Once valued at $32 billion, Bankman-Fried’s crypto empire collapsed last November.
Bankman-Fried was arrested in the Bahamas in December and hit with a slew of fraud and conspiracy charges.
Here’s what to know after the case kicked off Tuesday.
What charges does Bankman-Fried face?
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Bankman-Fried has been charged with wire fraud, conspiracy to commit wire fraud, securities fraud and money laundering, and conspiracy to make unlawful political contributions and defraud the Federal Election Commission (FEC).
- There’s a second trial scheduled for
March 2024 in which the FTX founder faces several more charges, including securities fraud, conspiracy to commit bank fraud and conspiracy to bribe foreign officials.
Prosecutors allege Bankman-Fried siphoned off customer funds to prop up his crypto trading firm Alameda Research and bankroll tens of millions of dollars in campaign contributions.
He’s also accused of making contributions in the names of two other executives to curry favor with political candidates and making false and misleading statements to investors.
What do we know about the trial?
- Jury selection for Bankman-Fried’s first criminal trial is expected to last up to six weeks.
- Four FTX executives previously pleaded guilty to criminal charges related to the company’s collapse. They’re expected to testify against Bankman-Fried.
Caroline Ellison, the former CEO of Alameda Research and Bankman-Fried’s ex-girlfriend, and Gary Wang, a co-founder of FTX, both pleaded guilty to fraud charges in December and agreed to cooperate with the investigation.
The Hill’s Julia Shapero has more here.
