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  • Sam Bankman-Fried: Disgraced 'crypto king' jailed for 25 years after stealing billions of dollars from FTX customers
    March 28, 2024 at 19:14

    Disgraced crypto entrepreneur Sam Bankman-Fried has been sentenced to 25 years in prison after being convicted of stealing billions of dollars from his customers..

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    He was the chief executive of FTX, which suddenly went bankrupt in November 2022 - leaving millions of users frozen out of their accounts and unable to make withdrawals.

    The 32-year-old American could have faced up to 100 years behind bars - but last month, his lawyers argued such a sentence would have been "barbaric" and a five-year term would be more appropriate.

    Initial reports said he had been sentenced to 20 years - but this has since been corrected to 25.

    Prosecutors had asked the judge to jail Bankman-Fried for 40 to 50 years, arguing the public needed protecting from the fraudster and a harsh punishment would deter other criminals.

    "The defendant victimised tens of thousands of people and companies, across several continents, over a period of multiple years," prosecutors said in a court filing.

    "He stole money from customers who entrusted it to him; he lied to investors; he sent fabricated documents to lenders; he pumped millions of dollars in illegal donations into our political system; and he bribed foreign officials. Each of these crimes is worthy of a lengthy sentence."

    Prosecutors also said Bankman-Fried had cost customers, investors and lenders over $10bn (£7.9bn) by misappropriating funds to fuel his quest for influence and dominance in the new industry, and had illegally used money from FTX depositors to cover his expenses, which included purchasing luxury properties in the Caribbean, alleged bribes to Chinese officials and private planes.

    At the sentencing hearing in Manhattan, Judge Lewis Kaplan said the businessman lied on the witness stand when he insisted he had no knowledge of customer funds being used this way.

    The judge also described Bankman-Fried's claim that victims will be paid back in full as "misleading and logically flawed".

    "A thief who takes his loot to Las Vegas and successfully bets the stolen money is not entitled to a discount on the sentence by using his Las Vegas winnings to pay back what he stole," Judge Kaplan warned.

    The judge said that the sentence reflected "a risk that this man will be in a position to do something very bad in the future".

    "And it's not a trivial risk at all."

    He added that it was "for the purpose of disabling him to the extent that can appropriately be done for a significant period of time".

    Before he was sentenced, Mr Bankman-Fried apologised in a rambling statement.

    "A lot of people feel really let down. And they were very let down. And I'm sorry about that. I'm sorry about what happened at every stage," he said.

    "My useful life is probably over. It's been over for a while now, from before my arrest."

    Judge Kaplan said he would advise the Federal Bureau of Prisons to send him to a medium-security prison or less near the San Francisco area because he's unlikely to be a physical threat to other inmates or prison staff, and his autism and social awkwardness would make him vulnerable to other inmates in a high-security location.

    Read more:
    The meteoric rise and even sharper fall of Sam Bankman-Fried

    Why industry may never recover from downfall of 'crypto king'

    It took just five-and-a-half hours for a jury in New York to convict him of two counts of fraud and five of conspiracy last November.

    Three people from Bankman-Fried's inner circle - including his former girlfriend Caroline Ellison - pleaded guilty to related crimes and testified at his trial.

    Bankman-Fried's conviction followed a dramatic fall from grace from his time as chief executive of FTX - the second-largest cryptocurrency exchange in the world at one time - when he was worth billions of dollars on paper.

    FTX allowed investors to buy dozens of virtual currencies, from Bitcoin to more obscure ones like Shiba Inu Coin.

    Flush with billions of dollars of investors' cash, Bankman-Fried rode a crest of success that included a Super Bowl advertisement and celebrity endorsements from stars like quarterback Tom Brady, basketball star Stephen Curry and comedian Larry David.

    But after the collapse of cryptocurrency prices in 2022, Bankman-Fried tried to plug the holes in the balance sheet of FTX's hedge fund affiliate, known as Alameda Research.

    Bankman-Fried's victims - an estimated 80,000 of whom are based in the UK - remain out of pocket, with some losing their life savings.

    Prosecutors described his crimes as one of the biggest financial frauds in US history.

  • Baltimore bridge collapse: Wife of survivor say it's a 'miracle' husband survived' because he can't swim
    March 29, 2024 at 00:35

    The wife of one of the eight construction workers who was on the Francis Scott Key Bridge when it collapsed has said "it's a miracle he survived" because he can't swim..

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    Julio Cervantes was on the 1.6-mile-long structure when it crashed into the Patapsco River after being struck by a huge container ship in the early hours of Tuesday morning.

    Mr Cervantes and another man were rescued the same day.

    The rescue mission turned into a recovery operation when they were presumed dead on Tuesday night. The bodies of two of them were found on Wednesday while the remaining four have still not been found.

    Mr Cervantes' wife, who did not want to give her name, told Sky News' US partner network: "All of the men were on a break in their cars when the boat hit.

    "We don't know if they were warned before the impact... My husband doesn't know how to swim. It is a miracle he survived."

    It emerged after the disaster that personnel on board the ship were able to alert the Maryland Department of Transportation that they had lost control of their vessel.

    This meant local authorities were able to get close to the bridge before it was struck, with US President Joe Biden saying this "undoubtedly saved lives".

    Mr Cervantes was taken to hospital with a chest wound on Tuesday and was released the same day.

    The other worker rescued was in good condition and refused treatment.

    The remains of Alejandro Hernandez Fuentes, 35, and Dorlian Ronial Castillo Cabrera, 26, were recovered in the Port of Baltimore on Wednesday morning.

    They were found in a red truck trapped under 25ft of water near what was once the middle of the bridge.

    Read more:
    Two possible causes for the catastrophe
    Baltimore has 'very long road ahead'

    Mr Cervantes' wife said that her brother-in-law was one of the two men whose bodies were recovered, but did not share his name.

    She said her entire family is of Mexican origin, and her nephew is among those still missing.

    "We haven't been able to sleep, waiting for word if they're going to find a relative," she said.

    It came as Maryland Governor Wes Moore warned of a "very long road ahead" to recover from the loss of the bridge as the Biden administration approved $60m in immediate federal aid.

    Massive barges carrying cranes are in the process of removing twisted metal and concrete as a first step toward reopening a key shipping route blocked by the wreckage.

    Mr Moore promised that "the best minds in the world" were working on plans to clear the debris, move the cargo ship that rammed into the bridge from the channel, recover the bodies of the four remaining workers presumed dead and investigate what went wrong.

    An investigation into what caused the crash and subsequent bridge collapse is under way by the National Transportation Safety Board. It is anticipated to take up to two years.

  • 'We all want to live forever': The tech letting people create avatars for loved ones to meet after they die
    March 29, 2024 at 00:58

    When technology entrepreneur Artur Sychov's father was diagnosed with cancer, he was forced to accept a day may soon come when he wouldn't be able to speak to him again..

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    The 38-year-old knew he would give anything to have another father-son conversation after his dad's death.

    So, using artificial intelligence, he got to work on a way that could make it happen for others in his position.

    Artur has created a virtual reality tool called "live forever mode". It features digital avatars who can simulate a person's voice, mannerisms and movements after just 30 minutes of the user being observed.

    The goal is for the avatar to live forever online as a memory of its creator so future generations of their family can interact with it.

    Artur struggles to see any downsides to it.

    "You can get to know the person," he says. "You can hear their voice... You get to talk to them about different topics, and you get to inject a little bit of their personality.

    "And with time, you'd actually be more and more precise. It would be more like them."

    It is just one of the many ways in which companies across the world are reimagining our relationship with the dead - but there are concerns.

    "It's really pushing on that fundamental anxiety that we have about the end of our being," says Elaine Kasket, a cyber psychologist and author.

    "Some people have a lot of anxiety around that... I guess I have a few concerns about playing on those really existential fears as a means of selling your products."

    Artur's company Somnium Space is trialling his "live forever mode" at its headquarters in Prague, Czech Republic, before its official launch.

    Somnium Space is a 3D metaverse platform that users can access with a virtual reality headset. In this space, they exist as an avatar that can play games, create artwork, attend events and buy and sell virtual goods from other users.

    It has already been downloaded 300,000 times since it was set up in 2017, and around 50 to 250 users log into the platform every day.

    Artur uses the tool himself, with his avatar styled as a blue robot.

    "You sound familiar," Artur says, wearing a digital headset.

    "I'm actually Artur," his avatar responds.

    The real Artur poses a challenge: "You know I'm Artur. You're not Artur. Who are you?"

    The avatar mocks him: "I can see you're trying to start a joke there. It seems like you might have got cut off. Want to finish the joke?"

    When I try the technology myself, a user known as UltraLord "shakes" my avatar's hand and greets me with a virtual hug. Despite not feeling a physical sensation, I feel hugged.

    The idea of continuing your legacy is a driving force for some users.

    UltraLord, who is based in Budapest, Hungary, says the concept of immortality is exciting.

    "In a way, we all want to live forever in the things that we do, and we want the idea of us, the legacy of us to live on throughout our generations," he says.

    "So being able to actually create an idea of me that future generations can look back upon and kind of like, say and talk to and reflect on. It's very exciting."

    He wants his avatar to outlive him so his future relatives can experience it.

    He adds: "Instead of my kids having to hear stories of me and kind of make an idea of what they think I am in the past, they can actually talk to me and really know who I was, and that will give them a stronger sense of self."

    Read more:
    Woman 'chats' to dead mother using AI - with 'spooky' results
    I lost my job after AI tool assessed my body language

    UltraLord is aware he is creating something he won't be able to control after he has died, but he has made his peace with the idea.

    "If it ever goes rogue, then I really don't know what to do," he says. "Well, I wouldn't be able to do anything..."

    The "live forever mode" tool is expected to officially launch later this year but there remain unanswered questions.

    It will be paid for by a subscription fee, but what that fee will be is undecided, as is who will pay for it after the creator dies.

    Users can buy and sell virtual goods in the metaverse, and their avatars can continue to do this after they die if they have signed up for the live forever mode. But it is up to users to make sure their family can access their accounts and benefit from their posthumous earnings.

    Somnium Space says it does not keep any of the data used to train the avatar on its servers. It is all stored locally on the computers of its users across the world, and they can control how much or how little to store.

    But what happens to personal data after you die is a point of contention.

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    In practical terms, if someone with malicious intent were to get hold of your information soon after your death, and before your family had a chance to decide what happens with your data online, you could be impersonated and your data manipulated, Ms Kasket warns, adding that you could even continue your former employment.

    "If you're a university lecturer, maybe that university will have you keep on lecturing," she adds.

    "Whether your family will see any money from that is open to question, because there's no regulation around this."

    As technology evolves, we are looking at a future in which we can extend our legacies online and connect with dead loved ones in ways we didn't previously think were possible.

    But with that comes a warning: we also have to prepare for these practices to have far-reaching consequences on our legacies and on the real lives of our loved ones.

  • Weather latest: Strong winds batter UK as millions set to hit roads over Easter weekend
    March 29, 2024 at 00:20

    Winds of up to 70mph have battered the south coast, along with hail and thunder, as millions are set to hit the roads for Easter getaways..

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    The weekend is set to be "unsettled" but "bright and breezy", according to the Met Office forecast.

    Drivers are being warned of long delays on roads as more than 14 million Easter getaway trips are expected.

    Find out the forecast for where you live

    The RAC and transport analysis company Inrix commissioned a survey which suggested 2.6 million leisure journeys by car will be made on Good Friday.

    Meanwhile, at least three major airports have said that the coming days will be their busiest-ever Easter weekend while 493 different pieces of planned engineering works are set to take place on the railways.

    Yellow weather warnings for rain and strong winds were issued across parts of the south of England and Northern Ireland respectively on Thursday.

    The caution for the south of England expired at 11.59pm on Thursday while the warning for Northern Ireland said "a few" homes and businesses could be flooded and is in place until 3am on Friday.

    The unsettled conditions are expected to continue into Easter, as the bank holiday weekend leads into a two-week break for many schools.

    Sky News weather producer Joanna Robinson said Good Friday will be less windy than Thursday, with a few showers around on Saturday and Easter Sunday, along with pleasant sunny spells.

    Temperatures of up to 15C (59F) are expected in west London and 14C (57.2F) in Manchester on Sunday, which is typical for the time of year.

    Read more from Sky News:
    King delivers personal Easter message
    Man arrested over death of Gogglebox star
    Owners of Crooked House appeal against rebuild order

    Rain is then set to return to the south on Easter Monday.

  • Man arrested after more than 50 dead animals found dumped outside Broughton Community Shop
    March 28, 2024 at 22:48

    A 37-year-old man has been arrested after more than 50 dead animals were dumped outside a shop in Hampshire..

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    A member of staff was opening the Broughton Community Shop when they encountered the "horrifying" scene on 15 March.

    Police were called and found about 50 dead hares, a kestrel and a barn owl outside the store.

    Officers from Hampshire and Isle of Wight Constabulary's Country Watch team have been investigating and discovered the barn owl and kestrel had been shot with a firearm.

    Both birds are listed under Schedule 1 of the Wildlife and Countryside Act 1981, giving them legal protection.

    The man who was arrested has been charged with criminal damage, night poaching, killing of a Schedule 1 bird and killing of brown hare in the closed season.

    He has also been charged with an offence under the Public Order Act, an offence under the Animal Welfare Act and an offence under the Firearms Act.

    Police said on Thursday night that he remains in custody.

    Country Watch Sergeant Stuart Ross said: "Since this incident took place, we have been actively pursuing a number of lines of inquiry and working with partner agencies to establish the circumstances of what happened.

    "We are grateful for the help we have received from the local community and we'd like to thank them for their patience while we investigate what happened.

    "There may be some people with information who have not yet come forward, and if so, we would urge them to do so as soon as possible."

    Read more from Sky News
    'Crypto king' jailed for 25 years
    Man arrested over Gogglebox star's death

    Owl found 'impaled on the door handles'

    Mike Hensman, the shop's treasurer, said the barn owl and kestrel were found "stuffed" on the door handles and blood was smeared on the windows.

    "It was bedlam, it was just covered in dead hares, all the way across this paving here, horrifying," he told Sky News.

    "And on the door there was a dead raptor, bird of prey, and an owl impaled on the door handles. And there was blood everywhere."

    He described how shocked staff and villagers had to remove the remains.

    "We cleared it all up, got the police in, had to wash all the windows down and get rid of everything.

    "We got a local farmer here to get rid of all the dead hares and we just got on with business because that's what you do in a community. We're servicing the community. We just had to keep going."


Last updated 2024-03-29 01:39:02