Sam Bankman-Fried’s trial has started, but the main event has yet to come. Tuesday involved selecting the jury, and that process is expected to continue on Wednesday, followed by the opening statements.
Reminder of the key facts: Bankman-Fried, 31, faces seven charges of fraud and conspiracy related to the collapse of FTX. He has pleaded not guilty, and lawyers have hinted at how he plans to defend himself. The trial is expected to last about six weeks.
The list of possible witnesses includes Sam Bankman-Fried’s father and brother as well as Anthony Scaramucci, Donald Trump’s former spokesman. (The prosecutor read out the list in court to see if any of the jurors knew them. It doesn’t mean that all of those named will testify.) As for the jury, the judge selected a pool of almost 50 qualified jurors, after dismissing several who had professional or personal obligations or thought they could not be fair. One possible juror was dismissed because he and his brother had each lost money through cryptocurrency investments.
Bankman-Fried wore a suit and striped tie in contrast to his usual casual appearance and had his signature curly hair neatly trimmed. Jailed inmates do not have access to their own clothing but the judge overseeing the case last week ordered U.S. marshals and Brooklyn jail officials to provide the suits.
As for practical arrangements, the judge said that Bankman-Fried could arrive at the court at 7 a.m. on most trial days so that he could talk to his lawyers for several hours before testimony begins.
Last week, that judge said that Bankman-Fried could be looking at a “very long sentence” if convicted.
Also grabbing attention in crypto is a book by Michael Lewis about Bankman-Fried, called “Going Infinite: The Rise and Fall of a New Tycoon.” An excerpt published in the Washington Post said that Bankman-Fried considered paying former U.S. President Donald Trump not to run for re-election in 2020. To be sure: a spokesperson for Bankman-Fried declined to comment on the excerpt, while representatives for Trump did not immediately respond to a Reuters request for comment.
The book also says that FTX’s former chief operating officer, Constance Wang, agreed to serve as a witness for U.S. prosecutors in their case against Bankman-Fried.
