Former FTX CEO Sam Bankman-Fried arrives for a bail hearing at Manhattan Federal Court in New York City on Aug. 11, 2023. Bankman-Fried was sentenced on Thursday to 25 years in prison after being found guilty of fraud last year. Michael M. Santiago/Getty Images hide caption
Bitcoin hit a record high following a rally sparked by the Securities and Exchange Commission's approval of bitcoin exchange-traded funds. Dan Kitwood/Getty Images hide caption
The Securities and Exchange Commission, under Chair Gary Gensler, has approved several spot bitcoin exchange-traded funds, which will track the cryptocurrency's price. Drew Angerer/Getty Images hide caption
A bitcoin ATM is seen in Brooklyn, N.Y., on June 13, 2022. Virtual currencies like bitcoin are recovering from a tough period partly on rising hopes that bad actors have been weeded out and that confidence can return to the sector. Michael M. Santiago/Getty Images hide caption
Changpeng Zhao, widely known as CZ, will step down from Binance, the crypto company he founded in 2017, as part of a deal with the Department of Justice and U.S. regulators. Patricia De Melo Moreira/AFP via Getty Images hide caption
A jury took less than five hours to convict former FTX CEO Sam Bankman-Fried of fraud and money laundering. Michael M. Santiago/Getty Images hide caption
After a monthlong trial, New York City jury found former FTX CEO Sam Bankman-Fried guilty of seven criminal counts, including securities fraud. Michael M. Santiago/Getty Images hide caption
Sam Bankman-Fried leaves a Manhattan federal court in New York City on Jan. 3, 2023. Ed Jones/AFP via Getty Images hide caption
Sam Bankman-Fried is accused of defrauding the company's customers, investors and lenders. He's set to take the stand on his own defense starting as early as Thursday. Michael M. Santiago/Getty Images hide caption
Three of Sam Bankman-Fried's closest former associates have turned against him, and their testimony could help send the former FTX CEO to prison for life. Pictured from left to right are: Nishad Singh, Sam Bankman-Fried, Caroline Ellison, and Gary Wang. Stephanie Keith/Bloomberg via Getty Images; Michael M. Santiago/Getty Images hide caption
FTX founder Sam Bankman-Fried leaves the courthouse following his arraignment in New York City on Dec. 22, 2022. Bankman-Fried's trial just concluded its second week, with explosive testimony from former girlfriend Caroline Ellison. Ed Jones/AFP via Getty Images hide caption
Caroline Ellison leaves federal court in Manhattan after testifying during the trial of former FTX CEO Sam Bankman-Fried on Oct. 10. Ellison said Bankman-Fried was the main decision-maker and steered her to transfer funds from cryptocurrency exchange FTX to Alameda Research, a financial firm she headed. Michael M. Santiago/Getty Images hide caption
Former FTX CEO Sam Bankman-Fried arrives for a bail hearing at Manhattan Federal Court in New York City on Aug. 11, 2023. Bankman-Fried is set to start his blockbuster trial on Tuesday. It's expected to last about six weeks. Michael M. Santiago/Getty Images hide caption
Sam Bankman-Fried's parents face legal trouble of their own as FTX looks to claw back millions of dollars in compensation and benefits from the couple. Michael M. Santiago/Getty Images; Drew Angerer/Getty Images; David Dee Delgado/Getty Images hide caption