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Convicted ‘Crypto King’ will not face second trial

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The former billionaire was found guilty of fraud and money laundering last month (pic BBC)

Sam Bankman-Fried, who once ran one of the world’s biggest cryptocurrency exchanges and is facing decades in jail, will not face another trial, US prosecutors say.

The 31-year-old was found guilty of fraud and money laundering last month.

Prosecutors said the “strong public interest” in a resolution of their case against the former billionaire outweighed benefits of a second trial.

He had faced six charges that had been separated from his first trial. These included campaign finance violations, conspiracy to commit bribery, and conspiracy to operate an unlicensed money transmitting business.

His sentencing has been set for 28 March. In a letter filed in federal court in Manhattan, prosecutors said that his sentencing will likely include orders of forfeiture and restitution for the victims of his crimes.

Bankman-Fried’s conviction in New York on 2 November concluded a stunning fall from grace for the former billionaire, once known as the “King of Crypto“.

He was arrested last year after his firm, FTX, went bankrupt. FTX was once valued at $32bn (£26bn), but when it went bankrupt in November last year $8bn in customer funds was missing.

The jury found him guilty of lying to investors and lenders and stealing billions of dollars from FTX, helping to precipitate its collapse. He was charged with seven counts of fraud and money laundering.

The prosecution presented evidence that Bankman-Fried’s crypto trading firm Alameda Research received deposits on behalf of FTX customers from the early days of the exchange, when traditional banks were unwilling to let it open an account.

Instead of safeguarding those funds, as Bankman-Fried repeatedly pledged to do in public, he used the money to repay Alameda lenders, buy property and make investments and political donations.

He had pleaded not guilty to all the charges, maintaining that, while he had made mistakes, he had acted in good faith.

Five of the charges Bankman-Fried was found guilty of carry a maximum prison term of 20 years, with a five-year maximum on the other two charges. That creates a potential maximum sentence of 110 years. Although it is unlikely the judge will actually impose that, Bankman-Fried is expected to face a sentence lasting decades.

Three of his former close friends and colleagues, including his ex-girlfriend Caroline Ellison, pleaded guilty and agreed to testify against him in hopes of reducing their own sentences. They are to be sentenced at a later date

(BBC)



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Harnessing nature’s wisdom: Experts highlight “Resist–Align” path to resilience

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As Sri Lanka confronts mounting environmental and economic pressures, a timely national conversation on resilience has underscored the urgent need to rethink how societies respond to change—by balancing resistance with alignment to nature.

The inaugural Nature Talks Webinar Series, titled “Nature’s Secrets for Building Resilience in a Changing World,” took place on Wednesday night, bringing together leading environmental thinkers who argued that resilience is no longer optional, but essential in navigating climate and ecological uncertainty.

Organised collaboratively by the International Centre for Biological Studies (ICBS), GAP HQ, and the Biomimicry Research Centre, the session aimed to bridge science, policy, and innovation, while drawing practical lessons from nature.

Leading the discussion, Professor Sarath Kotagama of the University of Colombo emphasised that resilience must be understood as a combination of resistance and alignment.

“Resilience is about resisting where necessary, but also forming alliances with change,” he said. “We are not saying we can stop everything. The real question is—can we adjust to live with it?”

He urged societies to reflect on their ability not only to prevent or resist environmental change, but also to adapt intelligently to it. Referring to global developments such as Artemis II, Kotagama noted that humanity is increasingly being reminded of how rapidly conditions are shifting on Earth.

Drawing lessons from the COVID-19 pandemic, Professor Kotagama outlined several insights that have reshaped thinking on resilience.

“One of the most important lessons was the role of microbes,” he said. “We always focused on large animals in biodiversity, but COVID showed us that invisible organisms can have a massive impact on the planet.”

He explained that while conservation has traditionally prioritised charismatic species such as elephants and birds, microorganisms—often overlooked—are equally critical to ecological balance.

Professor Kotagama also challenged assumptions about nature. “Nature is not always kind or caring. Under certain conditions, it can be harsh, and humans don’t necessarily feel affection for all forms of life—especially microbes,” he said.

At the same time, he stressed the decisive role of science. “If not for science, we would not have survived as we did,” he noted, pointing to the rapid development of vaccines despite global norms that typically require years of testing.

He further highlighted the importance of governance. “We may not always like governments, but during COVID, governments mattered. Without coordinated action, the outcome would have been far worse,” he said.

Professor Kotagama added that the pandemic exposed vulnerabilities in the global economic system, with industries such as tourism collapsing almost overnight due to what he described as “an invisible microbe.”

“It showed clearly that systems we thought were stable can be disrupted instantly,” he said, warning that unsustainable development models—particularly in tourism—must be reconsidered.

Meanwhile, Professor Sevandi Jayakody of Wayamba University of Sri Lanka highlighted biomimicry as a key pathway to resilience.

“The biggest answer to resilience is biomimicry,” Professor Jayakody said. “Nature already holds solutions—we just need to understand and apply them.”

She explained that biomimicry can operate at the level of form, process, or systems, and cited mangrove restoration as a practical example. Attempts to artificially recreate ecosystems often fall short unless they follow natural patterns such as tidal flows and species interactions.

“In restoring degraded mangroves, we learned that forcing systems does not work. When we followed natural contours and introduced resilient ‘nurse’ species, the ecosystem began to recover on its own,” she said.

Professor Jayakody emphasised that resilience must be embedded within environmental systems rather than imposed externally. “Resilience is a function of the environment we live in. If we ignore that, our interventions will fail,” she said.

She also cautioned against expecting rapid results. “Nature is slow. Humans are in a hurry,” Professor Jayakody noted, pointing to long-term data showing that even measurable ecological changes—such as seasonal shifts—can occur gradually over decades.

“Change is inevitable, but it is not always sudden. We need long-term data, patience, and the wisdom to interpret it correctly,” she added.

Moderating the session, Imaduwa Priyadarshana brought a practical perspective on sustainable design and adaptation, highlighting how nature-based thinking can inform urban planning and infrastructure.

With Sri Lanka grappling with climate variability, coastal degradation, and energy challenges, the experts stressed that such knowledge-sharing platforms are increasingly vital. The discussion aligned with a growing global shift towards nature-based solutions—learning from ecosystems that have evolved resilience over millennia.

By Ifham Nizam

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Uber Eats continues Sri Lankan expansion now in Nuwara Eliya

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Uber Eats is now live in Nuwara Eliya, making it easier for locals and tourists to enjoy their favourite meals – from a hot plate of kottu on a chilly evening to a comforting rice and curry spread or crispy egg hoppers – delivered right to their doorstep.

Known for its cool climate, old-world charm, and rolling tea estates, Nuwara Eliya sees a surge of Sri Lankan and international visitors during the April holiday season. But as temperatures drop in the evenings, food options have traditionally been limited, with many outlets closing early.

With Uber Eats now available, consumers can discover and order from a growing range of local restaurants and neighbourhood favourites – without stepping out. The platform also extends access to meals into the late evening, making it easier to find food even after most outlets have closed. In Nuwara Eliya, specially designed temperature-controlled insulated bags will help ensure meals are delivered hot. Consumers can choose from a wide variety of cuisines including Sri Lankan, Indian, Chinese, Thai, and Arabic or order from global brands such as KFC, Pizza Hut, and Domino’s.

The launch supports the local community by enabling restaurants to reach more customers across the city, while creating flexible earning opportunities for delivery partners, especially during the busy holiday season.

Varun Wijewardane, Country Manager – Delivery, Uber Sri Lanka, said: “Nuwara Eliya is one of Sri Lanka’s most loved destinations, especially during the April season. With Uber Eats now live, we’re making it easier to enjoy great food more conveniently – from everyday favourites to late evening short eats while also supporting local restaurants and creating earning opportunities within the community. This comes on the back of an aggressive expansion of our services across Sri Lanka – providing our consumers with convenient access to local favourites and unlocking earning opportunities for more Sri Lankan communities.”

Entry in Nuwara Eliya builds on expansion from last year across 6 districts including Hikkaduwa, Ambalangoda, Chilaw, Wennappuwa, and Puttalam, Jaffna, Gampola, Matale, Matara, Weligama, Mirissa, and Anuradhapura – further strengthening Uber Eats’ position as the country’s go-to delivery platform.

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Five consecutive years as a Company with Great Managers

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Union Assurance PLC is licensed by the Insurance Regulatory Commission of Sri Lanka (IRCSL).

Union Assurance, Sri Lanka’s longest-standing private Life Insurer, was honoured as a ‘Company with Great Managers’ for fifth consecutive year at the CLA Great Managers Awards 2025, held at Cinnamon Grand Colombo. Presented annually by the Colombo Leadership Academy & CLA Coaching Inc, the award affirms that Union Assurance’s approach to leadership excellence is not episodic, but deeply embedded across the Company.

The CLA Great Managers Awards programme, powered by Colombo Leadership Academy & CLA Coaching Inc. in strategic partnership with People Business, The Culture Factor Group – Hofstede & Onehub, is regarded as the international benchmark for assessing managerial and leadership effectiveness in Sri Lanka. Using the scientifically grounded D-ACTI 5X meta-analysis framework, the programme evaluates managers across five leadership pillars: Driving Results & Execution Excellence, Aligning Organizational Vision, Coaching & Developing Others for Growth, Building Team Effectiveness & Collaboration & Leadership Integrality & Holistic Approach.

Reflecting the depth and diversity of managerial capability within the organisation, five Union Assurance leaders were individually recognised across distinct award categories this year. Sashika Perera, Senior Manager – Statutory Reporting & Taxation, and Ishanthi Umedha, Head of Governance & Valuation, were recognised for ‘Demonstration of Well-Rounded Performance and Managerial Effectiveness.

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