Crypto entrepreneur S. Banken-Fried’s trial begins with jury selection
The trial of cryptocurrency entrepreneur S. Banken-Fried has commenced with the process of jury selection, which may continue into Wednesday. Judge Lewis Kaplan expressed his hope that the trial would conclude today, but acknowledged that it might extend into tomorrow. Banken-Fried appeared in court wearing a suit and tie, with freshly cut hair. Throughout the proceedings, he sat before a laptop, scrolling through court documents while occasionally turning to address potential jurors or confer with his attorneys.
Assistant U.S. attorney confirms no plea deal offered to Banken-Fried
Assistant U.S. attorney Nick Ross stated that a plea deal was never offered to Banken-Fried, which he has previously denied. Approximately 200 people were summoned for jury selection, but only 12 will ultimately be selected to hear the trial. By 11 am, Judge Kaplan asked the jurors if there was anything about the nature of the case that would make it difficult for them to be fair. After several individuals raised their hands, 10 people were dismissed.
Jury selection reveals potential juror’s familiarity with Banken-Fried
One of the potential jurors revealed that he had heard about S. Banken-Fried on “The Joe Rogan Experience” podcast. Some U.S. states have banned jurors from being familiar with high-profile cases, but in New York, it is permitted unless there is a risk to the safety of the jury members. Others were excused for weddings, medical appointments, work-related travel, and one individual stated that a six-week trial would be too disruptive to his job.
Judge Kaplan: In the back? The one in the white T-shirt? Please tell your name.
Today “Lohort” (phonetic)
Also, Lewis D’Cro
Robert Frank.
Leslie Day
and Kishan (phonetic)
Judge Kaplan: I’m looking for your name.
Voc: It’s 33— Inner City Press (@innercitypress) October 3, 2023
S. Banken-Fried faces seven criminal charges related to collapsed crypto entity FTX
S. Banken-Fried, the former CEO and co-founder of the now-defunct cryptocurrency entity FTX, is facing seven criminal charges, including wire fraud, securities fraud, and money laundering. Once one of the most prominent and successful crypto brands, FTX and its associated entities unexpectedly filed for bankruptcy in November of last year. Banken-Fried was subsequently arrested in December in Nassau, Bahamas, and extradited to the United States. He pleaded not guilty to all charges on January 3.
Billions of dollars missing as FTX works to repay creditors
FTX’s customers lost billions of dollars when the platform collapsed, and its new management team is now working to repay creditors. Banken-Fried’s trial is expected to last about six weeks. This is a developing story and will be updated.
Hot Take: S. Banken-Fried’s trial begins amid high anticipation
The trial of S. Banken-Fried has commenced with jury selection, marking a significant moment in the case against the former crypto entrepreneur. With allegations of fraud and money laundering, this trial will have wide-ranging implications for the cryptocurrency industry. As one of the most prominent figures in the space, Banken-Fried’s downfall and subsequent legal proceedings have attracted significant attention. The outcome of this trial will not only determine his fate but also shape the perception and regulation of cryptocurrencies moving forward. Crypto enthusiasts and industry observers will closely follow the developments in this case, as it has the potential to redefine the landscape of crypto finance.
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