Sam Bankman-Fried's long-awaited trial is right around the corner.
Sam Bankman-Fried, the former chief executive of cryptocurrency exchange FTX, is facing an extended period in the courtroom.
According to recent court filings, his trial is scheduled to run from October 4th until November 9th, covering seven criminal charges, including two fraud allegations and five conspiracy charges. When it comes to the last five conspiracy charges, the prosecution is tasked with proving both the act and intent behind the crimes.
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Newly disclosed judicial records indicate that the legal proceedings against Bankman-Fried will commence with juror selection on October 3rd. The trial will begin the following day, focusing initially on two primary fraud charges.
The trial calendar sets aside 15 days in October and another six days in November for the case. No court sessions are planned between October 20th and 25th, nor on public holidays, including October 9th and November 10th.
Held in pre-trial detention at the Metropolitan Detention Center since August 11th, Bankman-Fried has made several unsuccessful legal maneuvers seeking temporary release.
US District Judge Lewis Kaplan has rejected these requests, suggesting a flight risk due to the severity of the charges and the potentially lengthy sentence upon conviction. However, Kaplan did grant Bankman-Fried permission to consult with his legal team early in the morning on most trial days.
During a recent court hearing, Assistant US Attorney Danielle Kudla estimated that the trial could last roughly a month, extending possibly into a fifth week. Bankman-Fried could face a staggering 110 years in prison if convicted on all charges.
The extensive legal battle awaiting Sam Bankman-Fried could become a defining moment in regulating cryptocurrency enterprises and their executives. With seven severe allegations and a potential sentence that could span a lifetime, the trial's outcomes are eagerly anticipated and could set legal benchmarks in the rapidly evolving cryptocurrency sector.