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Bankman-Fried’s fate in FTX fraud trial to be decided by jury of 12 everyday people

Bankman-Fried’s fate in FTX fraud trial to be decided by jury of 12 everyday people
FTX founder Sam Bankman-Fried holding court at a crypto event last year in Nassau, Bahamas. Credit: Joe Schildhorn/

Happy Saturday!

The jury that will decide the fate of FTX founder Sam Bankman-Fried (SBF) in his ongoing fraud trial is composed of 12 ordinary New Yorkers, most with no connection to finance or crypto. Banks may be required to disclose their exposure to crypto, the co-founder of bankrupt crypto lender Voyager Digital may be accused by the CFTC of misleading clients, and Stars Arena was hacked. Read on!

SBF faces 12 everyday jurors

An unemployed social worker, a librarian, and a train conductor are among the 12 New York jurors who will pass judgement in the ongoing trial of FTX founder Sam Bankman-Fried, Yahoo Finance reported.

Bankman-Fried, accused of embezzling billions in customer funds from the now-bankrupt crypto exchange, faces a jury of nine women and three men ranging in age from early 30s to late 60s. Most have no connection to finance or crypto, according to the report.

Banks may reveal crypto exposure

The Basel Committee on Banking Supervision, which sets global norms for traditional lenders, may require banks with cryptocurrency exposure to disclose their holdings, according to investment researcher Zacks.

The committee plans to implement disclosure requirements for banks regarding their crypto exposures and risks in the wake of turmoil involving exchanges like FTX and regional bank failures like Silicon Valley Bank in California.

Voyager co-founder eyed by CFTC

US Commodity Futures Trading Commission investigators say the co-founder of bankrupt crypto lender Voyager Digital, Stephen Ehrlich, broke derivatives regulations, Bloomberg reported, citing people familiar with the matter.

CFTC enforcement division agents have recommended that the agency accuse Ehrlich of misleading customers about the safety of their assets, a possibility that will be decided by commissioners within days, the report said.

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Stars Arena hacked for $2.9m

Stars Arena, an Avalanche-based decentralised social media protocol, was drained of about $2.9 million, The Block reported, citing security analysts PeckShield.

Stars Arena said in a post on X: “There has been a major security breach with the smart contract. … DO NOT deposit any funds.” DL News reported earlier this week that Stars Arena said it had patched a smart contract vulnerability that enabled hackers to drain $2,000.

Hong Kong retail stablecoin trade forestalled

Hong Kong Secretary for Financial Services and the Treasury Christopher Hui said retail trading of stablecoins will not be allowed until next year, after a comprehensive regulatory policy is introduced, Coin Edition reported, citing local Chinese-language media Ming Pao.

Hui said that regulations for stablecoins including Tether and USD Coin had not yet been completed.

What we’re reading around the web

‘Math nerd’ or crypto criminal? Question at heart of Sam Bankman-Fried’s trialThe Guardian

FTX co-founder Gary Wang drops $65bn bombshell — who is SBF’s star coder?DL News

Bitcoin Miner Iris Energy Jumps 9% as It Boosts Mining Capacity Ahead of Bitcoin Halving Decrypt