Kenne Michael 
During the trial, the prosecutors and defense attorneys in the criminal case against former FTX CEO Sam Bankman-Fried, also known as SBF, painted contrasting pictures for the jury to consider.
Assistant United States Attorney Thane Rehn and SBF attorney Mark Cohen presented opening arguments to a 12-member jury in New York on October 4 regarding the events leading up to the collapse of crypto exchange FTX and Bankman-Fried’s alleged role.
After more than a day of questioning, Judge Lewis Kaplan made the ultimate jury selection of 12 jurors and 6 alternates.
According to an X (formerly Twitter) thread from Inner City Press at the event, Rehn claimed in court that SBF used FTX customer funds to enrich himself and to persuade legislators that he was trustworthy through campaign contributions and testimony.
The Assistant U.S. Attorney allegedly argued that Bankman-Fried repeatedly deceived users, employees, and the general public about “the hole” FTX was in when financial information on the exchange was released in November 2022.
“The hole was too big,” Rehn stated. “So defendant blamed a downturn in the crypto market. But he had committed fraud. That is what the evidence in this trial will show. You will hear from his inner circle. His girlfriend will tell you how they stole money together.”
Cohen, who delivered his opening statement after Rehn, reportedly accused SBF’s ex-girlfriend and former Alameda Research CEO Caroline Ellison and Binance CEO Changpeng Zhao, or CZ, for some of the problems that led to FTX’s collapse.
He asserted that Ellison had neglected to hedge some of Alameda’s investments despite Bankman-Fried’s urging and that CZ’s social media posts were directly responsible for a run on FTX.
The SBF defense team presented the former FTX CEO as having “acted in good faith” despite the company’s exponential growth in a volatile cryptocurrency market. He also refuted the notion that SBF was a “bad guy” by spending money on a Bahamas penthouse and paying celebrities to endorse FTX: “It’s not a crime to try to get Tom Brady.”
The second day of Bankman-Fried’s first criminal trial, expected to last approximately six weeks, occurred on October 4.
He will reappear in court in March 2024 for a second trial on seven counts of alleged fraud at FTX, for which he has pleaded not guilty.
Among the highlights of SBF’s first week in court was the former FTX CEO’s first appearance with a new haircut.
As the trial continues, Ellison and other former executives associated with the cryptocurrency exchange may testify against SBF.
