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US prosecutors brand Bankman-Fried ‘a thief’ in crypto trial

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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

Cameroonian profs jailed for ‘sedition’ seek Nigeria’s intervention

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Six Cameroonian professors in Nigerian universities, alongside four others imprisoned in Cameroon, have appealed to the house of representatives for help.

The academics said they were arrested in Nigeria on the orders of the Cameroonian authorities over “frivolous allegations of plotting to destabilise the government” of President Paul Biya.

The professors were meeting to discuss the welfare of Cameroonian refugees who had fled to Nigeria, when they were arrested on January 5, 2018.

The academics, who claimed to be refugees and registered asylum seekers in Nigeria, alleged that they were illegally arrested and repatriated to Cameroon.

They were reportedly tried at a military tribunal and sentenced to life imprisonment at the Kondengui maximum security detention facility in Cameroon.

In March 2019, a federal high court in Abuja ruled that the arrest and subsequent detention of the academics was illegal, unconstitutional and violated the deportees’ rights as guaranteed by the Nigerian constitution.

The UN Human Rights Special Procedures Working Group had asked the Cameroonian government to release the academics over rights violations.

‘OUR CLIENTS WERE ABDUCTED’

In March, the academics petitioned the house of representatives, seeking its intervention.

Addressing journalists on Tuesday in Abuja, Joseph Fru, counsel to the academics, said his clients were illegally imprisoned by the Cameroonian authorities.

“There is a clarification that we need to make that is fundamental and cardinal. They (our clients) were abducted. They were not arrested,” he said.

“When you say someone is arrested — there is a legal course for them to be picked up by the forces of law and order.

“And in a normal arrest situation, you have probable cause that you are being suspected of committing a crime and before you get to that point, there has to be a procedure you follow to get either an arrest warrant or search warrant that may lead to their apprehension.

“But when someone arbitrarily, without any legal course, is picked up and then held for as long as they were held in Nigeria before being sent to Cameroon, that is called an abduction.

“An abduction does not end when we know where they are. That illegal act continues and abides with them until that illegality is cured. And to this point, that illegality has not been cured, and that is why we are still in prison.

“The second thing is that they were not repatriated. You repatriate someone when you go through a legal channel and you exhaust all the legal processes and the court decides that they go back to where they came from to answer in that jurisdiction.

“Before you repatriate someone, there has to be a bilateral treaty that is observed. None of that in this case.”

Fru, who was flanked by family members of the academics, said relevant government agencies of the Nigerian government were missing at a hearing organised by the house of representatives committee on public petition on Tuesday.

He said the government agencies include the office of the attorney-general of the federation, secretary to the government of the federation, ministry of foreign affairs, National Intelligence Agency (NIA), Department of State Services (DSS), and United Nations (UN) high commission country representative.

Fru expressed hopes that the house would intervene and secure the release of the professors.

“We adjourned for 11 June, 2024 because the committee is not happy with the fact that the last time, they were elements of the government of the executive arm that were required to be at the hearing but none of them showed up,” he added.

“So motions were moved and it was adopted that these entities should necessarily appear in the next hearing so that resolution to this can be taken.

“In the event they do not show up, the committee is ready to move forward. How they move forward depends on their deliberation and that is above my pay grade.

“The chairman said they were going to give these entities a last chance to appear so they can have enough information to go by and come up with a resolution.”

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Crime

NDLEA arrests 80, convicts 12 drug dealers, seizes 3,000kg drugs in FCT

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The National Drug Law Enforcement Agency (NDLEA) has arrested over 80 suspected drug dealers with over 3,000kg of drugs in the Federal Capital Territory (FCT) between January and March.

Kabir Tsukuwa, Commander of Narcotics (CN), NDLEA, FCT Command, said this in an interview with the News Agency of Nigeria (NAN) on Wednesday in Abuja.

Tsakuwa said that over 50 suspects had been prosecuted adding that out of the number, 12 had been convicted and sentenced to different jail terms. He said that the command had been going after the drug peddlers and the records were there to show from the arrest and seizure over the years.

“If not for the continuous effort of the agency and the command in particular, the drug situation in FCT and even the entire country would have been worst,” he said.

The NDLEA commander said that the current situation of drug abuse in the FCT was not a peculiar one as it was same world over. Tsakuwa said that drug abuse was a major concern to all countries of the world.

He said that all regional and global bodies like ECOWAS, EU and UNODC were advocating for global concerted efforts to deal with the challenge of drug trafficking and abuse. He said: “the drug situation varies from countries to countries, states to states and even localities.”

According to him, the command has maintained consistent raids of drug joints within the FCT, even though, that cannot be said to have been dismantled completely but it is a continuous process.

“There is no society that is crime free, not even the developed world.

“In 2023 alone, we arrested over 500 suspects with over 7,000kg of assorted drug seizure and conviction of over 200 offenders.”

Tsakuwa said that the issue of drug abuse was serious, adding that Nigerians must join in the continuous fight against the drug menace. He emphasised that there was a strong nexus between drug abuse and other criminalities like kidnapping, insurgency, theft, armed robbery among others.

“When drug abuse and trafficking is dealt with, the rise in other criminalities will certainly drop.

“Although, we have had cases where we carry out operations of drug joints, but the next minute, they are back again.

“Be that as it may, we shall continue to give in our best to ensure sustainable action in our efforts.

“We shall not rest until we achieve our desired goal of drug free environment in the Federal Capital,” he added.

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Crime

Police arrests man strapped with bomb in Plateau bank

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Security operatives have apprehended a man strapped with Person Borne Improvised Explosive Device (SPBIED) inside a bank in Plateau.

Zagazola Makama, a counter-insurgency publication focused on the Lake Chad region, said the man was nabbed at a bank in Dadin Kowa town in Jos South LGA of the state.

The publication said the incident occurred on May 13.

Intelligence sources told Makama that the man planned to detonate the explosives at the bank but was spotted by a vigilante operative who raised the alarm.

The publication said after the suspect was apprehended, an angry mob surrounded him and insisted he should be killed.

Makama could not confirm if the suspect is connected to the fighters of the Islamic State of West Africa Province (ISWAP).

The publication added that the suspect is in the custody of the police and currently undergoing investigation.

Nigeria has been battling insurgency for two decades, with suicide bombings, displacement of entire communities and kidnapping for ransom by the terrorists, recorded in that span.

The United Nations Children’s Fund (UNICEF) said about 83 children — mostly girls — were used as human bombs in 2017 alone.

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Bodex F. Hungbo, SPMIIM is a multiple award-winning Nigerian Digital Media Practitioner, Digital Strategist, PR consultant, Brand and Event Expert, Tv Presenter, Tier-A Blogger/Influencer, and a top cobbler in Nigeria.

She has widespread experiences across different professions and skills, which includes experiences in; Marketing, Media, Broadcasting, Brand and Event Management, Administration and Management with prior stints at MTN, NAPIMS-NNPC, GLOBAL FLEET OIL AND GAS, LTV, Silverbird and a host of others

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