The spectacular implosion of FTX last November set off a chain reaction that led to the collapse of other crypto firms. Mr. Bankman-Fried’s arrest and subsequent charges also set off regulatory crackdowns across the crypto universe.

At the heart of Mr. Bankman-Fried’s case is whether he committed fraud and treated FTX as his personal piggy bank. Prosecutors contend that he stole as much as $10 billion from FTX’s customers to pay for investments in other crypto firms, buy lavish real-estate in the Bahamas, where the exchange was headquartered, and to prop up a crypto trading firm he also founded, Alameda Research.