Former crypto billionaire Sam Bankman-Fried will face the music on Tuesday.
Jury selection is scheduled to begin in federal court in midtown Manhattan for his criminal trial on charges he defrauded customers of FTX, the once-powerful and defunct cryptocurrency exchange he ran.
According to prosecutors, Bankman-Fried commingled funds between FTX, where he was CEO, and Alameda Research, a hedge fund he also controlled. Once the financials were made public late last year, customers and investors rushed to pull their money out of the failed exchange, and the cryptocurrency token owned by FTX lost much of its value
The fall of FTX also marked, for much of America, the final nail in the coffin of the possibility that cryptocurrency could ever be a legitimate financial instrument.
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