Sam Bankman-Fried’s Trial Begins
The trial of Sam Bankman-Fried, the former CEO of the now-defunct crypto exchange FTX, commenced with jury selection. On the first day of court proceedings, certain revelations were made.
Appearance and Plea Deal
Sam Bankman-Fried appeared in court with noticeably shorter hair compared to his usual signature curly hairstyle. Before the prospective jurors entered the courtroom, the judge informed Bankman-Fried that he had the right to testify in his defense. The prosecution confirmed that there were no plea discussions or offers since Bankman-Fried maintains his innocence.
Expected Trial Duration
Judge Kaplan addressed the prospective jurors, stating that contrary to the estimated six-week trial duration, it may be shorter. He assured them that his cases usually don’t take as long as lawyers think.
Jury Selection Process
Judge Kaplan read out Bankman-Fried’s charges to the potential jurors and informed them that he would ask all the questions. However, both parties had the right to eliminate some jurors without providing a reason. Some potential jurors disclosed personal knowledge of the case or losses related to FTX investments.
Qualified Jurors and Final Selection
After eliminating several prospective jurors through interrogatories, 50 qualified jurors remained. The final selection is scheduled for October 4, with 18 jurors expected to be chosen as alternates.
Witnesses from Both Sides
The prosecution mentioned individuals who may testify or are related to the case, including Caroline Ellison (Alameda Research’s ex-CEO), Gary Wong (FTX’s co-founder), Nishad Singh, Mark Tiano, John Gluber, and Anthony Scaramucci. Companies like Sequoia Capital, BlockFi, Genesis, Skybridge, Anchorage, Binance, Celsius, Silvergate, and Signature Bank were also identified as having an interest in the case.
Objections to Witness Summoning
Bankman-Fried’s lawyers objected to the DOJ’s plan to summon FTX customers and investors as witnesses, considering it premature. They also objected to a motion requesting the testimony of a Ukrainian FTX customer who suffered significant losses remotely.
Hot Take: The Trial Begins for Former FTX CEO Sam Bankman-Fried
The trial of Sam Bankman-Fried, the former CEO of FTX, has started with the selection of jurors. Bankman-Fried appeared in court with a different hairstyle. The judge informed him of his right to testify in his defense. No plea deal has been discussed since Bankman-Fried maintains his innocence. Judge Kaplan mentioned that the trial may not last as long as initially anticipated. Potential jurors revealed personal knowledge or losses related to FTX investments. After eliminating some jurors through questioning, 50 qualified jurors remained. The prosecution listed potential witnesses and companies with an interest in the case. Bankman-Fried’s lawyers objected to summoning customers and investors as witnesses and allowing remote testimony from a Ukrainian customer who suffered losses.
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