The high-profile trial of former FTX CEO Sam "SBF" Bankman-Fried commenced on October 3 with notable observations both inside and outside the Manhattan courtroom.
Many journalists, crypto influencers, and spectators gathered in the media overflow room to document the day's events. Bankman-Fried, the defendant, appeared to have lost a significant amount of weight, and he was surrounded by five defense attorneys. He was dressed in a navy suit that seemed larger than before and had a shorter hairstyle compared to his trademark tousled curls. During the trial, he spoke only to acknowledge the judge and occasionally interacted with his lawyers or used his air-gapped laptop.
Bankman-Fried has been detained at the Metropolitan Detention Center in Brooklyn for approximately seven weeks. His lawyers had previously argued for his release, claiming he lived on a limited diet and lacked vegetarian options.
Crypto influencer Tiffany Fong remarked that he now appeared more like a criminal. The first day of the trial was described by some reporters as resembling the first day of school.
An unnamed media source described it as a unique experience, while Nitish Pahwa of The Slate likened it to a "crypto dance party" filled with paid media attendees, crypto influencers, enthusiasts, skeptics, and more. Judge Lewis B. Kaplan advised potential jurors not to conduct any research or read news reports. However, his demeanor became more relaxed when he addressed the crowd, according to Cointelegraph.
During the jury selection process, potential jurors were asked about their prior knowledge of FTX and Alameda. One mentioned learning about it from the Joe Rogan Experience podcast. Another revealed they had worked for a company that invested in FTX and Alameda, ultimately losing money. A juror who expressed a negative view of cryptocurrencies was removed from the pool.
One juror asked the judge about the worst possible sentence, to which the judge responded that they would discuss it later. He also asked if anyone would not be willing to accept the court's punishment, and no one objected.
Judge Kaplan indicated that 50 qualified jurors had been selected and that 18 people would be chosen in total: 12 as jurors and 6 as alternates. On the following day, microphones would be passed to each juror for a one-minute statement, and lawyers would then finalize the selection. The trial is expected to last approximately six weeks, but it could conclude sooner.
The assistant U.S. attorney read out a list of potential witnesses, including former company executives, family members, and representatives from various institutions, such as Jane Street Capital, Sequoia Capital, BlockFi, Binance, and more. The trial's opening arguments, totaling about 90 minutes, were scheduled for the next day after the jury selection was finalized.
