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New York (AFP) - He was the face of cryptocurrency, and a young one at that -- a media darling seemingly destined to unite the sector. But the stunning rise of Sam Bankman-Fried and his FTX platform would be matched by an equally spectacular fall when it was revealed that billions of dollars of clients' funds had been moved and spent without their consent. After a jury in 2023 found him guilty of seven counts, a federal judge in New York sentenced Bankman-Fried on Thursday to 25 years for leading the fraudulent scheme. Before it all came crashing down, the native Californian had amassed a fort...
AFP
New York (AFP) - Oprah Winfrey's announcement that she is leaving the board of WeightWatchers sent the company's shares tumbling Thursday -- the latest sign of trouble for the brand as it struggles to compete with new weight-loss drugs. The departure of Winfrey, who has often addressed her own weight issues during her high profile television and business career, comes after she revealed last year that she was taking prescription anti-obesity medication. A new generation of anti-diabetic drugs, which include Ozempic, Wegovy and Mounjaro, have been hailed as an effective treatment for obesity --...
AFP
New York (AFP) - He was the face of cryptocurrency, and a young one at that -- a media darling seemingly destined to unite the sector. But the stunning rise of Sam Bankman-Fried and his FTX platform would be matched by an equally spectacular fall, after it was revealed that billions of dollars of clients' funds had been moved and spent without their consent. A federal jury in New York has convicted Bankman-Fried of leading the fraudulent scheme, for which 31-year-old former tycoon now faces the possibility of spending the rest of his life behind bars. Before it all came crashing down, the nati...
AFP
New York (AFP) - The trial of Sam Bankman-Fried, former CEO of one of cryptocurrency's biggest exchanges, began Tuesday with a jury set to determine if he committed massive fraud by stealing billions of dollars from clients. The 31-year-old -- once one of the most respected figures in crypto -- now faces decades in prison and could see his name stand alongside Bernie Madoff and Elizabeth Holmes as the era's most prominent fraudsters. The first day of the trial was devoted to jury selection for a case that is set to last about six weeks. Bankman-Fried faces seven counts including wire fraud, se...
AFP
New York (AFP) - Sam Bankman-Fried, once the most respected face of crypto currency, goes on trial Tuesday in federal court facing seven counts of fraud that could see him spend decades in prison. The curly haired graduate of the Massachusetts Institute of Technology in just a few years turned his FTX platform into the world's second biggest crypto exchange, propelling him to become the tech world's latest out-of-the-blue billionaire. Bankman-Fried's meteoric rise was only matched by his ignominious downfall, which saw him escorted last year by police from his luxury apartment in the Bahamas a...
AFP
New York (AFP) - He was the face of cryptocurrency, and a young one at that -- a media darling seemingly destined to unite the sector. But Sam Bankman-Fried's stunning rise to prominence and wealth would be matched by his spectacular fall, and with it that of his platform FTX. In the space of just a few months the Massachusetts Institute of Technology graduate with a degree in physics had taken a startup he founded in 2019 and built it up into the world's second largest crypto exchange platform. He quickly became more than just a young entrepreneur, fashioning himself as an ambassador of c...
AFP
Niagara Falls (United States) (AFP) - In the US border town of Niagara Falls, residents accustomed to the soothing roar of the famous waterfalls recently discovered a much less pleasant sound: the "haunting hum" of bitcoin mining farms. "I get four hours of sleep, maybe, because of that constant noise," said Elizabeth Lundy, an 80-year-old retired hairdresser. "I can hear the noise even through the storm windows." On a sunny October morning, a mechanical whirring could be heard clearly on Lundy's front porch. The noise turned to a deafening din as one walked two blocks toward Buffalo Avenue w...
AFP
New York (AFP) - An original copy of the US Constitution -- one of only two known to be in private hands -- will be auctioned off in December with bidding estimated to go as high as $30 million, Sotheby's announced Tuesday. Five hundred first printings were made of the US Constitution's final text and provided to participants at the 1787 Constitutional Convention, including George Washington, Alexander Hamilton and Ben Franklin, but almost all have been lost to history. Of the 13 that are known to have remained, 11 are owned by governments and institutions. Last year, one of the two privately ...
AFP
New York (AFP) - A lack of rainfall in the central United States has brought the mighty Mississippi River to its lowest depth in years, causing headaches for shippers and squeezing farmers who rely on the busy waterway to take their product to the Gulf of Mexico. According to the US Geological Survey (USGS), the river's depth at shipping hub Memphis, Tennessee, is at its lowest level since 2011. "Normally at this time of year we would see 40-plus barges moving in a tow configuration pushed by (a) towboat," said Deb Calhoun, senior vice president of Waterways Council, a US river infrastructure ...
AFP
New York (AFP) - Twitter shares plunged Monday as Elon Musk issued a mocking, defiant commentary about a looming court battle after he ditched a $44 billion buyout of the social media giant. Shares of the microblogging platform fell 11.3 percent to finish at $32.65, with analysts saying Musk's exit places the company in a vulnerable state at a challenging moment for its core business. After weeks of threats, Musk on Friday pulled the plug on the deal, accusing Twitter of "misleading" statements about the number of fake accounts, according to a letter from his lawyers included in a US securitie...
AFP
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