FTX founder Sam Bankman-Fried trial to begin on Wednesday, while Celsius CEO will face court in 2024
|- The trial against the disgraced former CEO of FTX, Sam Bankman-Fried, will witness its opening statements on October 4.
- During the jury selection, the prosecutors clarified that while they are not gunning for a death sentence, a plea deal has never been an option.
- Bankrupt lender Celsius CEO Alex Mashinsky's trial of fraud charges will begin in September 2024.
Dubbed the "trial of the century", the former Chief Executive Officer (CEO) of FTX, Sam Bankman-Fried (SBF), is set to face the court on Wednesday. With the jury selection underway, the trial is set to become the highlight of the market for the next couple of weeks. On the other hand, another major crypto-affiliated trial has been scheduled for next year.
FTX founder Sam Bankman-Fried to face the jury soon
The trial of the disgraced executive of FTX, Sam Bankman-Fried, began with the jury selection on October 3. According to excerpts from the courtroom, the members of the jury will be selected by Wednesday. As soon as the 12 members of the jury, along with six alternatives, are finalized, Judge Kaplan will begin hearing the opening statements.
Another key point made during the jury selection came from the prosecutors, who stated that they are not looking for a death penalty for Bankman-Fried; however, they clarified that no plea deal was ever offered either.
Furthermore, Judge Kaplan, who will be presiding over the case, ruled in favor of the government by passing a motion that will result in seven of FTX founder's witnesses being blocked from testifying.
The case will decide on the 12 criminal charges placed against Sam Bankman-Fried and whether he is responsible for defrauding investors of billions of dollars as alleged.
Celsius CEO gets a court date next year
With Sam Bankman-Fried taking up the headlines, a key development slipped out of sight as the former CEO of Celsius is set to appear before the court in September 2024. US District Judge John Koetl set the date for the trial of Alex Mashinsky, who is facing charges of securities fraud, commodities fraud, wire fraud and conspiracy to manipulate the value of the Celsius token - CEL.
The lending firm Celsius filed for bankruptcy last year during the Q2 2022 contagion, which also witnessed the downfall of companies like Three Arrows Capital and Terra, among others.
As reported by Bloomberg, the company reportedly had over $1 billion worth of debt when it went bankrupt. As for its creditors, last month, Celsius finalized its restructuring plans to pay back its creditors, the target for which has been set by the year-end by the bankrupt firm.
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