Sam Bankman-Fried, facing charges of wire fraud, money laundering, and conspiracy, arrived 30 minutes late for the first day of his trial. He is accused of misappropriating customer funds from FTX. The trial started with neither the government prosecutors nor Bankman-Fried’s defense team having received any plea deal offers from the government, raising questions about why the trial is taking place.
Bankman-Fried, known for his media appearances where he claimed innocence in the case of missing funds, may take the stand during the trial, and the jury selection process has revealed that many potential jurors have connections to the financial industry. Some had invested in cryptocurrency and lost money, potentially making them less sympathetic to Bankman-Fried’s case.
The trial, expected to continue for some time, will be closely watched as one of the most significant financial fraud trials in recent years.