FTX founder SBF trial begins, first day focuses on jury selection

FTX founder Sam Bankman-Fried(SBF) will go on trial this week in federal court in New York, nearly 10 months after being arrested in the Bahamas, on charges of allegedly defrauding exchange customers.

The case has progressed rapidly, taking less than a year from arrest to trial. Before the formal opening statements, the primary task is to select the jury members. This process, known as "voir dire"( pre-trial), will begin tomorrow.

During the pre-trial process, judges and lawyers will question potential jurors to determine their suitability to serve as jurors. This process is designed to select a fair and impartial jury. The judge will ask a series of questions, including personal privacy and substantive issues related to the case, such as whether they have ever held cryptocurrency or have been a customer of FTX.

The pretrial is also the first opportunity for the prosecution and the defense attorneys to assess the candidates who will decide the case's punishment. Experienced lawyers not only listen to the answers but also observe the jurors' body language and other non-verbal cues.

During the pre-trial, the judge will first read the charges against the defendant to the prospective jurors. The indictment accuses SBF and his accomplices of deceiving FTX customers and investors, and laundering the proceeds of the fraud. Specifically, it includes seven criminal charges, such as wire fraud, securities fraud, commodities fraud, and money laundering.

Two of the charges are "substantive" allegations, requiring the prosecution to prove beyond a reasonable doubt that SBF directly participated in criminal activities. The remaining five are "conspiracy" charges, which only require proof that SBF conspired with others to commit a crime. This distinction is important, and the judge will reiterate it to the jury at the end of the hearing.

The prosecution may provide evidence to prove that SBF and his accomplices intended to carry out large-scale fraud. The defense, on the other hand, may argue that SBF was merely negligent and had no criminal intent to deceive customers and investors.

In the coming weeks, we will also see opening statements, numerous witness testimonies, and a large amount of evidence and recordings, among other things. The pace of this case's progress is unprecedented, and we look forward to seeing if the trial process will be just as swift.