Sam Bankman-Fried sports new haircut as trial continues after slow start

Sam Bankman-Fried’s cryptocurrency fraud trial entered its second day on Wednesday morning, with additional jury selection set to begin at the Manhattan federal court.

Bankman-Fried, founder of the now-fallen cryptocurrency exchange FTX and its sister hedge fund, Alameda Research, is charged with a host of financial crimes surrounding the shocking implosion of his companies late last year.

Bankman-Fried, who faces seven counts, stands accused of diverting billions of dollars in FTX customers’ money into risky trades at Alameda and unlawful purchases. The Manhattan US attorney’s office has alleged that he used customer money to bankroll booming expenses at Alameda and snap up pricy real estate. He also stands accused of doling out millions to political candidates in the hopes of currying favor with crypto-friendly representatives.

The first day of jury selection got off to a slow start. Bankman-Fried was not at the courthouse in advance of the proceedings; the judge overseeing his case, Lewis Kaplan, revealed shortly afterwards that Donald Trump’s civil trial across the alley had derailed his arrival.

“We can thank the delay to what’s going on in the other courtroom nearby,” Kaplan said. After Bankman-Fried arrived, and prospective jurors filed into the courtroom at 10.37am, and so began the elimination process.

Several possible panelists said that they had read about the case. One man said that he had heard analysis of the case on Joe Rogan’s podcast, prompting strained groans in the press room.

One woman said that she could not attend, as it conflicted with her work for an upcoming Miss Universe pageant, in El Salvador, which she couldn’t miss.

Another woman said her employer had invest money in FTX and Alameda. Did they make or lose money? Kaplan asked. She replied: “Lose money.”

One man claimed he could not attend due to financial hardship. Specifically, the man said he “just bought a cello, I’m paying off $600 a month.”

As jury selection plodded along, Bankman-Fried seemed increasingly comfortable in the courtroom. During the afternoon session, he repeatedly turned to look at prospective jurors.

Bankman-Fried’s appearance was unusually well kempt. His characteristically unruly hair had been tamed by a recent haircut, and he was sporting a gray suit.

He maintains his innocence. Bankman-Fried will remain jailed throughout the six-week trial.

Several former FTX executives are expected to take the stand for the prosecution. The prosecution’s star witness is expected to be Caroline Ellison – his on-again, off-again girlfriend and the one-time head of Alameda.