The stage is set, and all eyes are on Sam Bankman-Fried as the trial of the crypto world's most notorious figure (for now) commences in the heart of New York City. The outcome of this courtroom drama may well carve the future trajectory of the digital currency landscape. Grab your popcorn and get comfy.

Big Trouble for Crypto King

Sam Bankman-Fried faces seven counts of fraud and conspiracy tied to the FTX cryptocurrency exchange's collapse. Bankman-Fried is also accused of siphoning funds to his now dead Alameda Research crypto trading company – that link is to article on the subject, because the firm’s website is … well … dead. The prosecution enters the fray armed with a formidable arsenal of evidence, including financial records, text messages, and a damning audio recording from an internal Alameda meeting, where Caroline Ellison, Alameda's CEO and Bankman-Fried's ex-girlfriend, purportedly implicates him in channeling FTX customer funds into the firm.

Notably, Ellison and two FTX co-founders have already confessed to fraud charges and are poised to testify against their erstwhile leader.

Nothing to See Here

Bankman-Fried's defense team aims to paint a picture of their client as merely heeding the counsel of FTX's legal advisors, devoid of any criminal intent. They may also attempt to shift blame onto Ellison. Despite his talkative demeanor post-FTX collapse, Bankman-Fried will likely remain silent on the stand.

If convicted on all counts, the crypto titan faces a staggering 110-year prison sentence. Since August, he has been behind bars, with the judge revoking his $250 million bail over alleged witness tampering — specifically, leaking Ellison's diary entries to the New York Times. Before his incarceration, he resided at his parents' Palo Alto abode (who are entangled in an FTX lawsuit) where they got him with a dog and even contemplated installing a pickleball court. Sounds good to us. Here’s an informative site all about pickleball, because we didn’t have a clue what it was.

Trouble Ahead?

Looking beyond the courtroom theatrics, the downfall of FTX amplified the US government's crackdown on the crypto sector, ratcheting up pressure on other exchanges such as Binance and Coinbase.

If anything particularly juicy emerges, you can be sure to discover it in our Trending section.