Jury selection begins in Sam Bankman-Fried trial

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Jury selection begins in Sam Bankman-Fried trial

12 jurors are now in place and opening statements have been made in the trial of Sam Bankman-Fried, founder and former chief executive offcier of collapsed crypto exchange FTX.

Prosecutors allege Bankman-Fried committed 'a massive fraud' in an opening statement made to the jury, according to Inner City Press, a court reporting organization that was live blogging the trial from the Manhattan courtroom.

Bankman-Fried is charged with wire fraud and conspiracy to commit money laundering in connection with the operations of FTX. Both the prosecution and defense make opening statements. They set the scene for the jurors and provide a general roadmap on how the trial would play out.

The defense rebuked the prosecution's claims of fraud, instead placing blame on startup teething problems - like the exchange's lack of a chief risk officer - and Caroline Ellison, the co-CEO of its sister company Alameda Research and Bankman-Fried's former girlfriend. She has already pleaded guilty and will be a star witness for the prosecution.

On Tuesday, the trial began with jury selection, also known as voir dire. U.S. District Judge Lewis Kaplan posed questions to more than 80 potential jurors, including the defense and prosecution, to identify their suitability for the case. In light of the facts and evidence presented during trial, jurors must determine whether the defendant knew they were committing the alleged crimes.

One potential juror said he heard about it on Joe Rogan's podcast. Another said the two were working for a company that invests in FTX and Alameda Research.

By mid-wednesday, 12 jurors and six alternates had been selected. A verdict in a civil case must be made unanimously by the jury. The jury can appoint a verdict on multiple counts if they unanimously agree on all of the charges.

The jury selection process provided further insights into who may testify or be referenced in the trial. The defense and prosecution provided a list of names to potential jurors to verify if they would pose any conflict of interest, including investor Anthony Scaramucci, former Alameda Research co-CEO Sam Trabucco and crypto exchange Binance.

The prosecution introduced their first witnesses on Wednesday - commodities trader and FTX customer Marc Antoine Julliard and Adam Yedidia, a former Alameda Research employee and close friend of Bankman-Fried.

Yedidia told the courtroom under examination by prosecutor Danielle Sassoon.