never sat back down after the judge left. His gaze, angled downward, remained facing the judge’s bench. He stood flanked by attorney Christian Everdell on his left and Cohen on his right. Cohen, whispering into his ear, occasionally placed his left hand on Sam’s back as a sign of support.

It was silent in 26b. Writers stood and gathered toward the center aisle leading to the bar separating the defendant’s table and jury box from the gallery. Standing at the back of the crowd, people gathered as if behind a prophet, waiting for a word.

Around 8:02 p.m., Bankman-Fried, speechless, began to walk to a room just adjacent to the main court. His parents were standing at the front of the center aisle, waiting for their son.

What's next after Sam Bankman-Fried's conviction in fraud trial: CNBC Crypto World

Continue Reading

Environment

This new wireless e-bike charger wants to be the future of electric bikes

Published

on

By

This new wireless e-bike charger wants to be the future of electric bikes

Forget fumbling with cables or hunting for batteries – TILER is making electric bike charging as seamless as parking your ride. The Dutch startup recently introduced its much-anticipated TILER Compact system, a plug-and-play wireless charger engineered to transform the user experience for e-bike riders.

At the heart of the new system is a clever combo: a charging kickstand that mounts directly to almost any e‑bike, and a thin charging mat that you simply park over. Once you drop the kickstand and it lands on the mat, the bike begins charging automatically via inductive transfer – no cable required. According to TILER, a 500 Wh battery will fully charge in about 3.5 hours, delivering comparable performance to traditional wired chargers.

It’s an elegantly simple concept (albeit a bit chunky) with a convenient upside: less clutter, fewer broken cables, and no more need to bend over while feeling around for a dark little hole.

TILER claims its system works with about 75% of existing e‑bike platforms, including those from Bosch, Yamaha, Bafang, and other big bames. The kit uses a modest 150 W wireless power output, which means charging speeds remain practical while keeping the system lightweight (the tile weighs just 2 kg, and it’s also stationary).

Advertisement – scroll for more content

TILER has already deployed over 200 charging points across Western Europe, primarily serving bike-share, delivery, hospitality, and hotel fleets. A recent case study in Munich showed how a cargo-bike operator saved approximately €1,250 per month in labor costs, avoided thousands in spare batteries, and cut battery damage by 20%. The takeaway? Less maintenance, more uptime.

Now shifting to prosumer markets, TILER says the Compact system will hit pre-orders soon, with a €250 price tag (roughly US $290) for the kickstand plus tile bundle. To get in line, a €29 refundable deposit is currently required, though they say it is refundable at any point until you receive your charger. Don’t get too excited just yet though, there’s a bit of a wait. Deliveries are expected in summer 2026, and for now are covering mostly European markets.

The concept isn’t entirely new. We’ve seen the idea pop up before, including in a patent from BMW for charging electric motorcycles. And the efficacy is there. Skeptics may wonder if wireless charging is slower or less efficient, but TILER says no. Its system retains over 85% efficiency, nearly matching wired charging speeds, and even pauses at 80% to protect battery health, then resumes as needed. The tile is even IP67-rated, safe for outdoor use, and about as bulky as a thick magazine.

Electrek’s Take

I love the concept. It makes perfect sense for shared e-bikes, especially since they’re often returning to a dock anyway. As long as people can be trained to park with the kickstand on the tile, it seems like a no-brainer.

And to be honest, I even like the idea for consumers. I know it sounds like a first-world problem, but bending over to plug something in at floor height is pretty annoying, not to mention a great way to throw out your back if you’re not exactly a spring chicken anymore. Having your e-bike start charging simply by parking it in the right place is a really cool feature! I don’t know if it’s $300 cool, but it’s pretty cool!

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

Continue Reading

Environment

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

Published

on

By

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):

Advertisement – scroll for more content

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.

Continue Reading

Environment

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

Published

on

By

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

Continue Reading

Trending