A film adaptation of Michael Lewis'&nbsp;book Going Infinite: The Rise and Fall of a New Tycoon is currently in the works. Apple and A24 are developing the project, according to a Variety report and Lena Dunham is writing the script.&nbsp;

A24 and Apple are co-developing and co-producing the film.&nbsp;

<h2>Plot of the film</h2>

The film is based on the book which delves into the spectacular ascension and equally spectacular implosion of the cryptocurrency exchange and hedge fund FTX as well as its founder, Sam Bankman-Fried. The book was originally released in October 2023 and went on to become a New York Times bestseller.

Also read:&nbsp;<a href="https://www.wionews.com/entertainment/is-hbos-harry-potter-adaptation-eyeing-mark-rylance-for-dumbledore-775534">Is HBO’s Harry Potter adaptation eyeing Mark Rylance for Dumbledore?</a>

The official description of the book Going Infinite: The Rise and Fall of a New Tycoon&nbsp;reads,&nbsp;“When Michael Lewis first met him, Sam Bankman-Fried was the world’s youngest billionaire and crypto’s Gatsby. CEOs, celebrities, and leaders of small countries all vied for his time and cash after he catapulted, practically overnight, onto the Forbes billionaire list. Who was this rumpled guy in cargo shorts and limp white socks, whose eyes twitched across Zoom meetings as he played video games on the side? Lewis sets out to answer this question, taking readers into the mind of Bankman-Fried, whose rise and fall offers education in high-frequency trading, cryptocurrencies, philanthropy, bankruptcy, and the justice system. Both psychological portrait and financial roller-coaster ride, Going Infinite is Michael Lewis at the top of his game, tracing the mind-bending trajectory of a character who never liked the rules and was allowed to live by his own―until it all came undone.”

The company FTX was founded in 2019 and became one of the biggest and most well-known cryptocurrency exchanges in the world. It all fell flat in 2022 when billions of dollars went missing as people tried to withdraw money at once. As a result, Bankman-Fried was iindicted and convicted of charges of various types of fraud and money laundering among others.

A film adaptation of Michael Lewis' book Going Infinite: The Rise and Fall of a New Tycoon is currently in the works. Apple and A24 are developing the project, according to a Variety report and Lena Dunham is writing the script.

A film adaptation of Michael Lewis' book Going Infinite: The Rise and Fall of a New Tycoon is currently in the works. Apple and A24 are developing the project, according to a Variety report and Lena Dunham is writing the script. A24 and Apple are co-developing and co-producing the film. Plot of the film The film is based on the book which delves into the spectacular ascension and equally spectacular implosion of the cryptocurrency exchange and hedge fund FTX as well as its founder, Sam Bankman-Fried. The book was originally released in October 2023 and went on to become a New York Times bestseller. Also read: Is HBO’s Harry Potter adaptation eyeing Mark Rylance for Dumbledore? The official description of the book Going Infinite: The Rise and Fall of a New Tycoon reads, “When Michael Lewis first met him, Sam Bankman-Fried was the world’s youngest billionaire and crypto’s Gatsby. CEOs, celebrities, and leaders of small countries all vied for his time and cash after he catapulted, practically overnight, onto the Forbes billionaire list. Who was this rumpled guy in cargo shorts and limp white socks, whose eyes twitched across Zoom meetings as he played video games on the side? Lewis sets out to answer this question, taking readers into the mind of Bankman-Fried, whose rise and fall offers education in high-frequency trading, cryptocurrencies, philanthropy, bankruptcy, and the justice system. Both psychological portrait and financial roller-coaster ride, Going Infinite is Michael Lewis at the top of his game, tracing the mind-bending trajectory of a character who never liked the rules and was allowed to live by his own―until it all came undone.” The company FTX was founded in 2019 and became one of the biggest and most well-known cryptocurrency exchanges in the world. It all fell flat in 2022 when billions of dollars went missing as people tried to withdraw money at once. As a result, Bankman-Fried was iindicted and convicted of charges of various types of fraud and money laundering among others.

Film on crypto's Gatsby Sam Bankman-Fried in works, Lena Dunham to write

FTX co-founder and disgraced crypto billionaire Sam Bankman-fried will be sentenced today. Last year, he was convicted of defrauding his customers, investors, and lenders. Watch in for more details!

Former crypto billionaire faces up to 110 years in jail

Sam&nbsp;Bankman-Fried&nbsp;should spend between 40 and 50 years in prison after being convicted for stealing $8 billion from customers of his now-bankrupt FTX cryptocurrency exchange, prosecutors said on Friday.

In November, a jury found&nbsp;Bankman-Fried, 32, guilty on seven counts of fraud and conspiracy. Federal prosecutors in Manhattan said "thousands of everyday people" including residents of war-torn and unstable countries had entrusted their nest eggs to FTX.

"Even now&nbsp;Bankman-Fried&nbsp;refuses to admit what he did was wrong," prosecutors wrote in a sentencing memorandum. "His life in recent years has been one of unmatched greed and hubris; of ambition and rationalization; and courting risk and gambling repeatedly with other people's money."

They are seeking $11 billion in forfeiture, to account for losses FTX's investors and Alameda's lenders suffered as well.

The former billionaire's lawyer Marc Mukasey told US&nbsp;District Judge Lewis Kaplan that a 5-1/4 to 6-1/2 year prison term would be appropriate. They said FTX clients would get most of their money back, and that&nbsp;Bankman-Fried&nbsp;did not set out to steal.

Mark Botnick, a spokesman for&nbsp;Bankman-Fried, said Mukasey would file a response next week to prosecutors' memorandum.

Kaplan is scheduled to sentence&nbsp;Bankman-Fried&nbsp;on March 28 in Manhattan federal court.&nbsp;Bankman-Fried&nbsp;plans to appeal his conviction and sentence.

Bankman-Fried&nbsp;is the son of two Stanford Law School professors. A graduate of the Massachusetts Institute of Technology,&nbsp;Bankman-Fried&nbsp;worked on Wall Street before riding a boom in the values of digital assets such as bitcoin to a net worth Forbes magazine once estimated at $26 billion.

His fortune evaporated in November 2022, when FTX declared bankruptcy after a wave of customer withdrawals.

In their sentencing memorandum, prosecutors pointed to his privileged upbringing and elite education as reasons he should face an especially harsh sentence.

"He knew what society deemed illegal and unethical, but disregarded that based on a pernicious megalomania guided by the defendant's own values and sense of superiority," they wrote.

<h2>Politicians return donations</h2>

At his trial, three former close associates testified that&nbsp;Bankman-Fried&nbsp;directed them to loot FTX customer funds to plug losses at his Alameda Research hedge fund, while portraying himself publicly as a responsible steward in the volatile cryptocurrency market.

Prosecutors said&nbsp;Bankman-Fried&nbsp;also used customer funds to buy luxury real estate in the Bahamas and to donate to US&nbsp;politicians who might support cryptocurrency-friendly regulations.

So far, 251 US&nbsp;political candidates and committees have returned to the government some $3.3 million in contributions from&nbsp;Bankman-Fried&nbsp;and other FTX executives, prosecutors said. Democratic President Joe Biden's campaign and the Republican National Committee are among those that have returned funds.

Bankman-Fried&nbsp;testified that he did not realize how much Alameda owed to FTX until shortly before both failed. His trial lasted one month.

In a letter to Kaplan,&nbsp;Bankman-Fried's parents said their son took responsibility for the errors that led to FTX's collapse, and worked hard before his arrest to help recover customers' money.

Bankman-Fried&nbsp;was arrested in December 2022 in the Bahamas, where FTX was based, and extradited to the US.

He has been jailed at Brooklyn's Metropolitan Detention Center since August, when Kaplan revoked his bail after finding that he likely tampered with witnesses.

Sam Bankman-Fried should spend between 40 and 50 years in prison after being convicted for stealing $8 billion from customers of his now-bankrupt FTX cryptocurrency exchange, prosecutors said on Friday.

Sam Bankman-Fried should spend between 40 and 50 years in prison after being convicted for stealing $8 billion from customers of his now-bankrupt FTX cryptocurrency exchange, prosecutors said on Friday. In November, a jury found Bankman-Fried, 32, guilty on seven counts of fraud and conspiracy. Federal prosecutors in Manhattan said "thousands of everyday people" including residents of war-torn and unstable countries had entrusted their nest eggs to FTX. "Even now Bankman-Fried refuses to admit what he did was wrong," prosecutors wrote in a sentencing memorandum. "His life in recent years has been one of unmatched greed and hubris; of ambition and rationalization; and courting risk and gambling repeatedly with other people's money." They are seeking $11 billion in forfeiture, to account for losses FTX's investors and Alameda's lenders suffered as well. The former billionaire's lawyer Marc Mukasey told US District Judge Lewis Kaplan that a 5-1/4 to 6-1/2 year prison term would be appropriate. They said FTX clients would get most of their money back, and that Bankman-Fried did not set out to steal. Mark Botnick, a spokesman for Bankman-Fried, said Mukasey would file a response next week to prosecutors' memorandum. Kaplan is scheduled to sentence Bankman-Fried on March 28 in Manhattan federal court. Bankman-Fried plans to appeal his conviction and sentence. Bankman-Fried is the son of two Stanford Law School professors. A graduate of the Massachusetts Institute of Technology, Bankman-Fried worked on Wall Street before riding a boom in the values of digital assets such as bitcoin to a net worth Forbes magazine once estimated at $26 billion. His fortune evaporated in November 2022, when FTX declared bankruptcy after a wave of customer withdrawals. In their sentencing memorandum, prosecutors pointed to his privileged upbringing and elite education as reasons he should face an especially harsh sentence. "He knew what society deemed illegal and unethical, but disregarded that based on a pernicious megalomania guided by the defendant's own values and sense of superiority," they wrote. Politicians return donations At his trial, three former close associates testified that Bankman-Fried directed them to loot FTX customer funds to plug losses at his Alameda Research hedge fund, while portraying himself publicly as a responsible steward in the volatile cryptocurrency market. Prosecutors said Bankman-Fried also used customer funds to buy luxury real estate in the Bahamas and to donate to US politicians who might support cryptocurrency-friendly regulations. So far, 251 US political candidates and committees have returned to the government some $3.3 million in contributions from Bankman-Fried and other FTX executives, prosecutors said. Democratic President Joe Biden's campaign and the Republican National Committee are among those that have returned funds. Bankman-Fried testified that he did not realize how much Alameda owed to FTX until shortly before both failed. His trial lasted one month. In a letter to Kaplan, Bankman-Fried's parents said their son took responsibility for the errors that led to FTX's collapse, and worked hard before his arrest to help recover customers' money. Bankman-Fried was arrested in December 2022 in the Bahamas, where FTX was based, and extradited to the US. He has been jailed at Brooklyn's Metropolitan Detention Center since August, when Kaplan revoked his bail after finding that he likely tampered with witnesses.

Sam Bankman-Fried deserves 40-50 years in prison for FTX fraud, prosecutors tell court

WION's Business Desk brings you this daily round up of global stories from the world of business and economy.&nbsp;

FTX founder Sam Bankman-Fried found guilty of defrauding customers

FTX founder Sam Bankman-Fried has been found guilty on all charges, including defrauding customers of his now-bankrupt cryptocurrency exchange in one of the biggest financial frauds on record. The 12-member jury in Manhattan federal court moved to convict the 31-year-old former billionaire on all seven counts he faced after the long trial.&nbsp;

<a href="https://www.wionews.com/business-economy/ftx-founder-sam-bankman-fried-found-guilty-for-defrauding-customers-654521">Read more here</a>

Bank of England holds firm on 15-year high interest rates amid economic uncertainties

The Bank of England (BoE) has opted to maintain its historically high interest rates, signalling a steadfast commitment to navigating through a challenging economic landscape. Despite acknowledging the proximity of a potential recession and a forecast of minimal growth in the coming years, the BoE has retained borrowing costs at a robust 5.25 per cent.&nbsp;

<a href="https://www.wionews.com/business-economy/bank-of-england-holds-firm-on-15-year-high-interest-rates-amid-economic-uncertainties-654630">Read more here</a>

Amazon accused of illegally boosting profits through secret algorithm

Amazon is facing allegations of using unlawful strategies to enhance its profits, including the implementation of an algorithm that inflated prices paid by U.S. households by over $1 billion, according to the U.S. Federal Trade Commission (FTC).

<a href="https://www.wionews.com/business-economy/amazon-accused-of-illegally-boosting-profits-through-secret-algorithm-654591">Read more here&nbsp;</a>

Elon Musk opposes SEC's bid for his testimony in Twitter probe

Billionaire entrepreneur Elon Musk asked a US federal judge on Thursday not to compel him to testify in the US Securities and Exchange Commission's (SEC) probe into the takeover of social media site Twitter. Post his USD 44 billion takeover, Musk has renamed the platform 'X'.&nbsp;

<a href="https://www.wionews.com/business-economy/elon-musk-opposes-secs-bid-for-his-testimony-in-twitter-probe-654544">Read more here</a> 
&nbsp;

Lufthansa's Soaring Prospects: Strong travel demand fuels optimism for 2023 and beyond

Deutsche Lufthansa AG, a leading European airline group, remains upbeat on its financial outlook for the current year and beyond. Strong travel demand, which initially surged during the summer season, is persisting into the later months, with more travellers opting for premium seats. The company expects its adjusted operating profit to surpass €2.6 billion ($2.8 billion) this year, exceeding analyst predictions, and is on track to achieve its 2024 earnings margin goal of at least 8%.

<a href="https://www.wionews.com/business-economy/lufthansas-soaring-prospects-strong-travel-demand-fuels-optimism-for-2023-and-beyond-654584">Read more here</a>

Toronto Stock Exchange grapples with unprecedented IPO drought

Canada's largest stock exchange, the Toronto Stock Exchange (TSX), is grappling with an unprecedented dearth of initial public offerings (IPOs), while the prospects for improvement seems uncertain. According to a Bloomberg report published on Thursday, only one company has successfully completed an IPO on the TSX this year, marking the first time such an occurrence has transpired since 1993.&nbsp;

<a href="https://www.wionews.com/business-economy/toronto-stock-exchange-grapples-with-unprecedented-ipo-drought-heres-why-654588">Read more here</a>

Starbucks unveils ambitious growth plans and cost-saving initiatives

Starbucks is setting its sights on expansion and cost savings as the renowned coffee chain aims to solidify its position in the global market. During the company's "Reinvention Update and Holiday Launch" conference, Starbucks CEO Laxman Narasimhan announced an ambitious plan to increase the brand's global store count to 55,000 by the year 2030.

<a href="https://www.wionews.com/business-economy/starbucks-unveils-ambitious-growth-plans-and-cost-saving-initiatives-here-are-the-details-654624">Read more here</a>

WION's Business Desk brings you this daily round up of global stories from the world of business and economy. FTX founder Sam Bankman-Fried found guilty of defrauding customers FTX founder Sam Bankman-Fried has been found guilty on all charges, including defrauding customers of his now-bankrupt cryptocurrency exchange in one of the biggest financial frauds on record.

WION's Business Desk brings you this daily round up of global stories from the world of business and economy. FTX founder Sam Bankman-Fried found guilty of defrauding customers FTX founder Sam Bankman-Fried has been found guilty on all charges, including defrauding customers of his now-bankrupt cryptocurrency exchange in one of the biggest financial frauds on record. The 12-member jury in Manhattan federal court moved to convict the 31-year-old former billionaire on all seven counts he faced after the long trial. Read more here Bank of England holds firm on 15-year high interest rates amid economic uncertainties The Bank of England (BoE) has opted to maintain its historically high interest rates, signalling a steadfast commitment to navigating through a challenging economic landscape. Despite acknowledging the proximity of a potential recession and a forecast of minimal growth in the coming years, the BoE has retained borrowing costs at a robust 5.25 per cent. Read more here Amazon accused of illegally boosting profits through secret algorithm Amazon is facing allegations of using unlawful strategies to enhance its profits, including the implementation of an algorithm that inflated prices paid by U.S. households by over $1 billion, according to the U.S. Federal Trade Commission (FTC). Read more here Elon Musk opposes SEC's bid for his testimony in Twitter probe Billionaire entrepreneur Elon Musk asked a US federal judge on Thursday not to compel him to testify in the US Securities and Exchange Commission's (SEC) probe into the takeover of social media site Twitter. Post his USD 44 billion takeover, Musk has renamed the platform 'X'. Read more here Lufthansa's Soaring Prospects: Strong travel demand fuels optimism for 2023 and beyond Deutsche Lufthansa AG, a leading European airline group, remains upbeat on its financial outlook for the current year and beyond. Strong travel demand, which initially surged during the summer season, is persisting into the later months, with more travellers opting for premium seats. The company expects its adjusted operating profit to surpass €2.6 billion ($2.8 billion) this year, exceeding analyst predictions, and is on track to achieve its 2024 earnings margin goal of at least 8%. Read more here Toronto Stock Exchange grapples with unprecedented IPO drought Canada's largest stock exchange, the Toronto Stock Exchange (TSX), is grappling with an unprecedented dearth of initial public offerings (IPOs), while the prospects for improvement seems uncertain. According to a Bloomberg report published on Thursday, only one company has successfully completed an IPO on the TSX this year, marking the first time such an occurrence has transpired since 1993. Read more here Starbucks unveils ambitious growth plans and cost-saving initiatives Starbucks is setting its sights on expansion and cost savings as the renowned coffee chain aims to solidify its position in the global market. During the company's "Reinvention Update and Holiday Launch" conference, Starbucks CEO Laxman Narasimhan announced an ambitious plan to increase the brand's global store count to 55,000 by the year 2030. Read more here

WION Business Wrap | Sam Bankman-Fried convicted, Amazon's algorithm trouble & more

FTX founder Sam Bankman-Fried briefly took the witness stand at his fraud trial on Thursday (Oct 26) before his testimony in his own defence. The development occurred after prosecutors finished presenting their case which accused Bankman-Fried of stealing billions of dollars from customers.

Bankman-Fried sat on the witness stand prior to&nbsp;the trial following a lunch break, Reuters reported/

He then returned to the defence table.

The prosecution rested its case after 12 days of daily hearings at a New York&nbsp;federal court.&nbsp;

<h2>What happened in these hearings?</h2>

In these hearings, the FTX colleagues of Bankman-Fried told the jury that he directed them to divert customer funds to his hedge fund. Bankman-Fried then asked his colleagues to&nbsp;lie to investors and lenders, according to these testimonies.

<h2>What next?&nbsp;</h2>

Bankman-Fried's decision will give prosecutors the chance to cross-examine the 31-year-old&nbsp;about those claims that he told colleagues to commit crimes.

Also read |&nbsp;<a href="https://www.wionews.com/business-economy/ftx-sues-its-own-founder-sam-bankman-fried-to-recover-over-1-bn-617976">FTX sues its own founder Sam Bankman-Fried to recover over $1 bn</a>

Bankman-Fried has pleaded not guilty to two counts of fraud and five counts of conspiracy. If convicted, he could face decades in prison.

<h2>What have prosecutors said?</h2>

Prosecutors have said Bankman-Fried used the misappropriated funds to prop up his crypto-focused hedge fund, Alameda Research, and donated more than $100 million to US political campaigns.

FTX founder Sam Bankman-Fried was arrested and indicted on charges of conspiracy as well as wire fraud.

According to the federal US prosecutors, the ex-crypto chief committed "one of the biggest financial frauds in US history."&nbsp;

Also watch |&nbsp;Sam Bankman-Fried and FTX collapse

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Three of Bankman-Fried's&nbsp;former colleagues, who have pleaded guilty and agreed to cooperate with prosecutors, tailored their testimony to implicate Bankman-Fried for receiving lenient sentences.

Bankman-Fried continues to maintain that he made mistakes while running the operations of FTX. But while maintaining plausible deniability, he claims that he never intended to steal funds.

Crypto exchange FTX went bankrupt last year after its executives including Sam Bankman-Fried spent billions in customer funds they had promised to safeguard. The total money lost stands at $7.7 billion, according to a Wall Street Journal report.

(With inputs from agencies)

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FTX founder Sam Bankman-Fried briefly took the witness stand at his fraud trial on Thursday (Oct 26) before his testimony in his own defence. The development occurred after prosecutors finished presenting their case which accused Bankman-Fried of stealing billions of dollars from customers.

FTX founder Sam Bankman-Fried briefly took the witness stand at his fraud trial on Thursday (Oct 26) before his testimony in his own defence. The development occurred after prosecutors finished presenting their case which accused Bankman-Fried of stealing billions of dollars from customers. Bankman-Fried sat on the witness stand prior to the trial following a lunch break, Reuters reported/ He then returned to the defence table. The prosecution rested its case after 12 days of daily hearings at a New York federal court. What happened in these hearings? In these hearings, the FTX colleagues of Bankman-Fried told the jury that he directed them to divert customer funds to his hedge fund. Bankman-Fried then asked his colleagues to lie to investors and lenders, according to these testimonies. What next? Bankman-Fried's decision will give prosecutors the chance to cross-examine the 31-year-old about those claims that he told colleagues to commit crimes. Also read | FTX sues its own founder Sam Bankman-Fried to recover over $1 bn Bankman-Fried has pleaded not guilty to two counts of fraud and five counts of conspiracy. If convicted, he could face decades in prison. What have prosecutors said? Prosecutors have said Bankman-Fried used the misappropriated funds to prop up his crypto-focused hedge fund, Alameda Research, and donated more than $100 million to US political campaigns. FTX founder Sam Bankman-Fried was arrested and indicted on charges of conspiracy as well as wire fraud. According to the federal US prosecutors, the ex-crypto chief committed "one of the biggest financial frauds in US history." Also watch | Sam Bankman-Fried and FTX collapse × Three of Bankman-Fried's former colleagues, who have pleaded guilty and agreed to cooperate with prosecutors, tailored their testimony to implicate Bankman-Fried for receiving lenient sentences. Bankman-Fried continues to maintain that he made mistakes while running the operations of FTX. But while maintaining plausible deniability, he claims that he never intended to steal funds. Crypto exchange FTX went bankrupt last year after its executives including Sam Bankman-Fried spent billions in customer funds they had promised to safeguard. The total money lost stands at $7.7 billion, according to a Wall Street Journal report. (With inputs from agencies) WATCH WION LIVE HERE You can now write for wionews.com and be a part of the community. Share your stories and opinions with us here.

Sam Bankman-Fried takes witness stand at his own fraud trial

FTX founder Sam Bankman-Fried's lawyer Mark Cohen said on Wednesday (Oct 4) that crypto was not for everyone and acknowledged that his client was in a risky business. In his opening statement at Bankman-Fried's trial, Cohen said, "You will learn that crypto was not for everyone. On the one hand, it was new and exciting."

"But on the other hand, many factors that nobody controlled could make crypto go up and down in value. So too crypto companies themselves could rise and fall very quickly," he added.

<h2>A car race ad contradicts lawyer's remarks</h2>

However, FTX asserted the opposite in an online post about a car race it sponsored in Miami Beach, six months before the cryptocurrency exchange's collapse in November last year. "Crypto is for everyone, as should be motorsports," FTX posted on May 13, 2022, on its official account on Twitter, now called X. A video alongside the post showed racing cars, bartenders pouring cocktails, and retired basketball star Shaquille O'Neal giving high-fives.

During the trial, prosecutors played for the jury FTX video advertisements in which a narrator said, "We're inviting everyone in," as well as spots featuring NFL star Tom Brady and comedian Larry David.

Cohen told the jury that it was not a crime to "try to get Tom Brady to come on ads for your company."

The bankrupt cryptocurrency exchange's promoters, including O'Neal, Brady and David had been sued over the claims that they had engaged in deceptive practices. The celebrities have said the lawsuit should be dismissed, arguing they did not cause FTX investors' losses.

Bankman-Fried, 31, pleaded not guilty to two counts of fraud and five counts of conspiracy over the collapse of FTX. On Wednesday, prosecutors said that the disgraced crypto star stole $10 billion in customer funds to buy luxury real estate, donate to US political candidates, and plug losses at his hedge fund.

Prosecutor Thane Rehn said FTX's commercials promoted the exchange as trustworthy - even while Bankman-Fried was allegedly stealing deposits. Cohen responded by saying that his client never intended to steal funds.

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FTX founder Sam Bankman-Fried's lawyer Mark Cohen said on Wednesday (Oct 4) that crypto was not for everyone and acknowledged that his client was in a risky business.

FTX founder Sam Bankman-Fried's lawyer Mark Cohen said on Wednesday (Oct 4) that crypto was not for everyone and acknowledged that his client was in a risky business. In his opening statement at Bankman-Fried's trial, Cohen said, "You will learn that crypto was not for everyone. On the one hand, it was new and exciting." "But on the other hand, many factors that nobody controlled could make crypto go up and down in value. So too crypto companies themselves could rise and fall very quickly," he added. A car race ad contradicts lawyer's remarks However, FTX asserted the opposite in an online post about a car race it sponsored in Miami Beach, six months before the cryptocurrency exchange's collapse in November last year. "Crypto is for everyone, as should be motorsports," FTX posted on May 13, 2022, on its official account on Twitter, now called X. A video alongside the post showed racing cars, bartenders pouring cocktails, and retired basketball star Shaquille O'Neal giving high-fives. During the trial, prosecutors played for the jury FTX video advertisements in which a narrator said, "We're inviting everyone in," as well as spots featuring NFL star Tom Brady and comedian Larry David. Cohen told the jury that it was not a crime to "try to get Tom Brady to come on ads for your company." The bankrupt cryptocurrency exchange's promoters, including O'Neal, Brady and David had been sued over the claims that they had engaged in deceptive practices. The celebrities have said the lawsuit should be dismissed, arguing they did not cause FTX investors' losses. Bankman-Fried, 31, pleaded not guilty to two counts of fraud and five counts of conspiracy over the collapse of FTX. On Wednesday, prosecutors said that the disgraced crypto star stole $10 billion in customer funds to buy luxury real estate, donate to US political candidates, and plug losses at his hedge fund. Prosecutor Thane Rehn said FTX's commercials promoted the exchange as trustworthy - even while Bankman-Fried was allegedly stealing deposits. Cohen responded by saying that his client never intended to steal funds. WATCH WION LIVE HERE You can now write for wionews.com and be a part of the community. Share your stories and opinions with us here.

Bankman-Fried trial: Crypto was not for everyone, says FTX founder's lawyer

The trial of disgraced crypto star Sam Bankman-Fried got underway on Tuesday (Oct 3) with a jury set to determine if he committed massive fraud by stealing billions of dollars from clients.

The trial of disgraced crypto star Sam Bankman-Fried got underway on Tuesday (Oct 3) with a jury set to determine if he committed massive fraud by stealing billions of dollars from clients. The first day of the trial was devoted to jury selection for the case which would last for six weeks. Bankman-Fried, 31, faces seven counts including wire fraud, securities and commodities fraud, and money laundering. In the federal courthouse in lower Manhattan, US District Judge Lewis Kaplan told a group of 50 prospective jurors that he would ask them questions to try to seat a panel of 12 jurors and six alternates that could be fair to both prosecutors and the defence, the news agency Reuters reported. "The object is to select a jury of individuals who no matter what they may know or not know about these parties or about this case are willing and able to decide this case in a manner that's fair and impartial to both sides based solely on the evidence," Kaplan said. Bankman-Fried entered the courtroom alone - without being escorted by security guards - uncuffed, and took his place alongside his lawyers. The case According to federal prosecutors, Bankman-Fried embezzled from FTX customers from its founding in 2019 until its November 2022 bankruptcy to prop up his hedge fund Alameda Research, buy luxury properties, and donate over $100 million to American political candidates. A report by the news agency AFP said that the climax of the six-week trial is expected when the 31-year-old's former friends and colleagues take the stand, including his one-time romantic partner and Alameda executive Caroline Ellison, and his closest ally Gary Wang. Ellison and Wang have also been indicted in the case and agreed to cooperate with US authorities, which may prove Bankman-Fried's undoing. Bankman-Fried's defence The disgraced crypto star is expected to argue that FTX's Terms of Service did not prohibit the exchange from using customer funds for its own purposes, as long as it allowed users to withdraw their money. Bankman-Fried acknowledged inadequate risk management, but he denied stealing funds. The possible trial witnesses The possible witnesses in the trial might include Bankman-Fried's father and brother, as well as Donald Trump's former spokesman Anthony Scaramucci. Scaramucci, Bankman-Fried's father Joseph Bankman and his brother Gabriel Bankman-Fried were on a list of potential witnesses prosecutor Danielle Sassoon read in court during jury selection at the outset of Bankman-Fried's trial in order to see if any prospective jurors knew them. (With inputs from agencies) WATCH WION LIVE HERE You can now write for wionews.com and be a part of the community. Share your stories and opinions with us here.

Trial of FTX founder Sam Bankman-Fried gets underway with jury selection

Once hailed as America’s crypto king, FTX’s Sam Bankman-Fried on Tuesday (Oct 3) will stand trial for allegedly masterminding one of the biggest financial frauds in the history of the country.

A federal court in Manhattan, New York will start hearing the case against the disgraced founder of the bankrupt crypto exchange. The 31-year-old techie faces two separate criminal trials.&nbsp;

In the first trial, he faces seven criminal counts related to the collapse of his $32 billion empire. Allegations against him include wire fraud, securities fraud, money laundering and using customers’ money for personal purchases.

<h2>Charges against Sam Bankman-Fried?</h2>

<ol>
	<li>Conspiracy to commit wire fraud on customers of FTX.</li>
	<li>Wire fraud on customers of FTX.</li>
	<li>Conspiracy to commit wire fraud on lenders to Alameda Research.</li>
	<li>Wire fraud on lenders to Alameda Research.</li>
	<li>Conspiracy to commit fraud on customers of FTX in connection with the purchase and sale of derivatives.</li>
	<li>Conspiracy to commit securities fraud on investors in FTX.</li>
	<li>Conspiracy to commit money laundering.</li>
</ol>

If convicted in all cases, Sam Bankman-Fried could face more than 100 years in prison. As of now, he has pleaded not guilty to all these charges.

<h2>The trial to last for six weeks</h2>

As per media reports, his trial will last for six weeks. Following the trial, the prosecution will take almost a month to lay the foundation for its case against Bankman.&nbsp;

Watch:&nbsp;FTX founder Sam Bankman-Fried is 'ready to face music?'

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Bankman-Fried has been incarcerated in a Brooklyn, New York jail since August 2022, following the revocation of his multimillion-dollar bail due to witness tampering allegations.&nbsp;

These accusations stem from his alleged leaking of Ellison's private diary entries to The New York Times, as Ellison is anticipated to be a crucial witness for the prosecution.

<a href="https://www.wionews.com/science-tech/explained-the-other-sam-how-sam-altman-founder-of-chatgpt-worldcoin-is-next-wunderkind-of-tech-594170">Also read:&nbsp;Explained: The Other Sam—How Sam Altman, founder of ChatGPT, WorldCoin is the next tech wunderkind</a>

The current court records suggest that Bankman-Fried's legal team might employ an "advice of counsel" defence. This defence strategy would assert that he acted in accordance with guidance from FTX lawyers and was unaware that his actions constituted illegal behaviour.

<h2>Downfall of Sam Bankman-Fried</h2>

The world turned upside down for Sam Bankman-Fried or SBF within a week in November last year. A leaked balance sheet of Alameda showed the company stood on shaky financial grounds. His FTX collapsed following a ravaging crypto run, where a lot of customers rushed to withdraw their funds immediately.

FTX filed for bankruptcy and SBF’s worth came close to nothing. Sam Bankman-Fried now finds himself surrounded by legal troubles where he is accused of illegally taking $10 billion in FTX’s customers' funds for his trading firm.

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Once hailed as America’s crypto king, FTX’s Sam Bankman-Fried on Tuesday (Oct 3) will stand trial for allegedly masterminding one of the biggest financial frauds in the history of the country.

Once hailed as America’s crypto king, FTX’s Sam Bankman-Fried on Tuesday (Oct 3) will stand trial for allegedly masterminding one of the biggest financial frauds in the history of the country. A federal court in Manhattan, New York will start hearing the case against the disgraced founder of the bankrupt crypto exchange. The 31-year-old techie faces two separate criminal trials. In the first trial, he faces seven criminal counts related to the collapse of his $32 billion empire. Allegations against him include wire fraud, securities fraud, money laundering and using customers’ money for personal purchases. Charges against Sam Bankman-Fried? Conspiracy to commit wire fraud on customers of FTX. Wire fraud on customers of FTX. Conspiracy to commit wire fraud on lenders to Alameda Research. Wire fraud on lenders to Alameda Research. Conspiracy to commit fraud on customers of FTX in connection with the purchase and sale of derivatives. Conspiracy to commit securities fraud on investors in FTX. Conspiracy to commit money laundering. If convicted in all cases, Sam Bankman-Fried could face more than 100 years in prison. As of now, he has pleaded not guilty to all these charges. The trial to last for six weeks As per media reports, his trial will last for six weeks. Following the trial, the prosecution will take almost a month to lay the foundation for its case against Bankman. Watch: FTX founder Sam Bankman-Fried is 'ready to face music?' × Bankman-Fried has been incarcerated in a Brooklyn, New York jail since August 2022, following the revocation of his multimillion-dollar bail due to witness tampering allegations. These accusations stem from his alleged leaking of Ellison's private diary entries to The New York Times, as Ellison is anticipated to be a crucial witness for the prosecution. Also read: Explained: The Other Sam—How Sam Altman, founder of ChatGPT, WorldCoin is the next tech wunderkind The current court records suggest that Bankman-Fried's legal team might employ an "advice of counsel" defence. This defence strategy would assert that he acted in accordance with guidance from FTX lawyers and was unaware that his actions constituted illegal behaviour. Downfall of Sam Bankman-Fried The world turned upside down for Sam Bankman-Fried or SBF within a week in November last year. A leaked balance sheet of Alameda showed the company stood on shaky financial grounds. His FTX collapsed following a ravaging crypto run, where a lot of customers rushed to withdraw their funds immediately. FTX filed for bankruptcy and SBF’s worth came close to nothing. Sam Bankman-Fried now finds himself surrounded by legal troubles where he is accused of illegally taking $10 billion in FTX’s customers' funds for his trading firm. WATCH WION LIVE HERE ×

US: Disgraced FTX founder Sam Bankman-Fried goes on trial Tuesday

FTX co-founder Sam Bankman-Fried might be heading to jail&nbsp;sooner than anticipated. A US judge on Wednesday said he will consider jailing&nbsp;Bankman-Fried before the trial after prosecutors argued that the embattled crypto trader had indulged in witness tampering.&nbsp;

During a hearing, prosecutors asked US District Judge&nbsp;Lewis Kaplan to detain the FTX chief, saying he had 'crossed a line' by sharing his former partner&nbsp;Caroline Ellison's personal writings with a reporter, which amounted to a second instance of witness tampering.

Notably, Ellison is also the former CEO of&nbsp;FTX offshoot Alameda Research and has&nbsp;agreed to testify against Bankman-Fried as part of a deal for leniency after admitting to charges that carry a punishment of up to 110 years in prison.

"This latest incident is an escalation of an ongoing campaign with the press that has now crossed a line," said&nbsp;prosecutor Danielle Sassoon from the Manhattan US Attorney's office,&nbsp;referring to the Ellison writings. "This isn't a First Amendment issue."&nbsp;

Consequently, Judge Kaplan imposed a "gag order"&nbsp;restricting Bankman-Fried's ability to speak publicly and said he would consider prosecutors' request to jail the former billionaire till the trial begins in October, later this year.&nbsp;

"I'm very mindful of the government's interest in this issue, which I take seriously.&nbsp;Mr. Bankman-Fried, you'd better take it seriously too," said the judge.&nbsp;

<a href="https://www.wionews.com/videos/ftx-founder-sam-bankman-fried-is-ready-to-face-music-544155">WATCH |&nbsp;FTX founder Sam Bankman-Fried is 'ready to face music?'</a>

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<h2>Bankman-Fried pleads not guilty</h2>

In January, Bankman-Fried&nbsp;pleaded not guilty to fraud charges in front of the Manhattan federal court, setting the stage for the October trial.&nbsp;The eight charges levelled against Bankman-Fried were related to the collapse of FTX and hedge fund Alameda Research.&nbsp;

The charges vary from wire fraud to money laundering to campaign finance violations, with five of them carrying a maximum sentence of 20 years in prison.

Since being extradited from the Bahamas, where FTX was based, on a $250 million bail package, Bankman-Fried has been living under&nbsp;strict supervision at his parents’ home in Palo Alto, California.

Despite all evidence pointing to Bankman-Fried's heavy involvement in the fraud, the former crypto wunderkind continues to maintain that he did not 'steal' the funds.&nbsp;

"I didn’t steal funds, and I certainly didn’t stash billions away. Nearly all of my assets were and still are utilisable to backstop FTX customers," wrote Bankman-Fried in one of his blog posts.&nbsp;

<a href="https://www.wionews.com/world/ftx-co-founder-sam-bankman-fried-pleads-not-guilty-setting-stage-for-a-court-trial-549204" target="_blank">Read more: FTX co-founder Sam Bankman-Fried pleads not guilty to fraud, setting stage for a court trial</a>

<h2>What happened to FTX?&nbsp;</h2>

FTX filed for bankruptcy in November last year after traders rushed to remove $6 billion off the platform in only 72 hours. The fate of the company was sealed after rival exchange Binance's rescue deal fell through.

According to US Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC), Bankman-Fried masterminded the misappropriation of more than $8 billion in funds from customer accounts.&nbsp;

(With inputs from agencies)

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FTX co-founder Sam Bankman-Fried might be heading to jail sooner than anticipated. A US judge on Wednesday said he will consider jailing Bankman-Fried before the trial after prosecutors argued that the embattled crypto trader had indulged in witness tampering.

FTX co-founder Sam Bankman-Fried might be heading to jail sooner than anticipated. A US judge on Wednesday said he will consider jailing Bankman-Fried before the trial after prosecutors argued that the embattled crypto trader had indulged in witness tampering. During a hearing, prosecutors asked US District Judge Lewis Kaplan to detain the FTX chief, saying he had 'crossed a line' by sharing his former partner Caroline Ellison's personal writings with a reporter, which amounted to a second instance of witness tampering. Notably, Ellison is also the former CEO of FTX offshoot Alameda Research and has agreed to testify against Bankman-Fried as part of a deal for leniency after admitting to charges that carry a punishment of up to 110 years in prison. "This latest incident is an escalation of an ongoing campaign with the press that has now crossed a line," said prosecutor Danielle Sassoon from the Manhattan US Attorney's office, referring to the Ellison writings. "This isn't a First Amendment issue." Consequently, Judge Kaplan imposed a "gag order" restricting Bankman-Fried's ability to speak publicly and said he would consider prosecutors' request to jail the former billionaire till the trial begins in October, later this year. "I'm very mindful of the government's interest in this issue, which I take seriously. Mr. Bankman-Fried, you'd better take it seriously too," said the judge. WATCH | FTX founder Sam Bankman-Fried is 'ready to face music?' Bankman-Fried pleads not guilty In January, Bankman-Fried pleaded not guilty to fraud charges in front of the Manhattan federal court, setting the stage for the October trial. The eight charges levelled against Bankman-Fried were related to the collapse of FTX and hedge fund Alameda Research. The charges vary from wire fraud to money laundering to campaign finance violations, with five of them carrying a maximum sentence of 20 years in prison. Since being extradited from the Bahamas, where FTX was based, on a $250 million bail package, Bankman-Fried has been living under strict supervision at his parents’ home in Palo Alto, California. Despite all evidence pointing to Bankman-Fried's heavy involvement in the fraud, the former crypto wunderkind continues to maintain that he did not 'steal' the funds. "I didn’t steal funds, and I certainly didn’t stash billions away. Nearly all of my assets were and still are utilisable to backstop FTX customers," wrote Bankman-Fried in one of his blog posts. Read more: FTX co-founder Sam Bankman-Fried pleads not guilty to fraud, setting stage for a court trial What happened to FTX? FTX filed for bankruptcy in November last year after traders rushed to remove $6 billion off the platform in only 72 hours. The fate of the company was sealed after rival exchange Binance's rescue deal fell through. According to US Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC), Bankman-Fried masterminded the misappropriation of more than $8 billion in funds from customer accounts. (With inputs from agencies) WATCH WION LIVE HERE:

Embattled Bankman-Fried might be heading to prison before trial. Know why

FTX, the defunct cryptocurrency exchange, has sued its own founder Sam Bankman-Fried and three former executives to recover over $1 billion they are accused of misappropriating before the collapse of FTX last year.

The lawsuit has been filed in Delaware bankruptcy court.&nbsp;

<h2>FTX lawsuit against Sam Bankman-Fried: What does it entail?</h2>

Bankman-Fried has been accused of pilfering money through a $10 million gift to his father Joe Bankman.

The lawsuit has been reportedly&nbsp;brought by FTX under the guidance of a restructuring expert named John Ray. It&nbsp;targets a series of share awards, real estate acquisitions and cash transfers among others that the company, currently undergoing a restructuring process, says&nbsp;should be undone in accordance with the US bankruptcy law.

<h2>Who all are named in FTX lawsuit?</h2>

Other than the FTX founder Sam Bankman-Fried,&nbsp;Caroline Ellison, the former head of FTX's trading arm Alameda Research is among the individuals accused of benefiting from the transactions in the lawsuit.

One incident cited in the complaint involves Ellison reportedly granting herself a $22.5 million bonus, part of which was later transferred to a personal bank account and then invested in an Artificial Intelligence company, Financial Times reported.

Also read |&nbsp;<a href="https://www.wionews.com/business-economy/how-a-secret-software-change-allowed-ftx-to-use-client-money-542963">How a secret software code change allowed FTX to (mis)use client money</a>

Zixiao "Gary" Wang, a co-founder of FTX, and Nishad Singh, who worked at FTX and Alameda, are also named as beneficiaries of the purportedly illicit money transfers.

Ellison, Wang, and Singh have already pleaded guilty to unrelated fraud charges in criminal cases, while Bankman-Fried has pleaded not guilty to US criminal charges that include fraud, money laundering, and campaign finance violations.

<h2>FTX lawsuit against Sam Bankman-Fried: What does it mean?</h2>

This latest lawsuit by FTX represents a new effort by John Ray and his team to reclaim assets reportedly&nbsp;owed to creditors of the cryptocurrency exchange.

Also watch |&nbsp;Former FTX founder Sam Bankman-Fried arrested in Bahamas after US files charges

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Among these creditors are thousands of individual customers who lost access to their assets when FTX halted withdrawals before declaring bankruptcy in November.

The FTX lawyers are searching remaining assets of the company in an effort to recover as much money as possible for defrauded creditors.

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FTX, the defunct cryptocurrency exchange, has sued its own founder Sam Bankman-Fried and three former executives to recover over $1 billion they are accused of misappropriating before the collapse of FTX last year.

FTX, the defunct cryptocurrency exchange, has sued its own founder Sam Bankman-Fried and three former executives to recover over $1 billion they are accused of misappropriating before the collapse of FTX last year. The lawsuit has been filed in Delaware bankruptcy court. FTX lawsuit against Sam Bankman-Fried: What does it entail? Bankman-Fried has been accused of pilfering money through a $10 million gift to his father Joe Bankman. The lawsuit has been reportedly brought by FTX under the guidance of a restructuring expert named John Ray. It targets a series of share awards, real estate acquisitions and cash transfers among others that the company, currently undergoing a restructuring process, says should be undone in accordance with the US bankruptcy law. Who all are named in FTX lawsuit? Other than the FTX founder Sam Bankman-Fried, Caroline Ellison, the former head of FTX's trading arm Alameda Research is among the individuals accused of benefiting from the transactions in the lawsuit. One incident cited in the complaint involves Ellison reportedly granting herself a $22.5 million bonus, part of which was later transferred to a personal bank account and then invested in an Artificial Intelligence company, Financial Times reported. Also read | How a secret software code change allowed FTX to (mis)use client money Zixiao "Gary" Wang, a co-founder of FTX, and Nishad Singh, who worked at FTX and Alameda, are also named as beneficiaries of the purportedly illicit money transfers. Ellison, Wang, and Singh have already pleaded guilty to unrelated fraud charges in criminal cases, while Bankman-Fried has pleaded not guilty to US criminal charges that include fraud, money laundering, and campaign finance violations. FTX lawsuit against Sam Bankman-Fried: What does it mean? This latest lawsuit by FTX represents a new effort by John Ray and his team to reclaim assets reportedly owed to creditors of the cryptocurrency exchange. Also watch | Former FTX founder Sam Bankman-Fried arrested in Bahamas after US files charges × Among these creditors are thousands of individual customers who lost access to their assets when FTX halted withdrawals before declaring bankruptcy in November. The FTX lawyers are searching remaining assets of the company in an effort to recover as much money as possible for defrauded creditors. WATCH WION LIVE HERE You can now write for wionews.com and be a part of the community. Share your stories and opinions with us here.

FTX sues its own founder Sam Bankman-Fried to recover over $1 bn

Sam Bankman-Fried, the founder of FTX cryptocurrency exchange, is all set to face a trial, starting October 2. A federal court has rejected his bid to throw out most of the criminal cases, which accused him of fraud.

FTX Fraud Saga: Sam Bankman-Fried to face trial from October 2

Two American Sams have dominated global headlines over the past few months. On one hand, we had FTX’s Sam Bankman-Fried, who went from being America’s crypto king to an alleged fraudster within weeks. The 30-year-old panjandrum had all fortunes to his name, including a cryptocurrency exchange called FTX, a trading firm called Alameda Research, and massive wealth worth $15.6 billion.&nbsp;

<h2>The fall of Sam Bankman-Fried</h2>

But the world turned upside down for Sam Bankman-Fried or SBF within a week in November last year. A leaked balance sheet of Alameda showed the company stood on shaky financial grounds. His FTX collapsed following a ravaging crypto run, where a lot of customers rushed to withdraw their funds immediately.&nbsp;

FTX filed for bankruptcy and SBF’s worth came close to nothing. Sam Bankman-Fried now finds himself surrounded by legal troubles where he is accused of illegally taking $10 billion in FTX’s customers' funds for his trading firm.

<h2>The other Sam, basking in AI glory</h2>

Now, we will be talking about the other Sam of America, the face of the AI revolution which has taken the world by storm: Sam Altman of OpenAI. More than a decade old personality of Silicon Valley, Altman has established himself as the tech titan of the Artificial Intelligence space.&nbsp;

Sam Altman describes himself as an entrepreneur, investor and programmer. He was the president of Y Combinator and CEO of Reddit for a short period of time. He co-founded Loopt in 2005, and he is the current CEO of OpenAI, the parent company of chatbot ChatGPT.&nbsp;

<h2>Sam Altman: The startup Guru of America</h2>

Since the launch of ChatGPT, Sam Altman has been looking forward to aggressively expanding his tech empire, with crypto being the latest space the 38-year-old billionaire is wading into. Reports indicate that Altman is very close to raising a substantial £100 million in funding for his cryptocurrency initiative Worldcoin, founded in early 2020.&nbsp;

The company’s goal is “to provide a fraction of a digital token to every person worldwide.” Worldcoin, a tech-savvy company, is believed to have employed iris-scanning technology to authenticate individuals and reward them with tokens.

After all, Sam Altman is called the startup Guru for a reason.

Also Read:&nbsp;<a href="https://www.wionews.com/technology/chatgpts-sam-altman-urges-us-lawmakers-to-regulate-artificial-intelligence-593096">ChatGPT`s Sam Altman urges US lawmakers to regulate artificial intelligence</a>

While Altman was at Y Combinator (YC), the company helped launch and support numerous successful startups, including Airbnb, Dropbox, Stripe, and Reddit.&nbsp;

He has written extensively on startups, technology, and entrepreneurship, aimed at providing guidance to aspiring founders.&nbsp;

Altman has made numerous investments in startups, both as an individual and through Y Combinator's funding activities. His investment portfolio includes successful companies like Airbnb, Stripe, Reddit, OpenAI, and many others.

Altman's position in the startup ecosystem has allowed him to build a vast network of influential entrepreneurs, investors, and industry leaders.

<h2>Will Altman rein in the raging AI horse?</h2>

Having said that, it’s true that Altman is now leading one such technology even he himself knows a little about: Artificial Intelligence. Some have equated AI with a ticking time bomb and the biggest threat to humanity. Governments are calling for regulating the technology, and some have even rushed to ban it altogether.&nbsp;

Sam Altman also believes that the technology needs intervention by governments. "I think if this technology goes wrong, it can go quite wrong...we want to be vocal about that," Altman said, adding, "We want to work with the government to prevent that from happening."

In practical terms, ChatGPT has already started impacting humanity, it is eating up jobs, it is being blamed for displaying political biases and some are even crediting the chatbot for a rise in misinformation on the internet. Now, Altman has left it for the governments to tame the disruptive technology, simply because even he himself doesn’t know the boundaries of the ramifications his product can have on humanity.

<h2>Will both Sams end up in the same boat?</h2>

OpenAI has already fallen prey to intense government scrutiny. Sam Bankman-Fried had agreed to testify before the House Financial Services Committee for his alleged fraudulent actions at FTX. On the other hand, Sam Altman has already faced Senate Judiciary Subcommittee on Privacy, Technology and the Law over the urgent need to regulate Artificial Intelligence.

Watch: ChatGPT creator and CEO of OpenAI Sam Altman testifies in US Senate

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Altman acknowledged that “his worst fears are that [the AI industry] cause significant harm to the world”. He also proposed an international AI regulation authority, which would be obviously led by the US. But lawmakers continue to call AI “a bull in a China shop.”

It means that the future of AI and its leaders like Sam Altman hangs in balance as regulatory hurdles continue to pile up. The stakes are high since the future of humanity appears closely tied to the future of AI. Altman may be riding high on the massive wave of the AI revolution, but a failure to overlook the impending challenges will not only inflict great harm on humanity but might also lead to a disastrous and uncontrolled evolution of the technology. &nbsp;

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Two American Sams have dominated global headlines over the past few months. On one hand, we had FTX’s Sam Bankman-Fried, who went from being America’s crypto king to an alleged fraudster within weeks.

Two American Sams have dominated global headlines over the past few months. On one hand, we had FTX’s Sam Bankman-Fried, who went from being America’s crypto king to an alleged fraudster within weeks. The 30-year-old panjandrum had all fortunes to his name, including a cryptocurrency exchange called FTX, a trading firm called Alameda Research, and massive wealth worth $15.6 billion. The fall of Sam Bankman-Fried But the world turned upside down for Sam Bankman-Fried or SBF within a week in November last year. A leaked balance sheet of Alameda showed the company stood on shaky financial grounds. His FTX collapsed following a ravaging crypto run, where a lot of customers rushed to withdraw their funds immediately. FTX filed for bankruptcy and SBF’s worth came close to nothing. Sam Bankman-Fried now finds himself surrounded by legal troubles where he is accused of illegally taking $10 billion in FTX’s customers' funds for his trading firm. The other Sam, basking in AI glory Now, we will be talking about the other Sam of America, the face of the AI revolution which has taken the world by storm: Sam Altman of OpenAI. More than a decade old personality of Silicon Valley, Altman has established himself as the tech titan of the Artificial Intelligence space. Sam Altman describes himself as an entrepreneur, investor and programmer. He was the president of Y Combinator and CEO of Reddit for a short period of time. He co-founded Loopt in 2005, and he is the current CEO of OpenAI, the parent company of chatbot ChatGPT. Sam Altman: The startup Guru of America Since the launch of ChatGPT, Sam Altman has been looking forward to aggressively expanding his tech empire, with crypto being the latest space the 38-year-old billionaire is wading into. Reports indicate that Altman is very close to raising a substantial £100 million in funding for his cryptocurrency initiative Worldcoin, founded in early 2020. The company’s goal is “to provide a fraction of a digital token to every person worldwide.” Worldcoin, a tech-savvy company, is believed to have employed iris-scanning technology to authenticate individuals and reward them with tokens. After all, Sam Altman is called the startup Guru for a reason. Also Read: ChatGPT`s Sam Altman urges US lawmakers to regulate artificial intelligence While Altman was at Y Combinator (YC), the company helped launch and support numerous successful startups, including Airbnb, Dropbox, Stripe, and Reddit. He has written extensively on startups, technology, and entrepreneurship, aimed at providing guidance to aspiring founders. Altman has made numerous investments in startups, both as an individual and through Y Combinator's funding activities. His investment portfolio includes successful companies like Airbnb, Stripe, Reddit, OpenAI, and many others. Altman's position in the startup ecosystem has allowed him to build a vast network of influential entrepreneurs, investors, and industry leaders. Will Altman rein in the raging AI horse? Having said that, it’s true that Altman is now leading one such technology even he himself knows a little about: Artificial Intelligence. Some have equated AI with a ticking time bomb and the biggest threat to humanity. Governments are calling for regulating the technology, and some have even rushed to ban it altogether. Sam Altman also believes that the technology needs intervention by governments. "I think if this technology goes wrong, it can go quite wrong...we want to be vocal about that," Altman said, adding, "We want to work with the government to prevent that from happening." In practical terms, ChatGPT has already started impacting humanity, it is eating up jobs, it is being blamed for displaying political biases and some are even crediting the chatbot for a rise in misinformation on the internet. Now, Altman has left it for the governments to tame the disruptive technology, simply because even he himself doesn’t know the boundaries of the ramifications his product can have on humanity. Will both Sams end up in the same boat? OpenAI has already fallen prey to intense government scrutiny. Sam Bankman-Fried had agreed to testify before the House Financial Services Committee for his alleged fraudulent actions at FTX. On the other hand, Sam Altman has already faced Senate Judiciary Subcommittee on Privacy, Technology and the Law over the urgent need to regulate Artificial Intelligence. Watch: ChatGPT creator and CEO of OpenAI Sam Altman testifies in US Senate × Altman acknowledged that “his worst fears are that [the AI industry] cause significant harm to the world”. He also proposed an international AI regulation authority, which would be obviously led by the US. But lawmakers continue to call AI “a bull in a China shop.” It means that the future of AI and its leaders like Sam Altman hangs in balance as regulatory hurdles continue to pile up. The stakes are high since the future of humanity appears closely tied to the future of AI. Altman may be riding high on the massive wave of the AI revolution, but a failure to overlook the impending challenges will not only inflict great harm on humanity but might also lead to a disastrous and uncontrolled evolution of the technology. WATCH WION LIVE HERE ×

Explained: The Other Sam—How Sam Altman, founder of ChatGPT, WorldCoin is the next tech wunderkind

Embattled crypto trader and co-founder of FTX Sam Bankman-Fried on Thursday in a blog post laid bare his side of the issue and said he did not 'steal' the funds.

Embattled crypto trader and co-founder of FTX Sam Bankman-Fried on Thursday in a blog post laid bare his side of the issue and said he did not 'steal' the funds. "I didn’t steal funds, and I certainly didn’t stash billions away. Nearly all of my assets were and still are utilisable to backstop FTX customers," wrote Bankman-Fried in the highly unusual post. The former billionaire said Alameda collapsed because it failed to hedge against an 'extreme' crash in the crypto markets. "Alameda failed to sufficiently hedge its market exposure. Over the course of 2022, a series of large broad market crashes came–in stocks and in crypto–leading to a ~80% decrease in the market value of its assets." The 30-year-old also added that he had a lot more to say on the topic but this was a start. "I have a lot more to say about why Alameda failed to hedge, what happened with FTX US, what led to the Chapter 11 process, S&C, and more. But at least this is a start." With a court trial pending, most people would have been advised by their lawyers to keep a low profile and refrain from talking. However, Bankman-Fried in the lengthy post maintained his innocence and said he could help undo the damage. WATCH | FTX founder Sam Bankman-Fried is 'ready to face music?' × Bankman-Fried pleads not guilty Notably, Bankman-Fried's statement comes a week after he pleaded not guilty to fraud charges at a New York federal court. The charges vary from wire fraud to money laundering to campaign finance violations with five carrying a maximum sentence of 20 years in prison. With Bankman-Fried pleading not guilty, the stage is set for a court trial which is expected to begin in October, according to federal judge Lewis Kaplan. Read more: FTX co-founder Sam Bankman-Fried pleads not guilty to fraud, setting stage for a court trial What happened to FTX? FTX filed for bankruptcy in November last year after traders rushed to remove $6 billion off the platform in only 72 hours. The fate of the company was sealed after rival exchange Binance's rescue deal fell through. According to US Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC), Bankman-Fried masterminded the misappropriation of more than $8 billion in funds from customer accounts. (With inputs from agencies) WATCH WION LIVE HERE:

'I didn’t steal...': Sam Bankman-Fried says in a post after pleading not guilty

As expected, embattled crypto trader and co-founder of FTX Sam Bankman-Fried on Tuesday pleaded not guilty to fraud charges at a New York federal court. The eight charges levelled on Bankman-Fried were related to the collapse of FTX and hedge fund Alameda Research.

As expected, embattled crypto trader and co-founder of FTX Sam Bankman-Fried on Tuesday pleaded not guilty to fraud charges at a New York federal court. The eight charges levelled on Bankman-Fried were related to the collapse of FTX and hedge fund Alameda Research. The charges vary from wire fraud to money laundering to campaign finance violations with five carrying a maximum sentence of 20 years in prison. Read more: As top Democrat donor, Sam Bankman-Fried had access to White House: Report With Bankman-Fried pleading not guilty, the stage is set for a court trial which is expected to begin in October, according to federal judge Lewis Kaplan. The US prosecutors argued that the 30-year-old former billionaire misused the funds of FTX and Alameda Research whilst duping the customers. WATCH | FTX founder Sam Bankman-Fried is 'ready to face music?' × Bankman-Fried, who was regarded as a crypto genius at the time quickly went to the Bahamas to avoid scrutiny by the US authorities. It was only after the request of the federal prosecutors in New York that he was sent to a prison on the island country where he spent nine days. Banman-Fried was released on a $250 million bail package last month only after he accepted to be extradited out of the Bahamas. During the ruling, a US magistrate judge said Bankman-Fried would have to remain under strict supervision at his parents’ home in Palo Alto, California. Read more: FTX co-founder Sam Bankman-Fried released on $250m bail While Bankman-Fried is willing to do the whole nine yards in the court, his top lieutenants in Caroline Ellison, the former chief executive of FTX's trading affiliate Alameda Research, and Gary Wang, another FTX co-founder have already pleaded guilty. What happened to FTX? FTX filed for bankruptcy in November last year after traders rushed to remove $6 billion off the platform in only 72 hours. The fate of the company was sealed after rival exchange Binance's rescue deal fell through. According to US Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC), Bankman-Fried masterminded the misappropriation of more than $8 billion in funds from customer accounts. During one of the bankruptcy hearings, the attorneys representing FTX informed the court that Bankaman-Fried ran the now-bankrupt company as a 'personal fiefdom'. The attorneys said he splurged as much as $300 million on homes and vacation properties for senior staff, home and abroad. (With inputs from agencies) WATCH WION LIVE HERE:

FTX co-founder Sam Bankman-Fried pleads not guilty to fraud, setting stage for a court trial

Sam Bankman-Fried, the former cryptocurrency mogul, held multiple meetings with senior White House officials during the months leading up to the collapse of FTX, which operated as one of the world's biggest cryptocurrency exchange companies at its zenith.&nbsp;

According to the White House logs published in a Bloomberg report, Sam Bankman-Fried met with one of the senior advisers of US President Joe Biden on September 8. The FTX filed for bankruptcy on November 11, 2022.&nbsp;

Prior to that, Bankman-Fried held meetings with White House officials in April and May, White House logs cited by Bloomberg showed. Sam Bankman-Fried's brother Gabriel Bankman-Fried, too, met a White House official in March.

WATCH |&nbsp;<a href="https://www.wionews.com/videos/sam-bankman-fried-and-ftx-collapse-fried-yet-to-enter-plea-546267">Sam Bankman-Fried and FTX collapse; Fried yet to enter plea</a>

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The White House meetings reportedly focused on "general discussion of the crypto industry and exchanges," as well as pandemic prevention related to the foundation, Guarding Against Pandemics, run by Gabe Bankman-Fried, another brother of Sam Bankman-Fried, the report said, citing a White House official.

According to the Washington-based Centre for Responsive Politics, Bankman-Fried contributed more than $70 million to election campaigns in less than 18 months and was among the top political donors in the United States. He reportedly gave at least $40 million to politicians and political action committees ahead of the 2022 midterm elections, mostly to Democrats and liberal-leaning groups, making him the second overall top donor to Democrats.&nbsp;

ALSO READ |&nbsp;<a href="https://www.wionews.com/business-economy/sam-bankman-fried-flies-to-us-after-consenting-to-extradition-top-ftx-aides-plead-guilty-545317">Sam Bankman-Fried reaches US after consenting to extradition, top FTX aides plead guilty</a>

According to a Manhattan court filing, FTX owes its 50 largest creditors almost $3.1 billion in credit. Bankman-Fried is accused of engaging in a scheme to defraud FTX customers by using billions of dollars in stolen deposits to pay for expenses and debts and to make investments for his crypto hedge fund, Alameda Research LLC.&nbsp;

Bankman-Fried has acknowledged “risk management failings” at FTX but has said he does not believe he has criminal liability.

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Sam Bankman-Fried, the former cryptocurrency mogul, held multiple meetings with senior White House officials during the months leading up to the collapse of FTX, which operated as one of the world's biggest cryptocurrency exchange companies at its zenith.

Sam Bankman-Fried, the former cryptocurrency mogul, held multiple meetings with senior White House officials during the months leading up to the collapse of FTX, which operated as one of the world's biggest cryptocurrency exchange companies at its zenith. According to the White House logs published in a Bloomberg report, Sam Bankman-Fried met with one of the senior advisers of US President Joe Biden on September 8. The FTX filed for bankruptcy on November 11, 2022. Prior to that, Bankman-Fried held meetings with White House officials in April and May, White House logs cited by Bloomberg showed. Sam Bankman-Fried's brother Gabriel Bankman-Fried, too, met a White House official in March. WATCH | Sam Bankman-Fried and FTX collapse; Fried yet to enter plea × The White House meetings reportedly focused on "general discussion of the crypto industry and exchanges," as well as pandemic prevention related to the foundation, Guarding Against Pandemics, run by Gabe Bankman-Fried, another brother of Sam Bankman-Fried, the report said, citing a White House official. According to the Washington-based Centre for Responsive Politics, Bankman-Fried contributed more than $70 million to election campaigns in less than 18 months and was among the top political donors in the United States. He reportedly gave at least $40 million to politicians and political action committees ahead of the 2022 midterm elections, mostly to Democrats and liberal-leaning groups, making him the second overall top donor to Democrats. ALSO READ | Sam Bankman-Fried reaches US after consenting to extradition, top FTX aides plead guilty According to a Manhattan court filing, FTX owes its 50 largest creditors almost $3.1 billion in credit. Bankman-Fried is accused of engaging in a scheme to defraud FTX customers by using billions of dollars in stolen deposits to pay for expenses and debts and to make investments for his crypto hedge fund, Alameda Research LLC. Bankman-Fried has acknowledged “risk management failings” at FTX but has said he does not believe he has criminal liability. WATCH WION LIVE HERE You can now write for wionews.com and be a part of the community. Share your stories and opinions with us here.

As top Democrat donor, Sam Bankman-Fried had access to White House: Report

Customers of the failed crypto-exchange FTX on Tuesday reportedly filed a class action lawsuit against the firm and its top executives, including founder and former CEO Sam Bankman-Fried. They are seeking a declaration that FTX's holdings of digital assets belong to customers.&nbsp;This as per Reuters is the latest legal attempt to stake a claim to the diminishing assets of FTX. The firm is reportedly already at odds with liquidators in the Bahamas and Antigua as well as the bankruptcy estate of Blockfi, another failed cryptocurrency startup.

Watch | Sam Bankman-Fried and FTX collapse; Fried yet to enter plea

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According to the lawsuit submitted in US Bankruptcy Court in Delaware, FTX had promised to segregate customer accounts but instead allowed them to be misappropriated, so clients should be compensated first.

The complaint stated that "customer class members should not have to stand in line along with secured or general unsecured creditors in these bankruptcy proceedings just to share in the diminished estate assets of the FTX Group and Alameda."

Also read |&nbsp;<a href="https://www.wionews.com/business-economy/sam-bankman-fried-flies-to-us-after-consenting-to-extradition-top-ftx-aides-plead-guilty-545317">Sam Bankman-Fried reaches US after consenting to extradition, top FTX aides plead guilty</a>

It represents more than one million FTX customers in the US and abroad and is seeking a declaration that traceable customer assets do not belong to the company. They also want that property held and traceable to the customers isn't Alameda property.

However, in the scenario where the court finds that the above mentioned assets are actually FTX property, then the customers should have a priority right to repayment over other creditors.

Also read |&nbsp;<a href="https://www.wionews.com/economy/ftx-co-founder-sam-bankman-fried-released-on-250m-bail-545702">FTX co-founder Sam Bankman-Fried released on $250m bail</a>

The once promising FTX last month filed for bankruptcy halting withdrawals after customers rushed to pull holdings.

Its founder Bankman-Fried is facing charges of&nbsp;a "fraud of epic proportions" that allegedly included appropriating customer funds to support his Alameda Research crypto trading platform.

(With inputs from agencies)

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Customers of the failed crypto-exchange FTX on Tuesday reportedly filed a class action lawsuit against the firm and its top executives, including founder and former CEO Sam Bankman-Fried.

Customers of the failed crypto-exchange FTX on Tuesday reportedly filed a class action lawsuit against the firm and its top executives, including founder and former CEO Sam Bankman-Fried. They are seeking a declaration that FTX's holdings of digital assets belong to customers. This as per Reuters is the latest legal attempt to stake a claim to the diminishing assets of FTX. The firm is reportedly already at odds with liquidators in the Bahamas and Antigua as well as the bankruptcy estate of Blockfi, another failed cryptocurrency startup. Watch | Sam Bankman-Fried and FTX collapse; Fried yet to enter plea According to the lawsuit submitted in US Bankruptcy Court in Delaware, FTX had promised to segregate customer accounts but instead allowed them to be misappropriated, so clients should be compensated first. The complaint stated that "customer class members should not have to stand in line along with secured or general unsecured creditors in these bankruptcy proceedings just to share in the diminished estate assets of the FTX Group and Alameda." Also read | Sam Bankman-Fried reaches US after consenting to extradition, top FTX aides plead guilty It represents more than one million FTX customers in the US and abroad and is seeking a declaration that traceable customer assets do not belong to the company. They also want that property held and traceable to the customers isn't Alameda property. However, in the scenario where the court finds that the above mentioned assets are actually FTX property, then the customers should have a priority right to repayment over other creditors. Also read | FTX co-founder Sam Bankman-Fried released on $250m bail The once promising FTX last month filed for bankruptcy halting withdrawals after customers rushed to pull holdings. Its founder Bankman-Fried is facing charges of a "fraud of epic proportions" that allegedly included appropriating customer funds to support his Alameda Research crypto trading platform. (With inputs from agencies) WATCH WION LIVE HERE You can now write for wionews.com and be a part of the community. Share your stories and opinions with us here.

Customers of failed crypto-exchange FTX file class action lawsuit laying claim to firm’s assets

Ukraine's President Volodymyr Zelensky became an ever-present figure on television screens worldwide as he addressed the US Congress on December 22, unfurling the Ukrainian battle flag in the end&nbsp;and evoking the analogy of ongoing war in Ukraine&nbsp;with second world war's 'Christmas of 1944'.&nbsp;The Bahamas ordered Sam Bankman-Fried, the founder of collapsed cryptocurrency exchange FTX, to be extradited to the United States on Wednesday, where he will face charges of fraud in a New York court. Meanwhile, former Pakistan Prime Minister Imran Khan is once again embroiled in controversy and this time it's over an alleged "sex call".

Click on the headlines to read more:

<a href="https://www.wionews.com/world/zelensky-in-us-congress-american-aid-to-ukraine-investment-not-charity-will-never-surrender-to-putin-545311">Zelensky in US Congress: Ukraine is 'alive and kicking', will 'never surrender' to Putin</a>

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Ukraine's President Volodymyr Zelensky became an ever-present figure on television screens worldwide as he addressed the US Congress on December 22, unfurling the Ukrainian battle flag in the end&nbsp;and evoking the analogy of ongoing war in Ukraine&nbsp;with second world war's 'Christmas of 1944'. In a speech that lasted about 25 minutes, Zelensky's passionate pleas for the US and larger global support for Ukraine during the ongoing war were often mixed with doses of humour. "Ukraine is alive and kicking," Zelensky told the US Congress, receiving thunderous applause in return.&nbsp;

<a href="https://www.wionews.com/business-economy/sam-bankman-fried-flies-to-us-after-consenting-to-extradition-top-ftx-aides-plead-guilty-545317">Sam Bankman-Fried flies to US after consenting to extradition, top FTX aides plead guilty</a>

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The Bahamas ordered Sam Bankman-Fried, the founder of collapsed cryptocurrency exchange FTX, to be extradited to the United States on Wednesday, where he will face charges of fraud in a New York court. At the time of filing this report, Bankman-Fried is reportedly aboard a plane flying from the Bahamas to the United States. He departed the Bahamas late Wednesday, according to local television Eyewitness News.

Bankman-Fried is due to appear in a Manhattan court as soon as Thursday morning, Financial Times reported.

<a href="https://www.wionews.com/science/mars-insight-lander-officially-retires-ending-a-four-year-mission-545315">Mars InSight lander officially retires, ending a four-year mission</a>

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Mars InSight lander, the first robotic probe aimed at studying the deep interior of a distant world, has been retired four years after it touched down on the surface of the red planet, NASA announced on Wednesday. Just a few days back, the space agency had said that the dust on Mars is choking the rover's power system and it is likely to bid adieu soon.

<a href="https://www.wionews.com/south-asia/imran-khan-lands-in-hot-soup-once-again-leaked-audio-of-a-vulgar-call-invites-hate-pti-claims-its-fake-545335">Imran Khan lands in hot soup once again, leaked audio of a vulgar call invites hate; PTI claims it's fake</a>

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Former Pakistan Prime Minister Imran Khan is once again embroiled in controversy and this time it's over an alleged "sex call".

As per reports, an alleged recording of the leader with an unknown woman has come to light in&nbsp;which he can be heard engaging in a sexually explicit, lewd conversation.&nbsp;

<a href="https://www.wionews.com/business-economy/twitter-search-results-begin-showing-latest-pricing-for-stocks-etfs-and-cryptocurrencies-545337">Twitter search results begin showing latest pricing for stocks, ETFs and cryptocurrencies</a>

<img src="http://cdn.wionews.com/sites/default/files/styles/story_page/public/2022/12/22/320076-untitled-design-51.jpg" />

In what the new Twitter owner Elon Musk said was 'one of the many product improvements' for financial Twitter, users will now be able to see the latest pricing information while searching with a cashtag.&nbsp;

Just like a hashtag (#) query on Twitter's search bar gives a user an index of that hashtag's latest and most prominent uses on the platform, a cashtag query refers to the query on the search bar consisting of any prominent stock or cryptocurrency starting with '$' symbol. A cashtag query then leads to the latest pricing information of major stocks, ETFs and cryptocurrencies.

<a href="https://www.wionews.com/entertainment/chinese-singer-jane-zhang-intentionally-infects-herself-with-coronavirus-faces-backlash-online-545330">Chinese singer Jane Zhang intentionally infects herself with coronavirus, faces backlash online</a>

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Would you want to deliberately get infected with the coronavirus? Turns out Chinese singer and songwriter Jane Zhang did just that. The popular singer is now facing backlash on social media after she revealed that she had deliberately infected herself with the coronavirus. The revelation was made amid a massive surge in Coronavirus cases in China, driven by the BF.7 Omicron variant.&nbsp;

Ukraine's President Volodymyr Zelensky became an ever-present figure on television screens worldwide as he addressed the US Congress on December 22, unfurling the Ukrainian battle flag in the end and evoking the analogy of ongoing war in Ukraine with second world war's 'Christmas of 1944'.

Ukraine's President Volodymyr Zelensky became an ever-present figure on television screens worldwide as he addressed the US Congress on December 22, unfurling the Ukrainian battle flag in the end and evoking the analogy of ongoing war in Ukraine with second world war's 'Christmas of 1944'. The Bahamas ordered Sam Bankman-Fried, the founder of collapsed cryptocurrency exchange FTX, to be extradited to the United States on Wednesday, where he will face charges of fraud in a New York court. Meanwhile, former Pakistan Prime Minister Imran Khan is once again embroiled in controversy and this time it's over an alleged "sex call". Click on the headlines to read more: Zelensky in US Congress: Ukraine is 'alive and kicking', will 'never surrender' to Putin Ukraine's President Volodymyr Zelensky became an ever-present figure on television screens worldwide as he addressed the US Congress on December 22, unfurling the Ukrainian battle flag in the end and evoking the analogy of ongoing war in Ukraine with second world war's 'Christmas of 1944'. In a speech that lasted about 25 minutes, Zelensky's passionate pleas for the US and larger global support for Ukraine during the ongoing war were often mixed with doses of humour. "Ukraine is alive and kicking," Zelensky told the US Congress, receiving thunderous applause in return. Sam Bankman-Fried flies to US after consenting to extradition, top FTX aides plead guilty The Bahamas ordered Sam Bankman-Fried, the founder of collapsed cryptocurrency exchange FTX, to be extradited to the United States on Wednesday, where he will face charges of fraud in a New York court. At the time of filing this report, Bankman-Fried is reportedly aboard a plane flying from the Bahamas to the United States. He departed the Bahamas late Wednesday, according to local television Eyewitness News. Bankman-Fried is due to appear in a Manhattan court as soon as Thursday morning, Financial Times reported. Mars InSight lander officially retires, ending a four-year mission Mars InSight lander, the first robotic probe aimed at studying the deep interior of a distant world, has been retired four years after it touched down on the surface of the red planet, NASA announced on Wednesday. Just a few days back, the space agency had said that the dust on Mars is choking the rover's power system and it is likely to bid adieu soon. Imran Khan lands in hot soup once again, leaked audio of a vulgar call invites hate; PTI claims it's fake Former Pakistan Prime Minister Imran Khan is once again embroiled in controversy and this time it's over an alleged "sex call". As per reports, an alleged recording of the leader with an unknown woman has come to light in which he can be heard engaging in a sexually explicit, lewd conversation. Twitter search results begin showing latest pricing for stocks, ETFs and cryptocurrencies In what the new Twitter owner Elon Musk said was 'one of the many product improvements' for financial Twitter, users will now be able to see the latest pricing information while searching with a cashtag. Just like a hashtag (#) query on Twitter's search bar gives a user an index of that hashtag's latest and most prominent uses on the platform, a cashtag query refers to the query on the search bar consisting of any prominent stock or cryptocurrency starting with '$' symbol. A cashtag query then leads to the latest pricing information of major stocks, ETFs and cryptocurrencies. Chinese singer Jane Zhang intentionally infects herself with coronavirus, faces backlash online Would you want to deliberately get infected with the coronavirus? Turns out Chinese singer and songwriter Jane Zhang did just that. The popular singer is now facing backlash on social media after she revealed that she had deliberately infected herself with the coronavirus. The revelation was made amid a massive surge in Coronavirus cases in China, driven by the BF.7 Omicron variant.

Morning brief: Zelensky's roaring speech in US Congress, FTX founder's US extradition and more

A plane that was reportedly&nbsp;carrying Sam Bankman-Fried, the FTX founder and a former cryptocurrency mogul,&nbsp;arrived in Westchester County, New York on Wednesday.&nbsp;Bankman-Fried decided to agree to extradition in part out of a "desire to make the relevant customers whole," as per a court filing&nbsp;dated December 20.

Bankman-Fried departed the Bahamas late Wednesday, according to local television Eyewitness News. He is due to appear in a Manhattan court as soon as Thursday morning, Financial Times reported.

WATCH |&nbsp;<a href="https://www.wionews.com/videos/us-ftx-founder-to-agree-to-extradition-sam-bankman-fried-appears-before-bahamas-court-544775">US: FTX founder to agree to extradition, Sam Bankman-Fried appears before Bahamas court</a>

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Bankman-Fried, a Bahamas permanent resident, spent the past nine days in Nassau's Fox Hill prison, weighing his choices before telling a magistrate court on Wednesday that he would not fight extradition. A court in Manhattan has charged him of engaging in a scheme to defraud FTX customers by using billions of dollars in deposits to pay for expenses and debts and to make investments for his crypto hedge fund, Alameda Research LLC.

ALSO READ |&nbsp;<a href="https://www.wionews.com/business-economy/how-a-secret-software-change-allowed-ftx-to-use-client-money-542963">How a secret software code change allowed FTX to (mis)use client money</a>

A statement by Bahamas Attorney General Ryan Pinder said Bankman-Fried had waived his right to challenge the extradition.

In a separate statement, the Ministry of Foreign Affairs said Minister Frederick Mitchell had signed a warrant for Bankman-Fried's surrender to US authorities under a bilateral extradition treaty.

FTX fallout: Bankman-Fried's top lieutenants plead guilty

The US prosecutors charged two of Sam Bankman-Fried's closest FTX colleagues on Wednesday, in connection with their roles in the alleged fraud that heralded the collapse of FTX.

Caroline Ellison, the former chief executive of FTX's trading affiliate Alameda Research, and Gary Wang, another FTX co-founder, pleaded guilty, the US attorney for the Southern District of New York announced late on Wednesday.&nbsp;

FTX has filed for bankruptcy, following which many of its investors told the media that they are unable to withdraw funds. According to a Manhattan court filing, FTX owed its 50 largest creditors almost $3.1 billion in credit.&nbsp;

Bankman-Fried was once cited as a young version of the marvellous US investor Warren Buffett. Bankman-Fried had an estimated net worth of over $15 billion as recently as late October.&nbsp; 
 
(With inputs from agencies)

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A plane that was reportedly carrying Sam Bankman-Fried, the FTX founder and a former cryptocurrency mogul, arrived in Westchester County, New York on Wednesday. Bankman-Fried decided to agree to extradition in part out of a "desire to make the relevant customers whole," as per a court filing dated December 20.

A plane that was reportedly carrying Sam Bankman-Fried, the FTX founder and a former cryptocurrency mogul, arrived in Westchester County, New York on Wednesday. Bankman-Fried decided to agree to extradition in part out of a "desire to make the relevant customers whole," as per a court filing dated December 20. Bankman-Fried departed the Bahamas late Wednesday, according to local television Eyewitness News. He is due to appear in a Manhattan court as soon as Thursday morning, Financial Times reported. WATCH | US: FTX founder to agree to extradition, Sam Bankman-Fried appears before Bahamas court × Bankman-Fried, a Bahamas permanent resident, spent the past nine days in Nassau's Fox Hill prison, weighing his choices before telling a magistrate court on Wednesday that he would not fight extradition. A court in Manhattan has charged him of engaging in a scheme to defraud FTX customers by using billions of dollars in deposits to pay for expenses and debts and to make investments for his crypto hedge fund, Alameda Research LLC. ALSO READ | How a secret software code change allowed FTX to (mis)use client money A statement by Bahamas Attorney General Ryan Pinder said Bankman-Fried had waived his right to challenge the extradition. In a separate statement, the Ministry of Foreign Affairs said Minister Frederick Mitchell had signed a warrant for Bankman-Fried's surrender to US authorities under a bilateral extradition treaty. FTX fallout: Bankman-Fried's top lieutenants plead guilty The US prosecutors charged two of Sam Bankman-Fried's closest FTX colleagues on Wednesday, in connection with their roles in the alleged fraud that heralded the collapse of FTX. Caroline Ellison, the former chief executive of FTX's trading affiliate Alameda Research, and Gary Wang, another FTX co-founder, pleaded guilty, the US attorney for the Southern District of New York announced late on Wednesday. FTX has filed for bankruptcy, following which many of its investors told the media that they are unable to withdraw funds. According to a Manhattan court filing, FTX owed its 50 largest creditors almost $3.1 billion in credit. Bankman-Fried was once cited as a young version of the marvellous US investor Warren Buffett. Bankman-Fried had an estimated net worth of over $15 billion as recently as late October. (With inputs from agencies) WATCH WION LIVE HERE You can now write for wionews.com and be a part of the community. Share your stories and opinions with us here.

Sam Bankman-Fried reaches US after consenting to extradition, top FTX aides plead guilty

Sam Bankman-Fried has decided to agree to be extradited to the United States to face fraud charges, just hours after the FTX founder's lawyer told a Bahamas judge he was not ready to consent.

World Business Watch: FTX founder Sam Bankman-Fried to agree to US extradition

Former FTX Chief Executive Sam Bankman-Fried may no more fight against extradition from Bahamas to the United States. The 30-year-old former cryptocurrency mogul will appear in a Bahamas court on Monday where he is expected to reverse his decision to contest extradition to the United States, where he faces fraud charges on at least a dozen counts, a person familiar with the matter was cited as saying by Reuters.

It was not immediately clear what prompted Bankman-Fried to change his mind and decide not to contest extradition.

ALSO READ -&nbsp;<a href="https://www.wionews.com/business-economy/how-a-secret-software-change-allowed-ftx-to-use-client-money-542963">How a secret software code change allowed FTX to (mis)use client money</a>

Bankman-Fried was indicted in a United States federal court in New York on Tuesday. The court in Manhattan charged him of engaging in a scheme to defraud FTX customers by using billions of dollars in stolen deposits to pay for expenses and debts and to make investments for his crypto hedge fund, Alameda Research LLC.

What does it mean?

Bankman-Fried’s decision to consent to extradition would pave the way for him to appear in U.S. court to face wire fraud, money laundering and campaign finance charges.

Where will Bankman-Fried be kept?

According to defence lawyer Zachary Margulis-Ohnuma, once Bankman-Fried arrives in the United States, he will be kept at the Metropolitan Detention Center in New York’s Brooklyn.&nbsp;

Prosecutors will likely argue that Bankman-Fried is a flight risk and should remain in custody because of the large sums of money involved in the case and the unclear location of those funds.

WATCH -&nbsp;<a href="https://www.wionews.com/videos/the-ftx-bankruptcy-scandal-crypto-exchange-launches-review-of-its-global-assets-535923">The FTX bankruptcy scandal: Crypto exchange launches review of its global assets</a>

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"The missing money gives prosecutors strong arguments that he is a flight risk," said former federal prosecutor and white-collar defense attorney Michael Weinstein. "I expect that if a judge grants pretrial release, they would impose very restrictive and onerous conditions."

Bankman-Fried has acknowledged “risk management failings” at FTX but has said he does not believe he has criminal liability.

Bankman-Fried amassed a fortune valued at over $20 billion as he rode a cryptocurrency boom to build FTX into one of the world's largest exchanges. His arrest last Monday in the Bahamas, where he lives and where FTX is based, came just a month after the exchange collapsed amid a flurry of customer withdrawals. 
 
FTX filed for bankruptcy on Nov. 11, the same day Bankman-Fried stepped down as CEO.&nbsp;

(With inputs from agencies)

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Former FTX Chief Executive Sam Bankman-Fried may no more fight against extradition from Bahamas to the United States. The 30-year-old former cryptocurrency mogul will appear in a Bahamas court on Monday where he is expected to reverse his decision to contest extradition to the United States, where he faces fraud charges on at least a dozen counts, a person familiar with the matter was cited as saying by Reuters.

Former FTX Chief Executive Sam Bankman-Fried may no more fight against extradition from Bahamas to the United States. The 30-year-old former cryptocurrency mogul will appear in a Bahamas court on Monday where he is expected to reverse his decision to contest extradition to the United States, where he faces fraud charges on at least a dozen counts, a person familiar with the matter was cited as saying by Reuters. It was not immediately clear what prompted Bankman-Fried to change his mind and decide not to contest extradition. ALSO READ - How a secret software code change allowed FTX to (mis)use client money Bankman-Fried was indicted in a United States federal court in New York on Tuesday. The court in Manhattan charged him of engaging in a scheme to defraud FTX customers by using billions of dollars in stolen deposits to pay for expenses and debts and to make investments for his crypto hedge fund, Alameda Research LLC. What does it mean? Bankman-Fried’s decision to consent to extradition would pave the way for him to appear in U.S. court to face wire fraud, money laundering and campaign finance charges. Where will Bankman-Fried be kept? According to defence lawyer Zachary Margulis-Ohnuma, once Bankman-Fried arrives in the United States, he will be kept at the Metropolitan Detention Center in New York’s Brooklyn. Prosecutors will likely argue that Bankman-Fried is a flight risk and should remain in custody because of the large sums of money involved in the case and the unclear location of those funds. WATCH - The FTX bankruptcy scandal: Crypto exchange launches review of its global assets × "The missing money gives prosecutors strong arguments that he is a flight risk," said former federal prosecutor and white-collar defense attorney Michael Weinstein. "I expect that if a judge grants pretrial release, they would impose very restrictive and onerous conditions." Bankman-Fried has acknowledged “risk management failings” at FTX but has said he does not believe he has criminal liability. Bankman-Fried amassed a fortune valued at over $20 billion as he rode a cryptocurrency boom to build FTX into one of the world's largest exchanges. His arrest last Monday in the Bahamas, where he lives and where FTX is based, came just a month after the exchange collapsed amid a flurry of customer withdrawals. FTX filed for bankruptcy on Nov. 11, the same day Bankman-Fried stepped down as CEO. (With inputs from agencies) WATCH WION LIVE HERE You can now write for wionews.com and be a part of the community. Share your stories and opinions with us here.

Bahamas to Brooklyn: FTX founder Sam Bankman-Fried to surrender Monday for US extradition

US Democratic Party is planning on returning a $1.1 million of donations made by imprisoned cryptocurrency tycoon Sam Bankman-Fried. Three different Democrat committees responsible for managing house and senate election campaigns have now set aside these funds to be returned.

US: Democrats to return $1.1 mn donations received from FTX founder Sam Bankman-Fried

Three top committees charged with electing Democrats have said that they would step aside $1 million in donations from Sam Bankman-Fried, the former chief executive officer (CEO) of the collapsed cryptocurrency firm FTX. Bankman-Fried had been a prolific political donor to individual lawmakers, official campaign committees and Super Political Action Committees (PACs).&nbsp;

A report by the Associated Press on Friday said that since FTX's collapse in November, there has been growing scrutiny on campaign donations that Bankman-Fried made to lawmakers, campaign committees and Super PACs.&nbsp;

ALSO READ |&nbsp;<a href="https://www.wionews.com/world/ftx-founder-sam-bankman-fried-donated-money-to-republicans-as-well-reports-535562">FTX founder Sam Bankman-Fried donated money to Republicans as well: Reports</a>

According to a statement on Friday, the Democratic National Committee (DNC) spokesperson Daniel Wessel said that the group will set aside $815,000 in contributions it has received from Bankman-Fried since 2020. The total amount includes donations the former FTX CEO made directly to the DNC as well as the Democratic Grassroots Victory Fund and the Biden Victory Fund.&nbsp;

“We will return as soon as we receive proper direction in the legal proceedings,” Wessel said.

Similar statements were issued by the official campaign arms of Senate and House Democrats- the Democratic Senatorial Campaign Committee (DSCC) and the&nbsp; 
Democratic Congressional Campaign Committee (DCCC).&nbsp;

ALSO READ |&nbsp;<a href="https://www.wionews.com/business-economy/who-is-sam-bankman-fried-the-former-ftx-ceo-cryptogenius-who-lost-145-billion-in-a-day-533429">Sam Bankman-Fried, the former FTX CEO charged with defrauding investors: All you need to know</a>

The DSCC received $103,000 in donations associated with Sam Bankman-Fried and the committee is preparing to return the amount once it gets proper guidance, spokesperson David Bergstein said.&nbsp;

The DCCC, on the other hand, is setting aside $250,000 in donations from Bankman-Fried. The committee said it is waiting for further guidance from the government with regard to what is to be done with the money based on their legal proceedings, the Associated Press report added.&nbsp;

Some lawmakers told the news agency that they will donate Bankman-Fried's contributions to charity while others will set aside the money until further legal guidance.&nbsp;

(With inputs from agencies)

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Three top committees charged with electing Democrats have said that they would step aside $1 million in donations from Sam Bankman-Fried, the former chief executive officer (CEO) of the collapsed cryptocurrency firm FTX.

Three top committees charged with electing Democrats have said that they would step aside $1 million in donations from Sam Bankman-Fried, the former chief executive officer (CEO) of the collapsed cryptocurrency firm FTX. Bankman-Fried had been a prolific political donor to individual lawmakers, official campaign committees and Super Political Action Committees (PACs). A report by the Associated Press on Friday said that since FTX's collapse in November, there has been growing scrutiny on campaign donations that Bankman-Fried made to lawmakers, campaign committees and Super PACs. ALSO READ | FTX founder Sam Bankman-Fried donated money to Republicans as well: Reports According to a statement on Friday, the Democratic National Committee (DNC) spokesperson Daniel Wessel said that the group will set aside $815,000 in contributions it has received from Bankman-Fried since 2020. The total amount includes donations the former FTX CEO made directly to the DNC as well as the Democratic Grassroots Victory Fund and the Biden Victory Fund. “We will return as soon as we receive proper direction in the legal proceedings,” Wessel said. Similar statements were issued by the official campaign arms of Senate and House Democrats- the Democratic Senatorial Campaign Committee (DSCC) and the Democratic Congressional Campaign Committee (DCCC). ALSO READ | Sam Bankman-Fried, the former FTX CEO charged with defrauding investors: All you need to know The DSCC received $103,000 in donations associated with Sam Bankman-Fried and the committee is preparing to return the amount once it gets proper guidance, spokesperson David Bergstein said. The DCCC, on the other hand, is setting aside $250,000 in donations from Bankman-Fried. The committee said it is waiting for further guidance from the government with regard to what is to be done with the money based on their legal proceedings, the Associated Press report added. Some lawmakers told the news agency that they will donate Bankman-Fried's contributions to charity while others will set aside the money until further legal guidance. (With inputs from agencies) WATCH WION LIVE HERE You can now write for wionews.com and be a part of the community. Share your stories and opinions with us here.

Democrats to set aside donations from ex-FTX CEO Sam Bankman-Fried

Sam Bankman-Fried, former CEO of now collapsed cryptocurrency exchange FTX, has made another application for bail before The Bahamas Supreme Court after his previous application before a magistrate was rejected. The news of his second bail application was reported by Reuters citing unnamed source.

Bankman-Fried is currently in a detention center in The Bahamas. His previous application for bail was rejected by Chief Magistrate JoyAnn Ferguson-Pratt. The former crypto mogul is awaiting a hearing on his extradition to the US where he has been already charged for committing fraud.

Bankman-Fried made second bail application on Thursday (December 15).&nbsp;

Bahamas broadcaster Eyewitness News on Thursday reported that the Supreme Court would hear the bail application on Jan. 17, without citing sources.

US prosecutors say Bankman-Fried engaged in a scheme to defraud FTX's customers by misappropriating their deposits to pay for expenses and debts and to make investments on behalf of his crypto hedge fund, Alameda Research LLC.

Bankman-Fried amassed a fortune valued over $20 billion as he rode a cryptocurrency boom to build FTX into one of the world's largest exchanges before it abruptly collapsed this year.

(With inputs from agencies)

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Sam Bankman-Fried, former CEO of now collapsed cryptocurrency exchange FTX, has made another application for bail before The Bahamas Supreme Court after his previous application before a magistrate was rejected.

Sam Bankman-Fried, former CEO of now collapsed cryptocurrency exchange FTX, has made another application for bail before The Bahamas Supreme Court after his previous application before a magistrate was rejected. The news of his second bail application was reported by Reuters citing unnamed source. Bankman-Fried is currently in a detention center in The Bahamas. His previous application for bail was rejected by Chief Magistrate JoyAnn Ferguson-Pratt. The former crypto mogul is awaiting a hearing on his extradition to the US where he has been already charged for committing fraud. Bankman-Fried made second bail application on Thursday (December 15). Bahamas broadcaster Eyewitness News on Thursday reported that the Supreme Court would hear the bail application on Jan. 17, without citing sources. US prosecutors say Bankman-Fried engaged in a scheme to defraud FTX's customers by misappropriating their deposits to pay for expenses and debts and to make investments on behalf of his crypto hedge fund, Alameda Research LLC. Bankman-Fried amassed a fortune valued over $20 billion as he rode a cryptocurrency boom to build FTX into one of the world's largest exchanges before it abruptly collapsed this year. (With inputs from agencies) You can now write for wionews.com and be a part of the community. Share your stories and opinions with us here. WATCH WION LIVE HERE ×

Ex-CEO of FTX Sam Bankman-Fried applies for bail again after losing first bid: Report

US prosecutors on Tuesday accused Sam Bankman-Fried, the founder of crypto currency exchange FTX, of fraud and violating campaign finance laws and a judge in the Bahamas denied him bail.

Former FTX founder Sam Bankman-Fried denied bail in Bahamas court

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