Business
Crypto fraudster Bankman-Fried loses federal appeal while seeking Trump pardon
Susan Li reports on FTX founder Sam Bankman-Fried speaking from prison, found guilty of major financial schemes. Susan Li’s exclusive interview reveals SBF wants a White House pardon and defends himself, claiming customers were repaid.
Sam Bankman-Fried, the former crypto billionaire convicted for fraud in 2023, lost an appeal to overturn his conviction and 25-year prison sentence Friday, Reuters reported.
A New York jury found Bankman-Fried guilty on two charges of wire fraud and five conspiracy counts in November 2023 for his actions while running FTX, a cryptocurrency exchange that declared bankruptcy in 2022 after once being valued at more than $26 billion.
Bankman-Fried pleaded his case to a three-judge panel of Manhattan’s 2nd U.S. Circuit Court of Appeals, who unanimously rejected his plea on Friday, calling the evidence against him “conservatively stated, robust,” according to Reuters.
“While he was publicly reassuring customers, investors and regulators that FTX customer funds were safe, he was simultaneously using FTX as his own personal piggy bank, spending customer funds on real estate, political contributions, and investments,” Circuit Judge Barrington Parker stated, per Reuters.
DEAL-MAKING CLEMENCY: INSIDE TRUMP’S MOST DISPUTED PARDONS OF 2025
Sam Bankman-Fried, co-founder of FTX Cryptocurrency Derivatives Exchange, leaves court in New York, US, on Wednesday, July 26, 2023. (Photographer: Yuki Iwamura/Bloomberg via Getty Images / Getty Images)
Bankman-Fried became a prolific political donor in the years leading up to his conviction.
While the one-time crypto magnate appeared to strongly favor Democrats with his donations — his $40 million contributions to Democrats in the 2022 midterms made him the party’s second-biggest donor after George Soros — he poured a significant amount funds into Republican coffers as well.
According to Michael Lewis’ book about Sam Bankman-Fried’s rise and fall, the former crypto billionaire explored whether a large payment could persuade then-former President Donald Trump not to run for president again. Now, Sam Bankman-Fried signaled he’s like a presidential pardon from Trump.
Bankman-Fried made the admission in an interview with Fox Business’ Susan Li, who asked him if he wanted a pardon.
FTX founder Sam Bankman-Fried spoke to FOX Business from prison, saying he’d “absolutely” be interested in a pardon from President Donald Trump. (Kevin Dietsch/Getty Images; Michael M. Santiago/Getty Images / Getty Images)
“Absolutely,” he told Li, adding, “It would be obviously, you know, ultimately up to the president, not up to me.”
Bankman-Fried also insisted he was innocent of defrauding or stealing from his customers.
CONVICTED FTX FOUNDER SAM BANKMAN-FRIED INSISTS HE’S INNOCENT IN EXCLUSIVE PRISON INTERVIEW
“I didn’t steal user funds either,” he told Li. “Customers have been repaid now 170% or so on their deposits. It’s one of the very few cases where the platform was over-collateralized, where customers were more than made whole. And yet there was, you know, not just a criminal investigation, but a prosecution. And, you know, dozens of years of sentence[s].”
From right, Terrence A. Duffy, CEO of the Chicago Mercantile Exchange, Sam Bankman-Fried, CEO of FTX US Derivatives, Christopher Edmonds, chief development officer of the Intercontinental Exchange, and Christopher Perkins, president of CoinFund, test (Tom Williams/CQ-Roll Call, Inc via Getty Images / Getty Images)
FTX’s bankruptcy estate confirmed to FOX Business that customers are being repaid in full with some getting returns as high as 118%. However, those estimations are calculated using crypto prices from November 2022, a near-bottom in the cryptocurrency market.
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Federal prosecutors alleged during the trial that Bankman-Fried systematically diverted billions of dollars in customer deposits to cover trading losses at his private hedge fund, Alameda Research, orchestrating what they described as a financial fraud of historic proportions.
Fox Business’ Kristen Altus and Susan Li contributed to this report.
To win over today’s diners, KFC is prioritizing boneless chicken menu items, expanding its sauce options and designing its restaurants to keep customers’ attention.
These days, the Yum Brands unit is facing stiff competition, both from upstart chicken chains and legacy giants like McDonald’s that are betting big on the growing global popularity of chicken. While KFC claims to have invented the chicken quick-service restaurant category, being the first isn’t the same as being No. 1, particularly in the U.S., where its sales have slumped in recent years.
“In an increasingly crowded category, we have a clear opportunity to set the standard for modern chicken in QSR,” KFC Global CEO Scott Mezvinsky said Monday in a statement announcing the chain’s “next chapter.”
Tenders and drinks
KFC’s “next chapter” will focus on boneless options, like a revamped version of its chicken tenders.
Source: KFC
A focal point of the strategy is what KFC calls a “bold menu revamp.”
As part of that, the chain plans to expand its boneless chicken options and improve its recipe for its existing tenders.
“We are moving from chicken-on-the bone to more and more boneless chicken,” KFC Chief Concept Officer Christophe Poirier told CNBC.
“We are evolving our tenders to make sure that, nonnegotiable, we’re going to have the biggest, the juiciest and the crispiest,” he added.
KFC is also expanding its available sauces to appeal to consumers who like dunking, drenching or drizzling their chicken tenders. The chain’s “global sauce pantry” has more than 20 varieties that often mix classic sauces with new flavors, like its chimichurri ranch. (KFC’s tender- and sauce-centric spinoff restaurant chain Saucy, meanwhile, has grown to nearly a dozen locations, all in Florida.)
This month, restaurants in the United Kingdom and Ireland will begin rolling out the new tenders, as well as nine new sauces. Australia and the United States will follow later this summer, with more global markets expected throughout the rest of the year.
KFC is also launching a menu line called “Dunked,” which features tenders, wings and sandwiches drenched in sauce. The menu items are already available in South Africa and India.
Like many fast-food restaurants, KFC is also expanding its range of drink options to include boba refreshers, sparkling lemonades and iced coffees under a new sub-brand called Kwench by KFC. Select Irish and British restaurants already sell Kwench drinks, but Australia and Canada will add them to their permanent menus this year.
“We can rapidly cascade a lot of initiatives that we’re leading from the center,” Poirier said, crediting the chain’s nimble supply chain.
The chain’s own restaurants will also look different as it rolls out new store designs. This summer, an “open-concept” restaurant in McKinney, Texas, will open its doors; an “immersive,” two-story location in Dubai, United Arab Emirates, will follow in September.
Poirier compared the experience of visiting its upcoming “immersive” restaurant to seeing a concert at the Sphere in Las Vegas. KFC designed the store to distract diners from their phones and keep them engaged with the in-person experience.
Fresh branding is also part of the strategy. The chain’s new logo features its Colonel Sanders mascot bookended on either side with “KFC,” resembling the shape of its famous chicken buckets. KFC said the bucket will be “refreshed,” while Sanders will receive a “subtle evolution,” according to the chain.
Challenges
A rendering of KFC’s new restaurant design pays homage to the chain’s iconic bucket and mascot Colonel Sanders.
Source: KFC
With more than 34,000 locations worldwide, KFC is one of the largest global restaurant chains. It is also an important part of Yum’s portfolio, particularly as its parent company seeks a sale of its struggling sister chain Pizza Hut.
But KFC has its own challenges.
In the U.S., the chain has been ceding share for years to newcomers like Raising Cane’s. In 2021, KFC held 16% of the U.S. market share for chicken quick-service restaurants, putting it in second place behind Chick-fil-A, according to Barclays. By 2024, its market share had slipped to 9.4%, and Popeyes and Raising Cane’s had leapfrogged KFC, dragging the chain down to the fourth spot.
Outside the U.S., KFC has been more successful. Yum considers KFC International to be one of its two “growth engines,” along with top performer Taco Bell.
In its latest quarter, KFC reported same-store sales growth of 2%. Yum no longer shares the same-store sales of the chain’s domestic business, implying that the segment is now considered immaterial to the company’s broader results. China and Europe are KFC’s two largest regions by system sales, with the U.S. in third place.
To revive its flagging U.S. business, Yum tapped Catherine Tan-Gillespie as KFC’s new U.S. president more than a year ago. So far, her turnaround efforts have involved offering more value meals and bringing back Colonel Sanders.
KFC U.S. has seen same-store sales growth in its last three quarters, Tan-Gillespie told trade publication Restaurant Business earlier this month.
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New York Knicks fans are making up for lost time.
The Knicks won their first NBA championship in 53 years on Saturday night after years of hope, heartbreak, and facepalms.
But the wait was well worth it, and fans are making sure this year’s run is remembered forever.
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Jalen Brunson of the New York Knicks lifts the Bill Russell NBA Finals Most Valuable Player Award trophy after defeating the San Antonio Spurs in Game Five of the 2026 NBA Finals at Frost Bank Center on June 13, 2026 in San Antonio, Texas. (Gregory Shamus/Getty Images / Getty Images)
Knicks championship gear broke Fanatics’ record for the most sold by any title winner in the four major sports within 24 hours, surpassing last year’s Philadelphia Eagles. They are also on pace to become the company’s top-selling overall sports champion ever, which would eclipse the previous best Chicago Cubs in 2016.
Fanatics took in more than 8,000 orders per minute after the clinch, a new company record.
The Knicks have already more than doubled the sales of the company’s previous best-selling NBA Finals champion, the Los Angeles Lakers in 2020.
Karl-Anthony Towns of the New York Knicks celebrates with the Larry O’Brien Championship Trophy after the victory against the San Antonio Spurs in Game Five of the 2026 NBA Finals at Frost Bank Center on June 13, 2026 in San Antonio, Texas. (Ronald Cortes/Getty Images / Getty Images)
KNICKS STAR JALEN BRUNSON’S SISTER DUNKS ON CRITICS AS NEW YORK WINS NBA CHAMPIONSHIP
New York took down the San Antonio Spurs in five games, overcoming double-digits in each victory. In fact, the Knicks spent more time trailing by double digits (over 62 minutes) than actually leading (roughly 56 minutes) in the series.
The title run warranted Game 3 becoming the most expensive secondary-market sporting event on record, with the get in price over five figures.
New York won 15 of its final 16 games to win the championship, including 13 consecutive at a point. The streak was snapped in that Game 3 contest, and they almost lost two in a row for the first time since the first round, but they stormed back from 29 points down to complete the largest comeback in NBA Finals history.
Karl-Anthony Towns and Jalen Brunson of the New York Knicks pose for a photo with the Larry O’Brien Championship Trophy and the Bill Russell NBA Finals Most Valuable Player Award after the game against the San Antonio Spurs during Game 5 of the 2026 (Jesse D. Garrabrant /NBAE via Getty Images / Getty Images)
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The Knicks will celebrate their title with their official championship parade on Thursday morning – although Jose Alvarado was already a part of the Puerto Rican Day Parade with NYC Mayor Zohran Mamdani.
Canada’s Nuvei to buy Payoneer for $2.75 billion in cross-border payments push
The electronic news ticker of Fox News reads headlines at the News Corp. Building in the Midtown Manhattan area of New York City, U.S., July 20, 2025.
Eduardo Munoz | Reuters
Fox Corp. has reached an agreement to acquire Roku for roughly $22 billion, marking another chapter in media consolidation as the industry grapples with several changes and challenges.
On Monday Fox announced it would acquire Roku for $160 per share. Fox’s stock was trading down about 13% in premarket trading, while Roku was up about 2%.
The combination will bring together Fox’s news and sports channels, as well as its free ad-supported streamer Tubi with Roku, the maker of streaming devices and also the home of The Roku Channel, a service similar to Tubi.
The proposed acquisition comes about seven years after Fox’s last major deal, when it shed its entertainment assets in a $71 billion deal with Disney. Since then, Fox’s portfolio has primarily been made up of its TV channels, namely broadcast network Fox, which has been airing the FIFA World Cup since last week, and Fox News Channel on cable.
In 2020 Fox acquired Tubi for $440 million. That service had long been its answer to the streaming wars, prior to the announcement of Fox One, its direct-to-consumer option that launched last year.
The Department of Intellectual Property led Thai GI producers to Shanghai to boost exports. They secured a 500-ton durian purchase and discussed innovations with Huawei to enhance intellectual property administration.
Key Points
- The Department of Intellectual Property (DIP) from Thailand led a trade mission to Shanghai, China, to boost exports for premium Thai agricultural products, featuring a business matching event with 16 Chinese fruit importers at Huizhan Fruit Wholesale Market.
- Notably, a memorandum of understanding was signed for 500 tons of durian from Sisaket Volcano Durian, with Thailand showcasing products from six provinces. Thailand has over 260 registered GI products, valued at over 116 billion baht, with fruit representing 45%.
- Delegates also met with Huawei Technologies to discuss using AI and digital innovations to enhance Thailand’s intellectual property administration, focusing on improving trademark and patent processes while learning from Huawei’s expertise in innovation and R&D.
The Department of Intellectual Property (DIP), under the Ministry of Commerce, led Thai geographical indication (GI) producers on a trade mission to Shanghai, China, to expand export opportunities and improve market access for premium Thai agricultural products.
A key highlight was a business matching event with over 16 Chinese fruit importers at Huizhan Fruit Wholesale Market, a major distribution hub in Eastern China with annual trade exceeding 100 billion baht.
During the mission, producers from Sisaket Volcano Durian and Huizhan Market signed a memorandum of understanding to purchase in advance 500 tons of durian. The delegation also showcased GI products from six provinces in Thailand.
Thailand has over 260 registered GI products, generating more than 116 billion baht in economic value. Fruit products represent about 45 percent of all registered GI goods. Ongoing Chinese demand for quality, safety, and traceability continues to drive growth opportunities for Thailand’s GI sector.
The delegation met with Huawei Technologies to explore the use of artificial intelligence, cloud systems, and digital innovations to strengthen Thailand’s intellectual property administration. Discussions focused on improving trademark and patent examination processes and learning from Huawei’s experience in leveraging intellectual property for innovation and business growth.
Huawei is a leading example of innovation-driven growth, allocating 21.8% of its annual revenue to research and development, employing over 114,000 R&D personnel, and holding more than 165,000 patents worldwide.
Source : Thailand Secures 500-Ton Purchase Commitment for Durian Exports to China
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