The former boss of FTX has arrived in court in the US, where he is facing charges that he defrauded customers and investors while running the collapsed cryptocurrency exchange.
Sam Bankman-Fried’s appearance comes a day after he was extradited from the Bahamas, where FTX was based.
Two of his closest colleagues pleaded guilty to fraud on Wednesday and are cooperating with prosecutors.
The 30-year-old former billionaire has distanced himself from the allegations.
Federal prosecutors in New York accuse him of unlawfully using customer deposits made at FTX to fund his other crypto firm, Alameda Research, buy property and make millions of dollars in political donations.
In a press conference last week, following his arrest in the Bahamas, they described it as “one of the biggest financial frauds in US history” announcing eight criminal charges, including wire fraud, money laundering and campaign finance violations.
Mr Bankman-Fried spent nine days in prison in the Bahamas, weighing his choices before telling the Nassau magistrates’ court on Wednesday that he would not fight extradition.
He is expected to enter a plea at Thursday’s hearing, which is also likely to determine if he is granted bail.
Once compared to legendary investor Warren Buffett, Mr Bankman-Fried founded FTX in 2019.
The company, which was once valued at more than $30bn (£25bn), declared bankruptcy in November, after customers and investors rushed to pull their funds from the firm amid reports that its finances were shaky.
Mr Bankman-Fried, who stepped down as chief executive the same day, has previously denied deliberate wrongdoing, and said he is focused on restoring funds to customers.