Day 2 - October 4, 2023

A jury of 12 members and six alternates was sworn, and the judge instructed jurors on the presumption of innocence, the government's burden of proof, the seven charges, permissible evidence, and juror conduct. In opening statements, prosecutors alleged that Sam Bankman-Fried used Alameda Research to take billions of dollars in FTX customer assets while presenting the exchange as safe. The defense argued that he acted in good faith, believed FTX's loans to Alameda were permitted and secured, and faced a market-driven liquidity crisis rather than a fraud. Customer Marc-Antoine Julliard testified that he expected to control and withdraw his deposits, waited after November 2022 posts suggested customer assets remained available, and later had withdrawal requests go unprocessed. On cross-examination, he acknowledged cryptocurrency's risks, could not recall reviewing FTX's terms, and said he had never communicated with Bankman-Fried. Adam Yedidia testified that he resigned after learning Alameda had used FTX customer deposits to repay creditors. He also disclosed that he was testifying under immunity because he feared code he wrote might have contributed to a crime. After testimony, defense counsel raised a medication-access problem affecting Bankman-Fried, and the judge directed counsel to contact the Bureau of Prisons before returning to the court if it remained unresolved.