FTX v Sam Bankman-Fried: Trial Begins Oct. 3—Here’s What to Know

Isaiah Richard, Tech Times 01 October 2023, 11:10 pm

The battle between the defunct crypto exchange company, FTX, and its founder, Sam Bankman-Fried is set to commence this Tuesday, October 3, a suit that would determine if he is guilty of the crimes filed against him. The issue started in November 2022 when FTX collapsed and filed for Chapter 11 bankruptcy, with many of its funds unaccounted for or missing.

All these early times, Bankman-Fried maintained his innocence while other executives admitted their guilt, with the trial set to determine once and for all, what happened with its fallout.

FTX v Sam Bankman-Fried Is Coming on October 3

(Photo : Alex Wong/Getty Images)

United States v. Sam Bankman-Fried will commence this October 3, and according to the public docket document, Tuesday would first center on the jury selection to participate in the case. According to the document, there would be as much as four days a week to commence the hearings for SBF's seven counts of fraud and conspiracy.

The trial is expected to last until the second week of November. There would be various days where there would be no hearings, and two holidays taking place including October 9 for Columbus Day and November 10's Veteran's Day.

Days where the US v. Sam Bankman-Fried trial would not take place is when friends or family members may visit SBF in the Metropolitan Detention Center where he is currently.

FTX, Sam Bankman-Fried's Criminal Trial Case

According to TechCrunch, Bankman-Fried will be represented by Cohen & Gresser, with Mark Cohen leading the case, renowned for being a defense attorney and a former federal prosecutor. The case will center on Bankman-Fried's actions that led to FTX's demise, with the company and the public getting the chance to know its conclusion and have those involved in its downfall pay the price.

Sam Bankman-Fried and FTX: What Happened?

The events of mid-November 2022 shocked the world, especially as the largest cryptocurrency exchange platform, FTX, filed for bankruptcy, citing that its funds were significantly diminished. During this time, there were many reports and claims that Sam Bankman-Fried had his hands on transferring the company's digital assets to the Bahamas right after filing its bankruptcy.

Bankman-Fried went on various talks and interviews where he claimed his innocence, denying the fraud allegations against him. In December 2022, Bankman-Fried was arrested by Bahamian authorities after being charged in the United States, with the former executive extradited after.

Reports now spread like wildfire, with Alameda Research executives also claiming that SBF took secret loans worth billions of dollars from FTX.

Since Bankman-Fried pleaded "Not Guilty" to the charges against him, the criminal trial will continue to review the case and events that transpired before, during, and after the implosion of FTX. Amidst this trial, Bankman-Fried will be going back and forth from his jail cell after forfeiting his house arrest and bail, with the first proceeding starting tomorrow, Tuesday, October 3.