Crime
US prosecutors brand Bankman-Fried ‘a thief’ in crypto trial
Former cryptocurrency whiz kid Sam Bankman-Fried knowingly stole money from customers of his FTX platform, US prosecutors told a federal court in closing arguments on Wednesday.
“This is not about complex issues of cryptocurrencies,” prosecutor Nicolas Roos told the jury after several days of whithering cross-examination of the fallen crypto king.
“It’s about deception. It’s about lies. It’s about stealing. It’s about greed,” he said of the 31-year-old who was estimated to be worth several billion dollars at the height of his fame.
Bankman-Fried is on trial in New York for siphoning funds invested by unknowing customers on his FTX cryptocurrency exchange platform, once the second biggest exchange for crypto investors. He faces decades in prison if convicted.
Up to $14 billion of client money fuelled the transactions and venture investments of Alameda Research, Bankman-Friends personally owned hedge fund.
The jury is faced with the question whether “the defendant knew taking the money was wrong,” Roos said.
“He knew it was wrong. He did it anyway (and) thought because he was smart he could get away with it,” the prosecutor argued.
To believe otherwise, “you’d have to believe that the defendant was actually clueless. You sat through this trial and you know that none of it is true.”
During the trial that began on October 3, the Massachusetts Institute of Technology graduate admitted he made “mistakes” in managing his crypto empire, but that he never committed fraud.
He depicted himself as a young entrepreneur swamped with work who only became aware of the trouble at Alameda when it was too late.
He said the problems at Alameda arose because his directions were ignored by staff, including his former girlfriend Caroline Ellison, whom he had tapped to run Alameda.
Roos pointed out that three witnesses, Ellison and other close associates, each claimed that the ex-cryptocurrency genius had given instructions for Alameda to pilfer the coffers of FTX, virtually without limit.
“That’s fraud. That’s stealing, plain and simple,” Roos said.
The trial has revealed that company software authorized Alameda to borrow up to $65 billion from FTX via a “back door”, using the money for risky investments, political donations, and the purchase of the swishy real estate.
But the blank check turned sour when the cryptocurrency industry got rocked by a series of defaults in 2022, causing the value of virtually all digital currencies and Alameda’s assets to plummet.
According to prosecutors, at the time of the bankruptcy of FTX, just over $8 billion belonging to customers vanished into bad investments at Alameda.
Crime
Thieves cart away cows meant for church harvest celebration
Suspected thieves have carted away two cows from the premises of the Celestial Church of Christ (CCC) Testimony Parish in the Egbeda area of Oyo state.
In a post published on its Facebook page, the church said the stolen cows, bought at N1.9 million, were meant for its annual adult harvest thanksgiving celebration.
The incident happened on November 11 as the church prepared for the celebration slated for November 17.
After days of searching for the missing cows, the church solicited for financial contributions to buy new cows for the harvest celebration.
“Dear Celestians and The General public, This 2 Huge Cows was stolen where it was Tied in The Church Premises at CCC Testimony parish Elerumoke Area, Egbeda, Iyana Ajia and its meant for slaughter for the 9th adult harvest thanksgiving of the church coming up this Sunday 17th November 2024,” the church wrote on Facebook.
“We hereby solicit for your prayer for quick recovery of this harvest thanksgiving sacrificial materials.
“Anybody with useful information on how to recover these cows or any means of assistance to make the harvest thanksgiving a beautiful one should contact the parish shepherd.”
Crime
NDLEA arrests businessman for smuggling cocaine through ingestion
The National Drug Law Enforcement Agency has announced the arrest of a businessman caught with a large quantity of cocaine.
Femi Babafemi, the Director of Media and Advocacy, revealed the arrest on Sunday via his X account, accompanied by a video displaying the seized contraband.
The businessman, whose identity has not been disclosed, reportedly ingested a substantial quantity of cocaine in an attempt to avoid detection.
Babafemi wrote, “Detty December: Before you swallow those drugs, please remember that the new @ndlea_nigeria has the capacity and capability to catch you.
“The businessman who excreted this amount of cocaine will not only spend Christmas behind bars but also risks a life sentence at the end of his trial. Beware!”
Crime
UK teenager risks 20 years in Dubai prison for sex with 17-year-old girl
An 18-year-old British boy has been arrested for allegedly having sex with a 17-year-old girl in Dubai.
Detained in Dubai, a group of UAE legal experts, said the teenager was on holiday with his parents when he met the girl — who is now 18 — at the same hotel.
The teenagers who are both from London were said to have made plans to continue their romance when they returned to the UK.
The group, which campaigns to help people it says have suffered injustice in the UAE, said the young man was charged because the girl’s mother found their chats and pictures back in the UK.
It was gathered that the woman subsequently contacted police in Dubai and he was arrested.
The boy however claimed he was unaware that the girl was younger than him when they met. The teenager also disclosed that he was in police custody for three days and was unable to contact his parents.
“We had a wonderful time together. We really liked each other but she was secretive with her family because they were strict,” he told Detained in Dubai.
“My parents knew about our relationship but she couldn’t tell hers. She had to meet me without telling them it was to see a boy.
“When she left, I couldn’t wait to see her again when I got home. Then suddenly, police knocked on our hotel door. They said they were taking me in for questioning but wouldn’t tell me why. I was frightened and my parents were terrified.”
The teenager, it is understood, could face up to two decades in prison owing to Dubai’s strict laws regarding sex outside marriage.
Radha Stirling, chief executive of the campaign group, said Dubai recently legalised out-of-wedlock sex for tourists but “still hosts a strict Islamic legal system”.
“Sex outside marriage is legal for tourists but only if both parties are over 18. The girl was just a few months younger than Marcus and he didn’t know that at the time,” Stirling said.
“Since his arrest, she has turned 18. This is not something Dubai should be prosecuting.
“Parents will be scared to take their older teenagers on vacation with them where they could end up losing their lives over behaviour that’s completely legal in their own countries.”
The teenager and his family have called on foreign secretary David Lammy, their local MP, to intervene in the case.
The teenager is no longer being held in a police cell but is unable to leave the country, with his family facing bills of £2,000 for Airbnb accommodation until his case is resolved.
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