n Oct. 4, the long-awaited criminal trial of FTX founder Sam Bankman-Fried finally began in earnest after twelve jurors were sworn in at a Manhattan courthouse. While prosecutors characterized Bankman-Fried as a serial liar in their opening argument, his defense team painted him as a well-intentioned but flawed start-up founder.
Here are three areas of contention that will be central to the trial as it plays out over the next month.Both prosecutor Thane Rehn and defense attorney Mark Cohen attempted to draw their own rich character portrait of Sam Bankman-Fried, who sat mostly motionless in the courthouse, rarely looking at either attorney. (Cohen, at the end of the day, complained to Judge Kaplan that Bankman-Fried was not getting his proper dosage of Adderall, which made it “very hard for him to focus.
Unsurprisingly, Cohen insinuated that it was squarely Ellison, not Fried, who was running Alameda, and thus the root of its problems. “He relied on her, and he trusted her to act as the CEO and manage the day-to-day of trading management, preparing financial documents, handling lender relationships,” he said. Cohen also alleged that at one point, Bankman-Fried confronted Ellison about scaling back her risky trading strategies, but that she refused to heed his advice.
The prosecutors brought up the terms of service several times on Wednesday: in Rehn’s opening arguments, and then in the cross-examination of their first two witnesses, FTX investor Marc-Antoine Julliard and FTX employee Adam Yedidia. Juilliard, who claims to have lost around $100,000 when FTX crashed, said he signed up for the platform with the understanding that his assets would not be loaned out.
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