| | | | | | | Hello. The former crypto billionaire Sam Bankman-Fried listened to opening statements at his New York trial earlier today - my colleagues will catch you up on the alleged fraud case. We also go to Kenya, where a hospital worker who tried to kidnap and sell a newborn was convicted thanks to a BBC News investigation. And I’m sure our Canadian readers will be pleased with a story further down this newsletter. |
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| | | | | | Questions Answered | | Trial of ‘Crypto King’ begins | | | | Former crypto billionaire Sam Bankman-Fried is staring down decades in prison. Credit: Reuters |
| | Sam Bankman-Fried looked pale as he listened to opening statements at his New York trial earlier today. In their remarks, prosecutors said the former crypto billionaire’s power and influence was “all built on lies". The 31-year-old founder of FTX, which was one of the world's biggest cryptocurrency exchanges, is accused of stealing billions from customers and investors. Mr Bankman-Fried denies the claims, for which he could face a total of 115 years in prison. | | | | Joe Tidy and Tom Geoghegan, BBC News |
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| | What was FTX? | | FTX was a cryptocurrency exchange platform launched in 2019 by Mr Bankman-Fried and his college friend Gary Wang. The firm acted like an unregulated bank, allowing people to trade money for crypto coins, such as Bitcoin and store them for safe keeping. In early 2022, FTX was valued at $32bn (£27bn) and glossy celebrity endorsements were piling up. But last summer, news reports from multiple outlets alleged Mr Bankman-Fried's companies were in a risky financial situation and that FTX misused customer funds. Panicked customers raced to withdraw billions of dollars, which went bust and filed for bankruptcy on 11 November 2022. | | What is Sam Bankman-Fried accused of? | | US prosecutors say FTX's founder committed one of the biggest financial frauds in American history. The central allegation is that Mr Bankman-Fried used customer funds to prop up his own risky investments into his crypto hedge fund, Alameda Research. Prosecutors say he also took millions from deposits to fund a luxury lifestyle and political donations - some of which are being considered illegal. | | How might the trial play out? | | Mr Bankman-Fried has pleaded not guilty to all seven charges. In interviews he has acknowledged big business mistakes, but denied doing anything deliberately. If jurors find him guilty on multiple charges, the judge could order the sentences be served consecutively, hence the potential for him to spend the rest of his life behind bars. | | | | |
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| AT THE SCENE | Nairobi, Kenya | | Catching a baby stealer | | | | Fred Leparan attempted to sell a baby boy to an undercover reporter. Credit: BBC | | A Kenyan hospital worker caught by the BBC trying to sell a baby has been sentenced to 25 years in jail for child trafficking, among other charges. Here is an extract from BBC Africa Eye’s 2020 investigation behind a thriving black market where trafficking rings have been selling children for as little as £300 ($345). | | | | Peter Murimi, Joel Gunter and Tom Watson, BBC News |
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| According to our research, child-trafficking rings are operating within the walls of some of Nairobi's biggest government-run hospitals. Through a source, we approached Fred Leparan, a clinical social worker at Mama Lucy Kibaki hospital. It is Leparan's job to protect the wellbeing of vulnerable children born at Mama Lucy. But our source said Leparan was directly involved in trafficking. The source arranged to meet Leparan, and told him he knew of a woman desperate to purchase a child after failing to conceive. "I have this baby boy in the hospital," Leparan replied. "They dropped him off two weeks ago and never came back."
Posing as a woman called Rose, an undercover reporter working for Africa Eye met Leparan at an office close to the hospital. Leparan asked a few cursory questions about Rose's status. She said she was married but could not conceive, and was under pressure from her husband's family to give birth. "Have you tried adoption?" Leparan asked. "We thought about it but it seems like it is a bit complicated," Rose replied. With that, Leparan agreed. The price would be 300,000 shillings — £2,000. |
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| | The big picture | | Australia’s historic referendum | | | | Australia has never recognised Aboriginal and Torres Strait Islander people in its constitution. Credit: EPA |
| | Australia will vote next week on a referendum that cuts to the core of how it sees itself as a nation. The proposal - known as the Voice - intends to recognise Aboriginal and Torres Strait Islander people in the constitution, but opponents describe it as a "radical" proposal that will "permanently divide" Australia. My colleague Hannah Ritchie in Sydney explains the stakes of a tense debate in the country. | | | | |
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| | | | For your downtime | | Oh, Canada | | Residents tell us why life is so sweet in Vancouver, Calgary and Toronto. | | |
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| | | | And finally... in Wales | | I was just telling you on Monday about the public proposal at the finish line of a half marathon in Cardiff. I must confess my heart sank when I saw this headline today: “Runner accused of cheating in Cardiff half marathon”. Thankfully, it was not that kind of cheating. Just an athlete who allegedly took a shortcut, saving two miles (about 3km). Phew! |
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| | | | | | Future Planet | | Explore the wonders of our amazing planet. | | |
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| | | As always, feel free to tell me and my colleagues what you think of your briefing - no need to cut corners here. We read all of your feedback. And here’s a link to subscribe to this newsletter if it’s not already the case.
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