The long-running FTX saga is heading for a spectacular conclusion. Indeed, former FTX CEO Sam Bankman-Fried is about to embark on a criminal trial that will begin on October 4 and run for around six weeks.
Sam Bankman-Fried trial dates revealed
The world is on the verge of witnessing a major historical event as Sam Bankman-Fried is finally ready to account for his actions. At a hearing on Thursday September 28, the dates of his trial have finally been revealed to the public.
Jury selection for the trial will begin on October 3, with Bankman-Fried‘s first official trial date scheduled for October 4.
On that day, the seven counts of fraud against him will be examined. Two of these charges are of a fundamental nature, requiring the plaintiffs to bring convincing evidence to the jury, while the other five are “conspiracy” charges, which also require strong evidence from the whistleblowers.
The trial schedule includes a full 15-day hearing in October, followed by a further six days in November. Please note that the court will not sit from October 20 to 25, nor on the public holidays of October 9 and November 10.
Several requests for release refused for fear of absconding
For about six weeks, Sam Bankman-Fried is maintained in detention provisional at Metropolitan Detention Center. During this period, his lawyers made several attempts to obtain his temporary release, in order to prepare his defense for the impending trial. Unfortunately, the last of these requests was rejected by the judge Lewis Kaplan.
The judge expressed legitimate concerns about the risk of flight. This concern stems directly from the serious threat to Bankman-Fried : a maximum sentence of 110 years in prison if convicted of the seven counts of fraud and conspiracy related to the FTX collapse.
The judge, while expressing these concerns, showed leniency and understanding for the defense’s concerns. In an accommodating gesture, he authorized Bankman-Fried to appear in court at 7 a.m. local time, to enable him to confer with his lawyers before testimony begins.
The conclusion of this trial promises to be potentially devastating for SBF, which must now prepare to face a long legal battle, under the spotlight of public opinion and the crypto industry.
As a journalist at Coinpri, I’ve been captivated by the world of bitcoin and blockchain since 2020. The decentralized aspect of Bitcoin particularly piqued my interest. Since then, I’ve been working constantly to spread my knowledge, hoping one day to see a world where everyone fully enjoys their financial freedom.