Benzinga - The trial of Sam Bankman-Fried, founder of defunct cryptocurrency exchange FTX is underway, and a jury of 12 will be deciding his fate.
Wednesday’s court proceedings primarily revolved around opening statements, and the first two witnesses’ testimonies, according to TechCrunch.
Bankman-Fried appeared in the courtroom in a gray suit and purple tie, TechCrunch reported, and was fixated on his laptop or in discussions with his main attorney, Mark Cohen.
The 12 chosen jurors, comprising nine women and three men aged between 33 and 69, are tasked with determining the fate of Bankman-Fried on charges related to fraud and money laundering.
TechCrunch listed the diverse group of individuals selected to deliberate on Bankman-Fried’s case:
- 39-year-old female physician assistant, 10 weeks pregnant, with a background in medicine.
- 33-year-old female nurse residing alone in Westchester, New York.
- 40-year-old female social worker, currently unemployed.
- 53-year-old female, Duke University alum, divorced, and a former nonprofit fundraiser.
- 59-year-old male; one of his children is employed at a bank.
- 50-year-old female Metro North train conductor and mother.
- 47-year-old female high school librarian living with her cats.
- 65-year-old female, a retired corrections officer.
- 61-year-old male U.S. Postal Service employee.
- 43-year-old female IT professional at Bloomberg, originally from Ukraine.
- 55-year-old female special education teacher, formerly employed in Bermuda’s banking sector.
- 69-year-old male, retired investment banker, and Rice and Stanford alum diagnosed with non-Hodgkin lymphoma.
Bankman-Fried’s journey to the courtroom was paved with controversy, and four top executives at the bankrupt company have already pleaded guilty to charges. Former Alameda CEO Caroline Ellison, former FTX tech chief Gary Wang, former FTX engineering chief Nishad Singh, and most recently Ryan Salame, former co-chief of the company's Bahamas unit.
Read also: DOJ: SBF’s Compliance With Other Regulations Isn’t Evidence Of General Good Faith
Some Background: In November of last year, reports surfaced which disclosed questionable practices in Alameda Research, FTX’s trading arm. Despite assurances from FTX, it was found that the company misallocated customer funds for personal gains, including extravagant real estate and political contributions.
Mismanagement led to FTX's inability to satisfy client withdrawals, and the company filed for bankruptcy soon after.
The Bankman-Fried trial stands out as a pivotal moment, underscoring the pressing challenges the crypto industry grapples with in the context of regulatory frameworks.
If found guilty, it could lead to stricter regulations, significant fines for Bankman-Fried, or a lengthy prison sentence.
Read next: Prosecutors Target FTX Founder Bankman-Fried’s Luxury Jets In DOJ Forfeiture Action
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