Jurors in the trial of FTX founder Sam Bankman-Fried heard from both sides for the first time on Wednesday, receiving dueling portrayals of key events and players involved in what prosecutors have called a multibillion-dollar fraud that affected thousands of the cryptocurrency exchange's customers.

New York

Former FTX co-founder Sam Bankman-Fried has been found guilty of defrauding investors and customers.

Bankman-Fried Guilty

Key questions emerge in Bankman-Fried trial

The parents of disgraced FTX founder Sam Bankman-Fried arrived for the second day of his trial in Manhattan Wednesday, where lawyers and prosecutors clashed over the question of why their son's exchange collapsed, due to massive fraud or whether he simply made mistakes. Sitting in court in a suit, tie and uncharacteristic trim haircut, Bankman-Fried was portrayed by his attorney on Wednesday as a math nerd who overlooked risk management in building FTX, but did not steal customer money. While prosecutor Thane Wrenn said Bankman-Fried committed, quote, fraud on a massive scale, took more than $10 billion from unsuspecting customers, and doubled down to plug losses at his hedge fund Alameda Research when its crypto investments began to lose steam last year. Three other central questions were raised as points of contention in the trial which may last up to six weeks. One, was the collapse of FTX due to fraud or a smear job? Defense lawyer Mark Cohen said the Bahamas-based FTX was a casualty of a broader downturn across the cryptocurrency sector, and public attacks from rivals such as Binance and the crypto press led to a run on FTX. The prosecutor said that was an excuse for fraud. Another point of contention were ties with Alameda Nefarious or Business As Usual. The jurors also heard from the prosecution that Bankman-Fried stole customer funds in two ways, by duping FTX customers into sending money intended for their trading accounts to Alameda and through a secret special privilege embedded in FTX software that let Alameda make unlimited withdrawals. Cohen said prosecutors had misconstrued instances of Alameda performing functions for FTX and disagreed the software was nefarious. The prosecution and defense also clashed over the role of Caroline Ellison, Alameda chief executive and Bankman-Fried's on-and-off romantic partner, whether she was to blame for some of the wrongdoing or just a front for Bankman-Fried to carry out his actions at Alameda Research. Prosecutors are expected to call Ellison and two former members of Bankman-Fried's inner circle executives Nishant Singh and Gary Wang to testify against him. All three have pleaded guilty and agreed to cooperate with prosecutors. Jurors can expect to hear from Wang by the end of the week.

An Israeli airstrike hit Palestinians near a medical center in Gaza on Thursday, killing 10 children and six adults, local health authorities said, as ceasefire talks dragged on with no immediate deal expected. This report contains graphic and disturbing images.

Jerusalem

Middle East Conflict

Israeli strike kills children near medical clinic in Gaza

Russian strikes against Ukraine persisted overnight and reportedly injured at least nine people and caused damage to a maternity hospital, according to officials. This comes as President Volodymyr Zelenskyy meets with European allies in Rome.

Kyiv

Ukraine Invasion

Russia launches more strikes, damages Ukraine maternity hospital

Israeli Prime Minister Benjamin Netanyahu is returning to Israel without a ceasefire deal with Hamas despite optimism from the Trump administration. CBS News' Elizabeth Palmer reports.

Tel Aviv-Yafo

Netanyahu returns to Israel without Gaza ceasefire deal

Immigration and Customs Enforcement (ICE) raids in California turned violent after protesters clashed with agents from the Trump administration carrying out an operation at a Camarillo farm.

Camarillo

Protesters clash with ICE agents over immigration operation

CNN’s Isa Soares explains how a crippling 50% tariff on goods from Brazil may not be all about the economy.

Washington

Global Tariffs

Trump targets Brazil with 50% tariff

Volunteers in Texas are searching for flood victims and combing through debris along a 30 mile stretch of the Guadalupe River. CNN’s Ed Lavandera spoke with Texans who are coming together to bring closure to their community.

Center Point

Urgent search operations for flood victims stretch miles in Texas

U.S. President Donald Trump said the United States would impose a 35% tariff on imports from Canada next month and planned to impose blanket tariffs of 15% or 20% on most other trade partners.

Trump puts 35% tariff on Canada, eyes 15%-20% levies for others

Volunteers in Comfort, Texas, are digging through debris with heavy equipment and cadaver dogs, searching for flood victims. U.S. President Donald Trump is set to visit Friday, raising questions about his plan to scale back federal disaster relief.

Texas

Volunteers dig through Texas flood wreckage ahead of Trump visit

Russian Foreign Minister Sergey Lavrov and US Secretary of State Marco Rubio have held rare face-to-face talks on the sidelines of an ASEAN meeting in Malaysia, discussing the war in Ukraine, as well as developments in Iran and Syria.

Kuala Lumpur

Top U.S., Russia diplomats discuss Ukraine on ASEAN sidelines

Russia has intensified its aerial attacks on Ukraine, using upgraded drones designed to cause more damage and evade air defences. In Kyiv, a young woman captured video of the drones overhead — just before explosions echoed through the city.

Russia’s upgraded drone tactics bring intensified attacks across Ukraine

The Ventura County Fire Department said they responded to calls of people having breathing problems at a farm in Ventura County, California, after federal agents appeared to deploy tear gas canisters into the crowd.

Ventura County

Intense standoff in California between protesters, federal agents

A federal judge has green-lit a class action lawsuit challenging President Trump's executive order to end birthright citizenship and issued a preliminary injunction blocking the order.

Judge blocks Trump's birthright citizenship order

A partial tunnel collapse in Los Angeles temporarily buried 31 workers in Los Angeles, California. CBS News' Carter Evans reports on the rescue operation.

Los Angeles

31 trapped workers rescued after tunnel collapse

U.S. Secretary of State Marco Rubio expressed “disappointment and frustration” over continued Russian attacks on Ukraine and said new sanctions on Russia are a “real option.” Kylie Atwood has more details from Kuala Lumpur, Malaysia.

Rubio: New Russia sanctions a ‘real option’

With Russia again bombarding Ukraine with drones, U.S. President Donald Trump says he’s considering sending another missile defence system to Ukraine.

Trump muses missile defence system for Ukraine

Officials in Texas are promising to address concerns about flood warnings in parts of the state, but say the ongoing search-and-rescue efforts must be complete first.

Texas officials to address flood warnings after search complete

Linda Yaccarino is stepping down as CEO of X after two years leading Elon Musk's social media company. Yaccarino's departure comes one day after the company's Grok chatbot began pushing antisemitic tropes in responses to users.

San Francisco

Yaccarino steps down as CEO of Elon Musk's X

Parts of Ukraine were on fire overnight after Russia launched its largest drone attack on Ukraine since the war unfolded. Just hours earlier, Trump directly called out Vladimir Putin for stalled peace talks.

Moscow

Trump calls out Putin for stalled peace talks

The Trump administration branded the event as one of the steps it is taking to reshape its relationship with the African continent.

Five African leaders have lunch with Trump

The search continues in central Texas for the more than 160 people still missing from the deadly floods that hit over the Fourth of July. CBS News reporter Karen Hua has more.

Kerr County

Recovery operations ongoing in Texas as more than 160 still missing

U.S. President Donald Trump announced on social media that he issued tariff letters to Algeria, Brunei, Iraq, Libya, Moldova and the Philippines.

Trump sends tariff letters to six more countries

Video released by the Houthi media center shows the bulk carrier ‘Magic Seas’ being attacked and later sinking in the Iran-backed rebel group’s first attack this year on a commercial shipping vessel in the Red Sea.

Sana'a

Houthi rebels claim responsibility for attack on ship in Red Sea

The European Court of Human Rights in Strasbourg ruled Russia violated international law in Ukraine and was responsible for the downing of Malaysia Airlines Flight MH17.

Top European court rules Russia violated international law in Ukraine

The death toll from the July Fourth flash flood that ravaged a swath of central Texas Hill Country rose on Tuesday to at least 109, many of them children, as search teams pressed on through mounds of mud-encrusted debris looking for scores of people still missing.

Texas flood death toll hits triple digits, tally of missing tops 180

U.S. President Donald Trump pushed back during his Cabinet meeting about a question regarding Jeffrey Epstein. The DOJ claims Epstein had no list of clients, which is drawing criticism from some of the president's supporters.

Trump questioned over report saying Epstein didn't have client list

The copper industry is facing new uncertainty after U.S. President Donald Trump said he will impose 50 per cent tariffs on all copper imports. More than half of all Canadian copper exports go to the U.S.

Ontario

Trump threatens 50% tariff on copper imports

CNN’s Josh Cambell reports on questions over a lack of flood warning signals and lagging investment in river gauges in Kerr County after deadly floods killed over 100 people in Central Texas.

Officials face questions over preparedness for Texas floods

Hundreds of firefighters battled a fast-moving wildfire that reached the outskirts of the southern French city of Marseille on Tuesday, forcing people to stay indoors and the nearby airport to close.

Marseille

France wildfire shuts down Marseille airport

Liverpool's Portuguese forward Diogo Jota was probably speeding when the Lamborghini car he was driving crashed in northwestern Spain, killing him and his brother, police said in a preliminary report.

Cernadilla

Liverpool's Jota likely speeding when car crashed, police say

French President Emmanuel Macron arrived in Britain on Tuesday for a state visit mixing royal pageantry with thorny political talks about stopping migrants from crossing the English Channel in small boats.

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Bankman-Fried Guilty