The founder of the collapsed cryptocurrency exchange FTX has, as expected, pleaded not guilty during a first hearing in an American court on Tuesday.
The US authorities, however, accuse Sam Bankman-Fried of "fraud of epic proportions" and money laundering.
He also violated party donation laws with his multi-million dollar donations for the candidacy of President Joe Biden and his Democrats.
The actual process is likely to begin in September or October.
If convicted, the 30-year-old faces up to 115 years in prison.
Regardless, FTX customers plan to file a class action lawsuit.
On bail of $250 million, Bankman-Fried will not be in custody for the time being, but is under arrest at his parents' house.
Two FTX top executives have pleaded guilty.
After rumors of irregularities and a failed rescue by arch-rival Binance, investors withdrew money from FTX on a large scale in November 2022.
The crypto exchange then applied for bankruptcy protection.
According to insiders, Bankman-Fried secretly transferred $10 billion in customer funds to Alameda.
Bankman-Fried admits mistakes, but rejects allegations of criminal acts.