Sam Bankman-Fried, founder of FTX, has been convicted of fraud and money laundering, which could result in him being sentenced to decades in prison. The guilty verdict marks a significant milestone in cryptocurrency-related trials and strengthens US authorities’ efforts to regulate the financial sector. Bankman-Fried was found guilty on all charges, including wire fraud, securities fraud, and money laundering. Shortly after the verdict, US attorney Damian Williams stated that Bankman-Fried had carried out a fraud scheme that aimed to make him the “king of crypto.” Bankman-Fried’s lawyer expressed disappointment with the verdict and maintained his client’s innocence. In other news, Israel’s military has surrounded Gaza City in its ground offensive against Hamas, although there were calls for a ceasefire. BlackRock expects US borrowing costs to reach around 5.5% over the next five years due to inflationary pressures. The International Monetary Fund has highlighted concerns about the potential impact of private capital in life insurance on the wider financial sector. Elon Musk has warned that artificial intelligence will eventually lead to the obsolescence of all jobs. Apple shares fell after the company failed to address concerns about lackluster hardware business prospects and potential challenges in China. The official pandemic inquiry in the UK has revealed damning testimonies about a “toxic” and “macho” culture within the government that hindered the country’s response to COVID-19.
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