The crypto mogul — who's been compared to Bernie Madoff — could face up to 110 years in prison if convicted on all charges.
Jury selection begins Tuesday in New York in the case against Sam Bankman-Fried, marking the start of a criminal trial that could put the 31-year-old disgraced crypto mogul behind bars for an extended period of time.
The trouble started after reports showed FTX used its own cryptocurrency, called FTT, to prop up a hedge fund owned by FTX called Alameda Research. That drew questions about FTX's liquidity and pushed major holders of the cryptocurrency to sell off their tokens — including Binance, a rival exchange which held roughly $530 million worth of FTT.
After fleeing to the Bahamas, he was eventually charged with a host of financial crimes and campaign finance violations. He was then arrested by Bahamian authorities and extradited back to the U.S.John Ray III took over as CEO and was promptly ordered to testify in front of the House Financial Services Committee.
While acknowledging his mistakes, Bankman-Fried has maintained his innocence and insists there was never criminal intent. He pleaded not guilty in Manhattan federal court earlier this year on charges that he cheated customers out of billions of dollars to make lavish real estate purchases, bribe politicians with donations to influence crypto policy, and make risky trades at Alameda Research.
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