Former FTX Executives To Testify Against Sam Bankman-Fried in DOJ Criminal Case
Summary:
Several former executives from cryptocurrency exchange FTX are set to testify in the U.S. Department of Justice's criminal case against Sam Bankman-Fried (SBF). During jury selection on October 3, various potential witnesses were named, including ex-CEO of Alameda Research, FTX co-founder, and former FTX directors. The trial, expected to last through November, will begin with initial arguments on October 4. Bankman-Fried faces seven criminal charges in this initial trial, with an additional five charges planned for a subsequent trial slated to begin in March 2024.
A number of ex-executives from cryptocurrency trading platform FTX and its affiliate companies are among those reportedly being called to testify in a criminal case led by the U.S. Department of Justice against former company executive, Sam Bankman-Fried (SBF). During the trial's jury selection process on October 3, Assistant U.S. Attorney Danielle Sassoon named several potential witnesses who could testify against Bankman-Fried. These include Caroline Ellison, ex-CEO of Alameda Research; Gary Wang, co-founder of FTX; Nishad Singh, ex-director of engineering at FTX; and Constance Wang, former chief operations officer for FTX. Ellison, Gary Wang, and Singh have already admitted guilt regarding charges linked to FTX's downfall. Conversely, Ryan Salame – a previous co-CEO at FTX Digital Markets and the fifth individual linked to the case – won't be testifying. Sassoon also mentioned potential testimony by SkyBridge Capital's co-founder, Anthony Scaramucci, who has publicly expressed disdain regarding SBF's alleged involvement in the 2022 crypto market downturn. As the trial kicked off, Judge Lewis Kaplan posed case-related questions to potential jurors.
Eyewitness accounts reported that Bankman-Fried debuted a fresh-cut look, a departure from his usually untamed, distinctive hairstyle. Kaplan disclosed that prosecutors hadn't offered Bankman-Fried any plea bargains and proceeded to question potential jurors about scheduling, personal hardships, and possible conflicts of interest. Kaplan also highlighted the need for jurors to steer clear of trial-related media content, citing the high-profile nature of the case.
As of press time, 4 of the 12 potential jurors had been excused by Kaplan, with the selection process set to extend into the morning of October 4. The trial is projected to span the month of November, with Kaplan pointing out that legal proceedings on his watch typically wrap up quicker than anticipated by the lawyers. Initial arguments in the case are scheduled for October 4, with defense and prosecution teams having about 25-40 minutes each to make their case to the jury. In this initial trial, Bankman-Fried has his first 7 criminal charges to answer to, with a further 5 planned for a second trial set for March 2024.
Published At
10/3/2023 8:50:25 PM
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