When Sam Bankman-Fried appeared in Manhattan court on Tuesday, it was on charges of defrauding investors and robbing customers who made deposits on his crypto exchange FTX.
The company was based in the island nation of the Bahamas, which has become a hub for crypto companies with its favorable regulatory framework.
On November 11, the company went bankrupt.
His lawyer announced that the client denies taking money from FTX's clients.
The prosecutor believes that this money was invested in a hedge fund, used to buy real estate and that millions of kroner were given in political contributions.
The prosecutor has called it a "fraud of epic proportions".
"Unprecedented scarcity"
Bankman-Fried, for his part, has admitted that he made mistakes, but did not believe he was legally responsible for them.
In interviews, he has blamed the mistakes on poor record-keeping and problems with bank accounts.
During FTX's glory days, the 30-year-old became a billionaire several times over and became involved as a political advisor.
Bankman-Fried's net worth was estimated at over SEK 250 billion.
After the company collapse, John Ray has taken over as CEO of FTX.
He has called the previous owners "grossly inexperienced" and believes that "one of the worst business failures he has seen" is due to an "unprecedented lack of documentation".
Two employees at FTX have pleaded guilty to the charges.
They are free on bail and are willing to cooperate with prosecutors.
The trial will tentatively be held on October 2.
If convicted, Sam Bankman-Fried faces up to 115 years in prison.