The trial of Sam Bankman-Fried starts on Oct. 3 in Manhattan federal court. Here's what to expect.
as the “Michael Jordan of crypto.” Just over a year later, on Oct. 3, the founder of the cryptocurrency exchange FTX will be transported from the Metropolitan Detention Center in Brooklyn, where he is currently in custody, to a federal courthouse in Manhattan, for the beginning of one of the most anticipated criminal trials of the year.
But prosecutors allege that instead of keeping customer funds siloed, FTX officials loaned those deposits to Alameda Research, Bankman-Fried’s hedge fund, at the founder’s direction. Prosecutors allege, first, that Bankman-Fried oversaw a technical “backdoor” that allowed him to funnel money out of FTX customer accounts undetected—and, second, that he then used those funds to buy luxury real estate, donate to political campaigns, and repay Alameda’s lenders.
“My conclusion is there is probable cause to believe the defendant tried to tamper with witnesses at least twice,” Judge Kaplan declared. (Bankman-Fried reportedly reached out to a second witness over Signal,Two other top FTX executives—Gary Wang and Nishad Singh—pleaded guilty to fraud charges. Wang and Singh lived in a penthouse with Bankman-Fried in the Bahamas and were integral to both his professional and social life for many years.
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