Government Seeks to Sell Cryptocurrency Exchange FTX Founder’s Private Jets
The U.S. government has initiated steps to sell two private jets belonging to Sam Bankman-Fried, the founder of the cryptocurrency exchange FTX. This action is part of a broader effort to manage assets linked to the bankrupt exchange to compensate victims.
Legal Proceedings Take Flight 🛫
On March 22, documents filed in the Southern District of New York revealed a request by the U.S. government to sell the two airplanes. Island Air Capital and Capital Peak Aviation, the current possessors of one of the jets, an Embraer Legacy, in The Bahamas, are involved in the agreement.
- The terms outlined in the filing include a plan for the Embraer Legacy to be flown back to the U.S.
- The government will cover maintenance costs before seizure and transportation expenses for returning the Legacy.
- This aims to facilitate the sale of the planes, following federal rules on asset forfeiture.
- Bankman-Fried, currently in custody, has not objected to the proposed agreement.
What’s Been Happening with FTX? 🚀
In parallel to the jet sale, Silvergate Bank is facing a lawsuit from FTX users alleging the bank’s role in fraudulent activities at FTX and Alameda Research.
- The court emphasized Silvergate’s role in processing transactions that moved FTX customer funds to Alameda Research.
- FTX’s restructuring officer, John Ray, is opposing Bankman-Fried’s legal team’s efforts to lessen his sentence.
- Ray refuted claims about FTX’s financial status during bankruptcy and the absence of customer losses.
- He stressed the suffering of FTX’s victims, arguing against leniency in Bankman-Fried’s sentencing.
Hot Take 📈
The U.S. government is taking bold steps to sell Sam Bankman-Fried’s private jets as part of efforts to compensate victims of the bankrupt cryptocurrency exchange FTX. Legal battles and asset management continue in the crypto space, showcasing the complexities and challenges faced by stakeholders.
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