Founder of FTX Faces Trial in October
In October, Sam Bankman-Fried (SBF), the founder and former CEO of bankrupt cryptocurrency exchange FTX, will have a 15-day trial to defend himself against charges brought by the U.S. Department of Justice (DOJ). The trial may extend into 2024 if not concluded within the scheduled time frame.
Details of SBF’s Trial
The trial is set to begin on October 3 with jury selection and opening arguments on October 4. The remaining trial days for the week are October 5 and 6. From October to early November, four trial days are scheduled for each week except the fourth week, which only has two days. On non-trial days, SBF will have visiting hours at the Metropolitan Detention Center in Brooklyn.
Visiting days are also scheduled on public holidays such as Columbus Day and Veteran’s Day.
Predictions and Roadblocks
Both the prosecution and defense have estimated different durations for the trial. The prosecution estimates it could last four to five weeks, while the defense believes it should only take a week and a half. SBF’s lawyer argues that the case is streamlined and should not be unnecessarily prolonged.
However, Judge Lewis Kaplan suggests that the trial may extend until late November, around Thanksgiving.
SBF has faced several roadblocks in his defense strategies. The court recently ruled that he cannot blame FTX’s counsel or previous wrongdoings at the exchange as a defense. Additionally, the court barred all seven expert witnesses proposed by SBF from testifying, deeming their opinions irrelevant and potentially confusing to the jury.
Hot Take: Uncertain Future for SBF
The trial ahead poses significant challenges for SBF, as his defense strategies have been met with obstacles. With the court limiting his ability to use certain defenses and excluding expert witnesses, the odds may seem stacked against him. The trial’s duration remains uncertain, with the possibility of extending into 2024 if not concluded within the scheduled timeframe. SBF’s fate will be determined in the coming weeks, and the outcome of this high-profile case will have implications for the cryptocurrency industry.
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