The hearing at a Manhattan federal court in the case against the former crypto star, who also founded FTX's associated hedge fund Alameda Research, begins this morning with jury selection.
He faces seven conspiracy and fraud counts relating to the period between 2019 and FTX's collapse last November for allegedly siphoning investors' money into risky trades and other unlawful purposes.
The Manhattan US Attorney's Office has also accused him of using FTX customer funds to foot the bill for ballooning loan expenses at Alameda. Authorities have also contended that he snapped up expensive real estate and made extensive political donations to both Democrats and Republicans with their money.
Bankman-Fried's world started to unravel after a report on crypto news site CoinDesk on 2 November saying Alameda held billions in FTX's own cryptocurrency, FTT.
The crypto hedge fund allegedly used FTT as backing for large loans, meaning a downward dip in FTT could undermine FTX and Alameda.
Adding to the unease: FTT didn't have value outside FTX's promise to buy tokens at $22.
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