American entrepreneur Samuel Benjamin Bankman-Fried is accused of defrauding cryptocurrency users. The creator and CEO of the cryptocurrency exchange FTX .
He launched FTX in 2019 and grew it into one of the leading exchanges for buying and selling crypto derivatives. In early 2022, investors valued FTX and its U.S. operations at a combined $40 billion.
After users began withdrawing their investments from FTX at a rapid pace, Bankman-Fried filed for bankruptcy for FTX, FTX's U.S. operations and Alameda Research.
Bankman-Fried would face a maximum of 115 years in prison if convicted on all eight counts and sentenced to serve each charge consecutively.
Four additional criminal charges levied against Bankman-Fried were announced on February 23, 2023, primarily focused on his making "more than 300 illegal political donations.