FTX founder Sam Bankman-Fried’s prison trial for fraud resumed at 10 a.m. New York time, as Federal Pass judgement on Lewis A. Kaplan moved to conclude jury variety and listen to opening statements from legal professionals on either side.

Senior District Pass judgement on Lewis A. Kaplan is presiding over the case, and Assistant U.S. Legal professional Nicolas Roos is main the prosecution. The protection is being led by way of Mark Cohen. Listed below are the most recent are living updates from within the court docket on day 2: 

• Pass judgement on Kaplan wrapped up preliminary juror selections round 11:20 a.m. ET, with 12 jurors and six alternates decided on.
• Opening statements start with 40 mins for the defendant, and 25 mins for the prosecutors. 

Opening commentary from the prosecutor

• Assistant U.S. Legal professional says Bankman-Fried lied to the arena as he constructed his crypto empire at FTX. Most effective his shut buddies and female friend knew the reality about what used to be taking place. 
• Prosecutor says the defendant opened financial institution accounts with faux data and stole FTX buyer deposits via Alameda’s unrestricted get entry to to its price range. 
• The prosecutor blames SBF for the usage of FTX price range for political donations and famous person endorsements. 
• AUSA ends the hole commentary by way of pronouncing, “There is just one verdict: Sam Bankman-Fried is responsible.” 

Opening commentary from SBF’s legal professional

• Bankman-Fried’s protection lawyer, Mark Cohen, begins his commentary by way of pronouncing his consumer didn’t defraud someone. 
• He mentioned FTX’s tremendous fast expansion hampered Sam’s probabilities to rent chance managers.
• The protection blames SBF’s female friend, Caroline Ellison, alleging that Alameda’s price range weren’t hedged in line with Sam’s recommendation. 

• The protection claims Twitter assaults from Binance, and its CEO, Changpeng “CZ” Zhao, brought about a multi-billion greenback financial institution run on FTX.
• Shares crashed, Bitcoin fell by way of 70%, and all firms have been harm, together with Alameda – says the protection. 
• Cohen tries to color SBF as a just right personality some of the jurors, pronouncing he’s only a math nerd who by no means partied or drank. 
• Homes within the Bahamas have been purchased by way of FTX to entice the “absolute best and brightest” to the corporate. 
• Cohen says Ellison, Wang and Nishad will testify for the federal government and feature pled responsible. 
• The jury will likely be requested to search out SBF no longer responsible on the finish of the trial, Cohen says and ends the hole commentary. 

Witness exam

• The protection asked to exclude footage appearing SBF’s Bahamas yachts used to be denied by way of Pass judgement on Kaplan, as he believes SBF did purchase pricey issues. 
• The primary witness, Marc-Antoine Julliard, a cocoa dealer from London, is known as to testify.
• Julliard traded crypto via FTX and says he idea FTX made cash by way of charging commissions on trades. 
• Julliard added that he didn’t suppose FTX used to be lending out buyer price range on the time. 

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