SBF Heads to Trial Over FTX Crypto Fraud, Collapse; Everything to Know

Former crypto billionaire Sam Bankman-Fried is set to face the music on Tuesday.

Jury selection is scheduled to begin in a federal court in downtown Manhattan for his criminal trial on charges that he defrauded customers of FTX, the once-powerful and now-defunct cryptocurrency exchange he once led.

According to prosecutors, Bankman-Fried commingled funds between FTX, where he was CEO, and Alameda Research, a hedge fund he also controlled. Once the fishy financials became public late last year, customers and investors rushed to take their money out of the failing exchange and FTX's proprietary cryptocurrency token lost much of its value.

The downfall of FTX also arguably marked the final nail in the coffin, for much of America, of the possibility that cryptocurrency could be a legitimate financial instrument.