Sam Bankman-Fried could spend the rest of his life in prison.

Crypto’s Golden Boy

The Story

Sam Bankman-Fried could spend the rest of his life in prison.

He was convicted?

Yes. The jury needed just a little over four hours to decide SBF was guilty on all seven charges of fraud and conspiracy after stealing as much as $10 billion. About a year ago, FTX began to unravel after it came out that the company was financially interwoven with SBF’s other company, Alameda Research. Cue the run on FTX that led to an $8 billion hole, bankruptcy, crypto hitting a two-year low, and SBF and co facing charges. Now, SBF will be sentenced in March 2024 and faces more than 100 years in prison. SBF’s lawyer said he “maintains his innocence and will continue to vigorously fight the charges against him.”

What now?

The courts may not be done with the crypto industry anytime soon. Since FTX's downfall, the SEC has brought more than a dozen crypto-related cases forward, including lawsuits against Binance and Coinbase. As regulators crack down on the industry, some investors haven't stopped pouring their coins into crypto. Just last month, Bitcoin reached above $35,000 for the first time in a year and a half. It comes as Bitcoin ETFs — or exchange-traded funds — could move to regulated trading platforms, potentially avoiding an FTX 2.0. Meanwhile, the Biden admin is trying to figure out a way to regulate cryptocurrencies, but doesn’t seem close to having a solution. Maybe ChatGPT could help.

theSkimm

Prosecutors called SBF’s story one of the biggest instances of financial fraud in US history. Now, all eyes are on the federal gov and its next moves in the crypto crackdown.

Military Aid

Yesterday, the House passed a $14.3 billion military aid package for Israel as the latest Israel-Hamas war continues. ​​This comes in addition to the $3.8 billion the US gives annually to support Israel’s military and defense system — the largest amount of foreign aid the US consistently gives. This latest round allots $4 billion to Israel’s Iron Dome and other defense systems. Lawmakers on both sides said they’re focused on getting aid to Israel ASAP, but some Democrats have a different vision.

Dems want the military aid package to include funding for Ukraine, which the GOP is against. That's because House Speaker Mike Johnson (R-LA) plans to introduce a separate measure for Ukraine that also addresses border security. Meanwhile, Senate Majority Leader Chuck Schumer (D-NY) said the Senate would reject the House bill. Instead, Schumer said senators will put together their own aid package for Israel and include humanitarian aid for Gaza — something that's missing from the House's package.

The push to provide aid to Israel comes as the Biden admin is calling for a “humanitarian pause” in Gaza. The goal of the pause is to allow more aid to go through and potentially secure the release of the other hostages held by Hamas. However, President Biden has stopped short of calling for a cease-fire.

What the FBI is looking into…

The NYC mayor's fundraising campaign. Yesterday, the FBI raided the house of NYC Mayor Eric Adams’ (D) chief fundraiser, Brianna Suggs. The FBI is reportedly investigating if Adams’ 2021 campaign conspired with the Turkish government to get illegal foreign donations via a construction company. The FBI seized cell phones, laptops, and boxes of other evidence from Suggs' home. No arrests have been made, and Adams isn't accused of being involved. However, the mayor defended his campaign, saying he held it “to the highest ethical standards.” Suggs, who reportedly raised more than $18 million for Adams' 2021 mayoral campaign, hasn't commented. She's expected to testify before a grand jury.

What people are talking about…

Tupac Shakur’s murder. Yesterday, Duane Keith “Keffe D” Davis pleaded not guilty for the 1996 killing of the rapper. Authorities have said Shakur’s death is the result of gang rivalry. The night of Shakur’s death, the young rapper allegedly attacked Davis’ nephew. Authorities said that’s why Davis decided to retaliate. In a 2018 BET interview, he said that he was in the front seat of the car that fired shots at Shakur. As for what took 27 years to get to this point, police reportedly have said witnesses wouldn’t cooperate. Shakur’s legacy in the music industry still stands strong, selling more than 75 million records worldwide.

Where there’s an update…

Tyre Nichols’ case. Yesterday, one of the five officers charged in the death of Nichols changed his plea to guilty. Earlier this year, five Black Memphis officers beat Nichols, a 29-year-old Black man, to death after a traffic stop. They all initially pleaded not guilty to state murder charges and have been charged with federal civil rights violations. Now, one officer is pleading guilty to two of the four federal counts against him: excessive force and witness tampering. Prosecutors said they’re recommending 15 years in prison.

Who’s working the night shift…

Taylor Tomlinson. Earlier this week, CBS announced the 29-year-old stand-up comedian is getting her own late-night show. The show will make Tomlinson the youngest late-night host and the only woman in late-night TV. It’ll be in the 12:37 am ET time slot right after “The Late Show With Stephen Colbert.” Tomlinson began her comedy career as a teen and has since made a name for herself with two Netflix specials. She said she’s excited to have her first “real job.”

Who believes in yesterday…

The Beatles. Yesterday, the iconic band put out a new song, “Now and Then,” with the help of AI. It’s not what you think: all the band had to go off of was demos following the deaths of John Lennon and George Harrison. Paul McCartney and Ringo Starr used AI to isolate Lennon’s voice and pulled guitar parts from Harrison to put the song together.

Why the Sunday scaries will be even scarier…

Daylight saving time.

What said 'it’s not Thanksgiving delivery'…

DiGiorno.