Latest update — Former FTX founder Sam Bankman-Fried trial [Day 1]

The trial of the former FTX CEO began on Oct. 3.

Cointelegraph reporters are on the ground in New York for the trial of former FTX CEO Sam Bankman-Fried. As the saga unfolds, check below for the latest updates.The trial of Sam Bankman-Fried began on Oct. 3 with jury selection. Bankman-Fried is charged with seven counts of conspiracy and fraud in connection with the collapse of FTX, the cryptocurrency exchange he co-founded. Heto all charges.

for a few hours. When the FTX website came back, it bore a warning against making deposits and was unable to process withdrawals.that began with “I’m sorry.” It was the first of a long string of public statements he made about the exchange’s fall. The following day, the entire staff of Alameda Research quit, and FTX, FTX US and Alameda Research. Bankman-Fried resigned as FTX CEO and was replaced by John J. Ray III. Ray was best known for his role in the Enron bankruptcy.

Bankman-Fried, Ellison and other alumni of Jane Street Capital founded Alameda Research in 2017. Bankman-Fried went on to found FTX with Wang in 2019. Zhao was an early investor in the exchange.

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