Author: Ari Redford, Global Policy and Government Affairs Director, TMR Labs, a blockchain intelligence company

Translator: Wang Eryu, PANews

• The trial of FTX founder and CEO SBF will begin on Tuesday.
• The main task on the first day of the trial is to select the jury.
• Ari Record of TMR Labs interprets the focus of the first day of the trial.

FTX founder and former CEO Sam Bankman-Fried will stand trial in a New York federal court this week, after being arrested in the Bahamas for a full 9 months and 20 days, on charges of defrauding exchange customers.

The case against SBF is progressing rapidly, involving extradition, multiple cooperating witnesses, and a massive amount of electronic evidence.

Cases of this scale and level often take years to come to trial. However, before opening statements from both sides, the first step is to select the jury. This process, called voir dire, will begin tomorrow.

Voir dire, meaning "to speak the truth" in French, involves the judge or lawyers questioning potential jurors from the community to determine their suitability to serve as jurors.

In other words, both the prosecution and defense, as well as the court, can use this process to select impartial and fair jurors. The judge will question potential jurors, including questions submitted by the government and defense lawyers.

Some questions are of a personal nature (travel, work, medical), while others are more substantive, aimed at determining whether the jurors have any connections to the case or biases against the defendant.

For example: Have you ever held cryptocurrency? Or have you been a customer of FTX? Due to the significance of the case, each side's lawyers can each submit ten questions to eliminate unsuitable jurors.

While these questions are part of the standard jury selection process, voir dire also provides the first opportunity for both sides' lawyers to assess the individuals who will ultimately decide the outcome of the case.

It also provides an opportunity for the government and defense lawyers to skillfully conduct a preliminary examination through questioning.

Experienced prosecutors and defense lawyers will not only listen to the jurors' answers, but also evaluate their body language and other behaviors that reflect "bias."

Reading of the Charges

During voir dire, the judge's first task is to read out the charges against the defendant to the full panel of potential jurors.

The judge will explain that the indictment (non-evidence) accuses SBF and his accomplices of defrauding FTX customers and investors, and conspiring to launder the proceeds of the fraud.

Specifically, the indictment charges SBF with seven criminal offenses, including wire fraud, conspiracy to commit wire fraud against FTX customers and investors, and Alameda lenders, securities fraud, and commodities fraud.

The indictment also charges SBF with conspiracy to launder money, attempting to conceal the proceeds of the fraud.

Of all the charges, only two (wire fraud against FTX customers and Alameda lenders) are "substantive" charges, meaning the prosecution must eliminate reasonable doubt and prove that SBF himself actively participated in the criminal activity.

Section 1343 of Title 18 of the United States Code, the "Wire Fraud Act," defines as a crime the use of wire (in this case, the internet) to participate in a scheme to obtain money or property by means of false or fraudulent pretenses, representations, or promises.

The remaining five are "conspiracy" charges, meaning the government must prove that SBF at least planned the commission of the crimes with another person.

The Department of Justice will request the court to explain to the jury, in the proposed jury questions, that conspiracy charges differ from substantive charges, and "do not require proof of actual commission of the crime."

This distinction is important, and the judge will reiterate this point in the jury instructions at the end of the trial.

Streamlining the Process

This may sound quite complex, but the prosecution may present evidence to streamline the process and prove that SBF and his co-conspirators intended to commit large-scale fraud against customers and investors.

If the government can effectively prove fraudulent behavior, the defendant may be held responsible for most or all of the charges.

On the other hand, SBF's lawyers will argue that there were errors and incompetence in SBF's work, but he did not have the criminal intent to deceive customers and investors.

The defense will also argue that SBF took a series of actions "on the advice of counsel," which may exclude criminal intent.

The developments on the first day of the trial are all expected.

There will be more not-to-be-missed developments in the coming weeks, including opening statements, testimony from numerous witnesses, and a massive amount of evidence, recordings, and testimony from SBF's inner circle.

It has only been a short 9 months and 20 days since SBF's arrest, and 11 months since the collapse of FTX. The speed of progress in this case is unprecedented. Whether the trial process will be as swift, we will have to wait and see.

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