Former FTX Co-Founder Sam Bankman-Fried is charged with seven counts of fraud and money laundering, a case that has been going on for nearly a year. 

New York

Former FTX co-founder Sam Bankman-Fried has been found guilty of defrauding investors and customers.

Bankman-Fried Guilty

Explained: The case against Sam Bankman-Fried

In the span of three years Sam Bankman Fried became one of crypto's biggest stars in May 2019. Bankman Fried and business partner Gary Wong founded FTSE. Its goal to create a safe and responsible platform for traders. By October 2021 venture capitalists had poured millions into FTSE and a list celebrities like former NBA player Shaquille O'Neal model Giselle Bunchen and comedian Larry David had endorsed it. That same year the firm was valued at twenty five billion dollars and users soared to more than five million globally. At least one point two million of them in the US. The FTSE name became well known appearing on T-shirts in commercials and even on an NBA arena. By early 2022 the Bahamas based company's valuation skyrocketed to thirty two billion dollars. FTSE had become one of the world's biggest crypto exchanges. Bankman Fried's net worth climbed to twenty six billion dollars and he said he wanted to do good with his money following effective altruism. I both think it's not what I should do with my money. I think I should be thinking about how I can help the world with it. The then 30 year old also became a major political donor. He contributed tens of millions to bipartisan political action committees and frequented Capitol Hill to be a voice for his company and the industry. At the time he had no plans to slow down. I'm going to be here for the long term. No plans to leave. You know that is not something that is on my horizon. But in November of 2022 things began to unravel. Coindesk reported that the crypto hedge fund Bankman Fried had also founded Alameda Research had a significant portion of its assets made up of FTSE a token that FTSE created. In response on November 6th CZ the CEO of rival crypto exchange Binance posted to social media saying quote we have decided to liquidate any remaining FTSE on our books. The move triggered a massive wave of withdrawals sort of like a run on the bank. And FTSE didn't have the funds to meet them. In a rescue attempt FTSE reached a deal with Binance to sell itself. But Binance backed out. We became very quickly. There was a lot of funds missing like to the tunes of you know double digit billions. I couldn't trust any information in the data room. So by November 11th it was over. FTSE filed for bankruptcy and Bankman Fried resigned as CEO that same month. He apologized at a public event. I made a lot of mistakes or things I would give anything to be able to do over again. I didn't ever try to commit fraud on anyone. But just a few weeks later Sam Bankman Fried was indicted accused of misappropriating billions of dollars at the cryptocurrency exchange. It's fair to say that by any anyone's license is one of the biggest financial frauds in American history.

A prominent member of Israel's war cabinet, Benny Gantz, has threatened to quit if Prime Minister Benjamin Netanyahu doesn't outline a post-war plan for Gaza by early next month. There's also pressure from protesters who are calling on the government to do more to secure the release of captives.

Tel Aviv-Yafo

Israel-Gaza War

Key ally of Netanyahu threatens to quit over Gaza

Sunday is the final day of the Premier League season, with both Manchester City and Arsenal in contention to win the title. A victory against visitors West Ham will guarantee a fourth championship in a row for City.

Manchester

Man City know ‘it’s win or Arsenal will be champions’

New York police have beaten and arrested several protesters at a pro-Palestinian demonstration in Brooklyn, according to witnesses. The New York Post said at least 12 people were arrested.

Pro-Palestine protesters beaten, arrested in New York

There were ugly scenes in Melbourne city as hundreds of pro-Palestinian and pro-Israeli protest groups clashed with each other. With tensions flaring, a significant police presence blocked off streets and separated the rival demonstrators.

Melbourne

Palestinian and Israeli protestors clash in Melbourne

A police officer has been stabbed in the back of the head in an unprovoked attack near Hyde Park in Sydney city. The injured constable then chased his attacker, who was eventually tasered by a patrolling riot squad officer.

Council of the City of Sydney

Police officer stabbed in Sydney CBD

Crews in the U.S. city of Houston are working to restore power to nearly one million homes and businesses, after storms caused widespread damage. A Texas official says some residents could be without power for weeks.

Houston

Seven dead after powerful storms slam Houston, Texas

Heavy rains caused flooding in parts of Germany, Belgium and the Netherlands overnight into this morning, swamping streets and buildings and sparking evacuations.

Berlin

Floods in parts of northern Europe after heavy rains

One more person was killed and two injured in France's Pacific territory of New Caledonia as security personnel tried to restore order after a fifth night of riots and looting that has now claimed six lives.

Nouméa

Some neighbourhoods out of control in New Caledonia riots

Three Spanish tourists were killed and at least one Spaniard was injured in an attack by gunmen in Afghanistan's central Bamyan province, Spain's foreign ministry said on Friday.

Bamyan

Spanish tourists killed in Afghanistan shooting

Gregor Haas, father of Brisbane Broncos star Payne Haas, has been arrested in the Philippines. Authorities allege that he attempted to smuggle five kilograms of methamphetamine into Indonesia, a crime that carries the death penalty.

Cebu City

Father of NRL star arrested in Philippines

A new temporary pier built by the U.S. is helping bring desperately needed aid to Gaza. The first shipment of humanitarian aid has already started rolling into the besieged enclave, but UN officials say it's no replacement for deliveries by land.

Rafah

Aid rolls into Gaza as U.S. constructed pier opens

Surveillance video from a hotel in 2016 appears to show rapper and record mogul Sean 'Diddy' Combs grab, shove, drag and kick his then-girlfriend Cassie Ventura, matching allegations she made in a now-settled civil suit against him.

Los Angeles

Video emerges of Sean 'Diddy' Combs assaulting woman

The world's number one ranked golfer Scottie Scheffler was arrested early this morning on his way to the PGA Championship in Louisville, Kentucky. He is facing four charges including assault of an officer, after allegedly dodging a pedestrian death investigation.

Louisville

Scheffler, top ranked golfer arrested outside tournament

Hundreds of French police reinforcements have arrived in Noumea amid deadly riots that have claimed the lives of five people. The unrest follows plans to change electoral rolls to allow more French residents to vote.

French force arrives in New Caledonia

Aid trucks have started moving through a U.S.-built pier anchored off Gaza's coast, the U.S. Central Command said on Friday (May 17), marking the first batch of aid to reach Gaza by sea in weeks.

Jerusalem

Aid trucks begin moving through Gaza pier, U.S. says

Israel was at the International Court of Justice Friday (May 17), defending its military operation in Gaza. The United Nations' top court wrapped up a third round of hearings on emergency measures requested by South Africa, which says Israel’s military incursion in Rafah threatens the “very survival of Palestinians in Gaza."

The Hague

Israel responds to genocide charges at U.N. court

Speaking at the end of his state visit to China, President Vladimir Putin said that Russian forces advancing in Ukraine's northeast were carving out a buffer zone to protect Russia from attacks. Ukraine's top commander warned of "heavy battles" looming on the war's new front in the Kharkiv region.

Kharkiv

Ukraine Invasion

Putin says Russia carving out 'buffer zone' around Kharkiv

FIFA will take independent legal advice on a call by the Palestinian Football Association to suspend its Israeli counterpart over events in Gaza, the world body's president said Friday (May 17).

Bangkok

FIFA to seek legal advice over Israel suspension

French police shot dead an armed man who set fire to a synagogue in the northwestern city of Rouen. Officers opened fire when the assailant threw an iron bar at them and threatened them with a knife as he left the building.

Rouen

French police kill attempted synagogue arsonist

The United States military on Thursday (May 17) said it had finished installing a floating pier for the Gaza Strip, with officials poised to begin ferrying humanitarian aid into the besieged enclave.

Gaza floating pier project for aid deliveries complete

Slovakia’s Prime Minister Robert Fico is stable but his condition remains serious after undergoing several hours of surgery. Fico was shot five times in the central town of Handlova after he left a government meeting. The assassination attempt shocked the country and drew global condemnation.

Handlová

Slovakia PM in stable condition after surgery

At their bilateral meeting in Beijing, Presidents Vladimir Putin of Russia and Xi Jinping of China stressed their close relationship through economic and military ties even though trade has come down since its peak in 2023. Some analysts say the drop may be related to Chinese banks' fears of U.S. sanctions for technology sales with Russia.

Beijing

Putin, Xi reinforce ties amid U.S. pressure to halt tech sales

A major reinforcement operation is underway to bolster security forces in the French Pacific island territory of New Caledonia. The airlift of police and soldiers follows three nights of protests over electoral reform. Four people have died in the unrest, including a police officer.

France sends forces to New Caledonia amid deadly riots

The Republican-led U.S. House of Representatives passed a bill that would force President Joe Biden to send weapons to Israel, seeking to rebuke the Democrat for delaying bomb shipments as he urges Israel to do more to protect civilians during its war with Hamas.

Washington

U.S. House bill requires Biden to send weapons to Israel

At the former U.S. president's trial on Thursday, Donald Trump's lawyer accused star witness Michael Cohen of lying about a phone conversation he claimed to have had with Trump about a hush money payment to adult film actress Stormy Daniels shortly before the 2016 presidential election.

Manhattan

Trump's lawyer accuses Cohen of lying at hush money trial

Authorities have charged an alleged gunman with the attempted murder of Slovak Prime Minister Robert Fico. Following emergency surgery, Fico's condition is now listed as stable but serious.

Banská Bystrica

Alleged gunman charged with Slovak PM's attempted murder

Peter Dutton has announced if the Opposition wins Government it will cut permanent migration numbers in half in an effort to ease the housing supply crisis.

Canberra

Opposition plans to slash foreign arrivals

France has deployed troops to New Caledonia's ports and international airport, banned TikTok and imposed a state of emergency after three nights of clashes that have left four dead and hundreds wounded.

TikTok banned in New Caledonia amid riots

Leaders Xi Jinping and Vladimir Putin framed their nations' ties as a stabilizing force in a chaotic world as they met in Beijing. It is Putin's first trip abroad since his March re-election and the second in just over six months to China, an economic lifeline for Russia.

Russia's Vladimir Putin meets China's Xi Jinping in Beijing

This week, the U.S. Department of Justice said Boeing did not hold up their end of the bargain after 737 Max crashes and now it's a possibility the company could face charges.

SEE THE FULL STORY

Bankman-Fried Guilty