The cogs of justice are in motion as the selection for the jury panel in the high-stake trial of Sam Bankman-Fried, FTX’s founder, continues for another day. Observations of potential bias among prospective jurors, which is not an uncommon issue in such scenes, pose a significant concern, reportedly due to personal financial losses or negative perception of the cryptocurrency sphere.
The current game of juror musical chairs resulted in a narrowed down list from the initial pool to 50 individuals. By Wednesday morning, a final panel of 12 will be chosen, as per Wired‘s latest updates. However, it seems the process is not without its complexities. One juror admitted to a potential conflict of interest stemming from a significant financial loss due to the collapse of FTX last year. Another, Zal Dang, stated he might grapple with biased views, having soured on the industry since his first introduction.
Such courtroom drama underscores the complex intersection of the financial and legal world. Adding to the intrigue, Judge Kaplan prompted the potential jurors to reveal any association with FTX or Alameda Research, dragging the blockchain’s technical jargon into the courthouse. The spider web of association seemed to spread even further, engulfing other financial institutions, like Bank United and Morgan Stanley, which previously shared an optimistic outlook towards the now-defunct crypto bank Silvergate, closely linked with FTX.
Media coverage of the case is casting long shadows. Kaplan urged jurors to be wary of it, especially considering the prominence of names like Silvergate, Anthony Scaramucci, and Caroline Elison, linked with FTX’s collapse. Even CBS’s “60 Minutes”, where author Michael Lewis shared his theories about Bankman-Fried’s crumbling financial empire, was signed-off as off-limits for the jurors.
Lewis’s exposition hinted at poor management, gross misappropriation of funds, and an almost blasé reaction from Bankman-Fried when questioned about $8 billion in customer funds that mysteriously fell into his private fund accounts. Intriguingly, the author also uncovered that Bankman-Fried considered a $5 billion deal with Donald Trump to prevent him from seeking another presidency.
Bankman-Fried’s accusations include conspiracy, fraud, and the unlawful lending of customer deposits to Alameda. As the trial unfolds, the intersection of the crypto world and the traditional legal system is under the spotlight, a seamless blend of the old and the new. However, only time will tell which side of this legal clash the gavel will fall.
Source: Cryptonews
