The Trial of Sam Bankman-Fried: Live Blog, Latest News and Insights

Crypto Breaking News

Oct 3

The trial of Sam Bankman-Fried, the disgraced founder of FTX and former crypto billionaire, has begun.

Federal prosecutors accuse him of masterminding one of the most significant financial frauds in U.S. history. Bankman-Fried, once celebrated as a crypto billionaire, is alleged to have orchestrated a multibillion-dollar fraud. He faces charges related to defrauding customers on his digital currency exchange, FTX. The accusations include wire fraud, securities fraud, and money laundering.

The former CEO was arrested on December 12, 2022, in Nassau, Bahamas. After being extradited to the U.S. he pleaded not guilty to all charges on January 3, 2023. He was under house arrest at his parents home in Palo Alto, Claifornia, but in August 2023, his bond was revoked due to alleged witness tampering. Since then he's been incarcerated at Metropolitan Detention Center in Brooklyn.

The case has been described by Damian Williams, U.S. Attorney for the Southern District of New York, as "one of the biggest financial frauds in American history." Bankman-Fried's trial could potentially last up to six weeks.

Tuesday, October 3: Jury selection

On Tuesday morning, crowds had already gathered outside the New York courthouse where jury selection will begin for Bankman-Fried's trial. Court officials told Decrypt reporter André Beganki that there would be no "perp walk" to publicly bring Bankman-Fried into the courthouse, because he's already in custody.

A judge dismissed a motion from Bankman-Fried's attorneys to allow him to be released from jail during the duration of his trial. By 9 a.m., court officials had admitted him into the courthouse.