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FTX Crypto Fraudster Bankman-Fried Freed on US$250 Million Bail Bond

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FTX Crypto Fraudster Bankman-Fried Freed on US$250 Million Bail Bond

FTX crypto fraudster, Sam Bankman-Fried, walked out of a Manhattan courtroom with his parents on Thursday after they agreed to sign a $250 million bond and keep him at their California home while he awaits trial on charges that he defrauded investors and looted customer deposits on his FTX trading platform.

In federal court, Assistant U.S. Attorney Nicolas Roos stated that Bankman-Fried, 30, “perpetrated a fraud of epic proportions.” Roos proposed strict bail conditions, including a $250 million bond — the largest federal pretrial bond ever, according to Roos — and house arrest at his parents’ home in Palo Alto.

According to Roos, one of the main reasons for allowing bail was that Bankman-Fried, who had been imprisoned in the Bahamas, agreed to be extradited to the United States.

Inside the courthouse, reunited with his parents and lawyers, a silent Bankman-Fried shook the hand of a supporter before walking out the door, where photographers and video crews rushed him until he left in a car.

Magistrate Judge Gabriel W. Gorenstein agreed to the bond and house arrest, but he insisted on Bankman-Fried wearing an electronic monitoring bracelet before leaving the courthouse. Roos had suggested that it be attached on Friday in California.

Bankman-Fried entered the courtroom in a suit and tie, shackled at the ankles, to take a seat between his attorneys. He only spoke once during the hearing to respond to the judge. Near the end, Gorenstein asked him if he understood that if he chose to flee, he would face arrest and a $250 million fine.

“I do,” Bankman-Fried replied.

Soon after, the hearing ended, and Bankman-Fried was led out by two U.S. marshals, his hands in his front pants pockets. His next court appearance is scheduled for Jan. 3 before the judge who will preside over the case.

His bail conditions also include prohibiting opening new lines of credit, starting a business, or engaging in financial transactions worth more than $1,000 without the government’s or the court’s approval.

According to Roos, the bond was to be secured by the equity in his parents’ home and the signatures of his parents and two other financially responsible people with significant assets. The bail was described as a “personal recognizance bond,” which meant that the collateral did not have to cover the full amount of the bail.

FTX founder was granted a $250 million bond and placed under house arrest

After his parents signed a $250 million personal recognizance bond, FTX founder Sam Bankman-Fried was released from federal court in Manhattan. While awaiting trial, he will reside at his parents’ home in California. (Dec. 22) (AP video by David R. Martin, Ted Shaffrey, Patrick Orsagos)

Bankman-Fried, arrested last week in the Bahamas, was flown to New York late Wednesday after deciding not to contest his extradition.

While he was in the air, the Manhattan U.S. Attorney’s Office announced that two of Bankman-closest Fried’s business associates had also been charged and had secretly pleaded guilty on Monday.

Carolyn Ellison, the former CEO of Bankman-trading Fried’s firm, Alameda Research, and Gary Wang, the co-founder of FTX, both pleaded guilty to wire fraud, securities fraud, and commodities fraud.

In a video statement, U.S. Attorney Damian Williams stated that both were cooperating with investigators and had agreed to assist in any prosecution. He warned those who assisted the alleged fraud in coming forward.

“Now is the time to get ahead of it if you participated in misconduct at FTX or Alameda,” he said. “We’re moving quickly, and our patients won’t last forever.”

Prosecutors and regulators allege that Bankman-Fried was at the center of several illegal schemes involving using customer and investor funds for personal gain. If convicted on all counts, he could face decades in prison.

Bankman-Fried stated in a series of interviews before his arrest that he never intended to defraud anyone.

Bankman-Fried is accused of illegally obtaining funds from customers to facilitate trades at Alameda, spend lavishly on real estate, and make millions of dollars in campaign contributions to US politicians.

FTX, founded in 2019, rode the crypto investing phenomenon to great heights, quickly becoming one of the world’s largest digital currency exchanges. Seeking customers outside of the tech world, it hired comedian and writer Larry David to appear in a Super Bowl commercial promoting cryptocurrency as the next big thing.

Bankman-crypto Fried’s empire, on the other hand, abruptly collapsed in early November when customers withdrew deposits in large numbers amid reports that some of its financial arrangements were questionable.

The Associated Press

Geoff Thomas is a seasoned staff writer at VORNews, a reputable online publication. With his sharp writing skills and deep understanding of SEO, he consistently delivers high-quality, engaging content that resonates with readers. Thomas' articles are well-researched, informative, and written in a clear, concise style that keeps audiences hooked. His ability to craft compelling narratives while seamlessly incorporating relevant keywords has made him a valuable asset to the VORNews team.

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Britain Must Be Ready for War in 3 Years, Warns New Army Chief

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Britain Must Be Ready for War in 3 Years, Warns New Army Chief

The new head of the Army has stated that Britain must be prepared to fight a war within three years.

Gen Sir Roland Walker has issued a warning about a variety of risks in what he calls a “increasingly volatile” environment.

However, he stated that war was not inevitable and that the Army had “just enough time” to prepare to prevent conflict.

He stated that the Army’s fighting capacity would be doubled by 2027 and tripled by the end of the decade.

Gen Walker warned that the Britain was under threat from a “axis of upheaval” in his first speech as Prime Minister on Tuesday.

Among the primary concerns confronting the Britain in the next years, as noted by the general in a briefing, is an enraged Russia, which may seek vengeance on the West for helping Ukraine, regardless of who wins the war.

He stated: “It doesn’t matter how it finishes. I believe Russia will emerge from it weaker objectively – or completely – but still very, very dangerous and seeking some form of retaliation for what we have done to assist Ukraine.”

Britain’s Government Defence Review and Military Challenges

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He also warned that China was determined to retake Taiwan, and Iran was likely to seek nuclear weapons.

He stated that the threats they posed may become particularly acute in the next three years, and that these countries had formed a “mutual transactional relationship” since the war in Ukraine, sharing weaponry and technology.

However, he stated that the path to conflict was not “inexorable” if the UK re-established credible land troops to assist its deterrent strategy for avoiding war.

In his speech, he described his force of slightly over 70,000 regular troops as a “medium-sized army” and made no direct call for additional resources or men.

However, he pushed the British Army to adapt swiftly, focussing on technology such as artificial intelligence and weaponry rather than numbers.

His ultimate goal is for the Army to be capable of destroying an opponent three times its size.

This would entail firing quicker and farther, he said, aided by lessons learnt from the Ukraine war.

The general’s speech at the Royal United Services Institute land warfare conference comes only one week after the government began a “root and branch” defence review to “take a fresh look” at the challenges facing the armed services.

Defence Secretary John Healey launched the assessment, describing the existing status of the armed forces as “hollowed-out” and stating that “procurement waste and neglected morale cannot continue”.

According to the most recent Ministry of Defence (MoD) numbers from April 2024, the Britain’s regular Army forces total 75,325 troops (excluding Gurkhas and volunteers).

That figure has been declining in recent years, as recruiting has failed to match retention. The previous Conservative administration lowered the planned headcount from 82,000 to 72,500 by 2025.

Members of the NATO military alliance have agreed to spend at least 2% of GDP on defence by 2024, but several countries are unlikely to fulfil this goal.

The Britain presently spends 2.3% of its GDP on defence. Prime Minister Sir Keir Starmer has previously stated that the defence review will include a “roadmap” for increasing this to 2.5%, however he has yet to provide a date for this promise.

Source: BBC

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Katie Ledecky Hopes For Clean Races At Paris Olympics In The Aftermath Of The Chinese Doping Scandal

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ledecky

PARIS — Katie Ledecky is looking for clean Olympic races. On Wednesday, Hope had pretty much reached her limit.

The American swimmer hopes to add to her six gold medals as she competes in the 400, 800, and 1,500 meters at the Paris Games. Her program starts with the heavy 400 on Saturday, featuring Ariarne Titmus and Summer McIntosh.

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Katie Ledecky | ESPN Image

Katie Ledecky Hopes For Clean Races At Paris Olympics In The Aftermath Of The Chinese Doping Scandal

The 27-year-old Katie is competing in her fourth Summer Olympics, but the first since a doping scandal involving almost two dozen Chinese swimmers who tested positive for a banned chemical before the Tokyo Games — yet were permitted to compete with no consequences. The controversy has raised serious worries regarding the effectiveness of anti-doping initiatives.

ledecky

Katie Ledecky | Vogue Image

“I hope everyone here is going to be competing clean this week,” Ledecky claimed. “But what truly counts is, were they training cleanly? Hopefully this has been the case. Hopefully, there has been worldwide testing.”

The International Olympic Committee has expressed concern over the ongoing US investigation into possible doping by Chinese swimmers. While awarding the 2034 Winter Olympics to Salt Lake City on Wednesday, the IOC urged Utah officials to do whatever they could to stop the FBI investigation.

“I think everyone’s heard what the athletes think,” Katie added. “They seek transparency. They want more answers to the remaining questions. At this point, we are here to race. We are going to race whoever is in the lane next to us.

“We are not paid to conduct the tests, so we trust those who follow their regulations. That applies both today and in the future.

 

ledecky

Katie Ledecky | ESPN Image

Katie Ledecky Hopes For Clean Races At Paris Olympics In The Aftermath Of The Chinese Doping Scandal

SOURCE | AP

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London Heatwave Alert: High Temperatures Set to Soar to 29C Next Week

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London Heatwave Alert High Temperatures Set to Soar to 29C Next Week

As the summer holidays begin, London may experience an official heatwave with temperatures reaching up to 29 degrees Celsius.

The Met Office predicts a long period of sunny and dry weather for London after a soggy spring and summer.

After a cloudy day on Saturday, temperatures are expected to reach 27C on Sunday, with lots of sunlight.

On Monday and Tuesday, temperatures are forecast to peak at 29 degrees Celsius. Monday is forecast to offer more sunlight, while Tuesday may see some gloomy weather.

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Temperatures are expected to remain in the high 20s next week, with lows of approximately 18C.

According to the Met Office, a heatwave is “an extended period of hot weather relative to the expected conditions of the area at that time of year, which may be accompanied by high humidity.”

In the United Kingdom, a heatwave is proclaimed when daily temperatures meet or surpass a certain level for at least three consecutive days.

In London, the heatwave threshold is 28 degrees Celsius.

The Met Office reported that the UK is experiencing hotter and wetter weather on average due to climate change.

The UK experienced its warmest May and April on record this year, despite damp and dismal conditions in many areas.

According to the Met Office’s State Of The UK Climate 2023 report published on Thursday, the UK experienced historic levels of extreme weather last year.

In the United Kingdom, 2023 was the second warmest year on record, bringing storms, flooding, strong heatwaves, and rising sea levels; only 2022 was warmer.

It was 0.8°C higher than the average from 1991 to 2020, and 1.66°C higher than the 1961 to 1990 average.

However, 2023 will be a “cool year” in comparison to 2100, based on the planet’s warming trajectory.

The government’s plan to adapt to the hazards presented by climate change is currently being challenged in the High Court by campaigners who allege the Tory administration’s July 2023 National Adaptation Programme (NAP) fails to adequately address 61 concerns.

Source: The Standard

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