According to CoinDesk: As the judicial process kicks off in earnest, crypto founder Sam Bankman-Fried appeared in court on Tuesday to face a range of federal fraud and conspiracy charges related to the collapse of his businesses - FTX, a crypto and futures exchange, and Alameda Research, a crypto trading firm. Clad in a black suit, Bankman-Fried seemed poised to defend himself after months of anticipation.
Day one of the trial focused on voir dire - the reduction of 80-plus potential jurors to a final pool of 12 jurors and six alternates. Judge Lewis Kaplan, overseeing the case, aimed to pick an impartial jury despite the landmark nature of Bankman-Fried’s case.
The pool of potential jurors included people with professional ties to Alameda and FTX. One juror used to work at Signature, a crypto-friendly bank associated with Alameda and FTX. Another's employer had invested in Alameda and FTX directly.
Judge Kaplan questioned the potential jurors to assess impartiality, probing into their understanding of the case and ensuring no prevue bias due to financial losses from investing in Alameda or FTX.
Seven jurors reportedly raised their hands when asked if they had seen a recent 60 Minutes segment featuring an interview with author Michael Lewis about his newest book detailing Bankman-Fried's rise and fall.
The trial is expected to progress with jury selection concluding on Wednesday, and opening statements commencing immediately afterwards. The defense anticipates their opening statement to last up to 40 minutes, followed by the prosecution, who expect to take no more than half an hour.
Bankman-Fried's legal future hangs in the balance – a landmark case for the crypto world setting the stage for the intersection of digital currencies and legal regulation.