Nearly a year has passed since the bankruptcy and reorganization of FTX. After the founder SBF was returned to the United States from the Bahamas, the trial finally opened yesterday evening. Although the formal trial process has not yet entered, the U.S. prosecutor believes that the existing legal framework is sufficient. Accused SBF of fraud.

The U.S. Department of Justice expresses its views on the SBF case

Regarding the case in which FTX founder SBF was charged with wire fraud, conspiracy to commit commodity fraud, wire fraud and money laundering, the trial officially began yesterday (3) evening.

The Block reports that U.S. prosecutors reiterated today that the existing legal framework is sufficient to charge SBF with fraud-related violations.

In a filing Wednesday, the Justice Department rejected SBF's statement, which said:

"The obvious lack of relevant laws or guidance documents directly affects whether the alleged use of user deposits constitutes misappropriation, rather than permitted business behavior."

In this regard, prosecutors argued that there was indeed a prohibition against misappropriating user assets, and this was the law the defendants were accused of violating. The Ministry of Justice also added that while the existence of the law may be relevant to establishing a statutory duty of care, the lack of provisions is irrelevant to the issue of victims entrusting assets to defendants.

Separately, the Justice Department also believes the court should deny SBF's request to reconsider its request for evidence of the recovery of assets in FTX's bankruptcy proceedings. As for, can SBF bring up its "past good deeds"? The Department of Justice believes that as long as the evidence is presented for a legitimate purpose and not for purposes of character or preference.

The SBF trial has not yet officially begun and jury selection is still ongoing

On the first day of the trial, the judge spent a long time investigating nearly 50 jurors, with different ages and occupations. There were elderly people with diabetes, investment bankers whose companies had invested in FTX, and some. Military personnel, educators, insurance people, etc… Many people are unaware of cryptocurrencies, but there are also people who have suffered losses when investing in cryptocurrencies. Some friends even committed suicide because of a Ponzi scheme.

The first day did not go into the SBF trial, but rather into confirming the jurors, from whom 12 jurors and 6 alternates will be selected.

This article US Department of Justice: Existing laws are sufficient to charge SBF with fraud! Jurors are still being selected. The post appeared first on Chain News ABMedia.