Sam Bankman-Fried’s criminal trial begins in earnest Wednesday, as a jury is finalized and prosecutors and the defense make their opening statements.
In this courtroom sketch, Sam Bankman-Fried is introduced to prospective jurors Tuesday for his trial in New York. NEW YORK — FTX co-founder Sam Bankman-Fried on Wednesday will meet the jury that decides his fate, as the criminal trial of the former crypto kingpin enters its second day in a downtown Manhattan courtroom.jurors, with six alternates. After the jury is seated,
U.S. attorneys for the Southern District of New York will spend about a half-hour making their opening statements, followed by Bankman-Fried’s lawyers, who said they expect to speak for 35 to 40 minutes. Bankman-Fried is accused of defrauding customers and investors of the FTX cryptocurrency exchange by funneling more than $8 billion of their money into risky side bets, luxury real estate and political contributions. He has pleaded not guilty to seven charges including wire fraud and conspiracy to commit money laundering and securities fraud.The trial represents a stark reckoning for Bankman-Fried, who just 11 months ago aspired to become the first trillionaire.
has been heavily involved in crafting his legal defense. But he and his team are facing a tough challenge. Four of Bankman-Fried’s former top lieutenants have pleaded guilty to crimes related to their conduct at FTX. Three of them are cooperating with the government and are expected to testify against Bankman-Fried. And prosecutors have accumulated millions of pages of internal company records, according to court filings.
The defense has taken an aggressive tack. Even as jury selection was set to begin Tuesday morning, his team submitted a request to block testimony from FTX customers, investors and co-conspirator witnesses, arguing they were irrelevant to the case. Bankman-Fried is also suing the insurance provider for FTX’s directors and officers over unpaid legal fees, according to a Tuesday court filing.
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Trial of former crypto billionaire Sam Bankman-Fried set to beginSam Bankman-Fried's trial could last as long as six weeks.
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Trial of former crypto billionaire Sam Bankman-Fried set to beginSam Bankman-Fried's trial could last as long as six weeks.
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