The Trial of Sam Bankman-Fried, Founder of FTX, Begins
The trial of Sam Bankman-Fried, the disgraced founder of FTX and former crypto billionaire, has begun. Federal prosecutors accuse him of orchestrating a multi-billion dollar fraud. The charges against Bankman-Fried are related to defrauding customers on his digital currency exchange, FTX, through fraud and securities fraud, as well as money laundering.
Bankman-Fried was arrested on December 12, 2022, in Nassau, Bahamas. After being extradited to the U.S., he pleaded not guilty to all charges on January 3, 2023. He was initially under house arrest at his parents’ home in Palo Alto, California, but in August 2023, his bond was revoked due to alleged witness tampering. Since then, he has been incarcerated at the Metropolitan Detention Center in Brooklyn.
The case has been described by Dan Wells, U.S. attorney for the Southern District of New York, as “one of the biggest financial frauds in recent history.” Bankman-Fried’s trial could potentially last up to six weeks.
Tuesday, October 3
Judge Lewis Kaplan addresses potential jurors
Just after 11 am, Judge Lewis Kaplan asked potential jurors if there was anything about the nature of Bankman-Fried’s case that would make it difficult for them to be fair. At least 10 people raised their hands and were excused.
SBF is in the courtroom
Jurors are in the room and Sam Bankman-Fried confirms that there are no plea discussions.
Court sketch
Jury selection
On Tuesday morning, crowds had already gathered outside the
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