Sam Bankman-Fried sentenced to 25 years in jail for FTX fraud

FTX co-founder Sam Bankman-Fried has been sentenced to 25 years in prison for his involvement in seven counts of conspiracy and fraud related to the collapse of the cryptocurrency exchange he established. The judge handed down a sentence of 240 months for four charges and 60 months for two others, along with ordering Bankman-Fried to forfeit more than $11 billion, including property, as recommended by prosecutors.

The judge's decision fell short of the 40 to 50 years requested by prosecutors, but exceeded the defense's plea for six and a half years, though it was notably less than the maximum sentence of 110 years.

During the trial, it was revealed that Bankman-Fried was aware of the risks FTX faced, misused customer funds, and knowingly engaged in wrongful activities. He justified his actions by weighing the risk of getting caught against potential gains. The judge dismissed claims that customers would be reimbursed, highlighting that FTX customers suffered losses of $8 billion and that Bankman-Fried attempted to manipulate witnesses and provided false testimony.

Despite FTX's success as a major cryptocurrency exchange, Bankman-Fried's trial exposed fraudulent practices, including falsifying data and granting preferential treatment to his trading fund. Bankman-Fried's own testimony was unconvincing, contributing to a swift conviction.

Bankman-Fried's behavior, including violating bail conditions and tampering with witnesses, led to his early incarceration. His lawyers argue against the recommended 100-year sentence, citing differences in circumstances compared to other cases like Bernie Madoff's, whose sentence was largely symbolic due to his advanced age.

Bankman-Fried's time in jail has been difficult, marked by health issues and extortion attempts. Despite claims of remorse from his legal team, his actions and performance during the trial suggest otherwise.

Signal Introduces Usernames for Encrypted Messaging: A Secure Way to Connect

Signal, the encrypted messaging service, is launching a new feature in the coming weeks: support for usernames. This beta feature allows users to establish unique usernames, enabling connections without divulging phone numbers. source: Signal Blog To create a username, navigate to your settings and select "Profile." Once you've chosen a unique username, generate a QR code or link to share with others. Recipients can connect by entering your username into the chat bar. Usernames can be changed at any time, though previous usernames may be claimed by others. Signal began testing usernames last fall. Unlike social media platforms, Signal usernames do not serve as logins or public handles. They offer a discreet means of communication without revealing personal phone numbers. While a phone number is required to register for Signal, sharing it is optional. Usernames remain private and do not appear on profiles or in chats unless shared explicitly. As Randall Sarafa, Signal'...

AT&T Resets Millions of Customer Passcodes After Data Leak: What You Need to Know

AT&T recently confirmed a significant data breach affecting over 7.6 million current customers and 65 million former customers. The leaked information, which dates back to 2019 or earlier, includes personal details like names, addresses, phone numbers, and social security numbers. Fortunately, financial information and call history were not compromised. In response to the breach, AT&T has reset passcodes for affected customers. Passcodes, usually four-digit numbers, serve as an additional layer of security when accessing accounts. However, security experts warn that the encrypted passcodes leaked alongside customer information could be easily deciphered, posing a risk of unauthorized account access. Affected customers are advised to set up free fraud alerts with major credit bureaus and remain vigilant for any suspicious activity related to their accounts. AT&T is proactively reaching out to impacted customers via email or letter to inform them about the breach and the meas...

Apple sues former iOS engineer for allegedly leaking confidential product details

Apple has taken legal action against a former employee, Andrew Aude, for allegedly leaking confidential information to journalists and employees of other companies. The lawsuit, filed in California state court, accuses Aude of divulging undisclosed details about Apple's Journal app, the development of the VisionOS headset, regulatory compliance strategies, employee headcounts, and other product hardware characteristics. According to the lawsuit, Aude reportedly communicated extensively with a Wall Street Journal journalist, referred to as "Homeboy," over 1,400 times using an encrypted messaging app between June and September 2023. He also shared a final feature list for an unannounced Apple product with "Homeboy" over the phone and exchanged over 10,000 text messages with another journalist at The Information, even traveling across the continent to meet her. Apple alleges that Aude leaked a list of finalized features for Apple's Journal app in a phone call w...

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