Sale of Sam Bankman-Fried’s Jets: US Government Takes Action
The United States government is making moves to sell two private jets that are associated with Sam Bankman-Fried, the former CEO of the now-bankrupt cryptocurrency exchange FTX. This development comes as part of the government’s efforts to recoup funds for FTX customers affected by the exchange’s collapse in 2022 and to determine an appropriate sentence for Bankman-Fried, who was found guilty on seven charges in November 2023.
Details of the Proposed Sale
Judge Lewis Kaplan recently received a letter from U.S. Attorney Damian Williams outlining the government’s plan to sell the two jets. The aircraft in question are a Bombardier Global 5000 BD-700-1A11 and an Embraer Legacy EMB-135BJ. According to court documents, the Bombardier jet was purchased for $15.9 million, while the Embraer jet cost around $12.5 million.
- The Bombardier Global 5000 BD-700-1A11 was acquired at a cost of $15.9 million.
- The Embraer Legacy EMB-135BJ cost approximately $12.5 million.
Before FTX’s demise, Bankman-Fried had requested upgrades for both jets, including state-of-the-art WiFi and new interiors. However, these upgrades were not completed before the exchange collapsed, and as a result, the jets have remained unused since then.
Approval from Debtors and Stakeholders
The proposed sale of Bankman-Fried’s jets has received approval from FTX debtors, former FTX executive Ryan Salame, and other parties involved in the case. Paul Aranha, the founder of a Bahamian charter flight company that operated Bankman-Fried’s planes, is also part of this group. Bankman-Fried himself is aware of the order and has not raised any objections or concerns.
- The sale has been endorsed by FTX debtors, Ryan Salame, and other parties.
- Paul Aranha, founder of a Bahamian charter flight company, is also involved in the agreement.
The letter sent to Judge Kaplan seeks his approval for the motion to sell Bankman-Fried’s private jets. In the letter, Attorney Williams states that the government is seeking authorization from the court to proceed with the sale under specific rules and regulations.
Conclusion: Recovering Funds and Seeking Justice
The U.S. government’s decision to sell Sam Bankman-Fried’s private jets is a significant step towards recovering funds for FTX customers affected by the exchange’s collapse. It also highlights the ongoing efforts to determine an appropriate sentence for Bankman-Fried, who was found guilty on multiple charges. By selling these assets, the government aims to recoup some of the losses suffered by FTX users and ensure justice is served.
Sources:
For more details on this news, you can refer to the original article here.
Gapster Innes emerges as a visionary adeptly blending the roles of crypto analyst, dedicated researcher, and editorial maestro into an intricate tapestry of insight. Amidst the dynamic world of digital currencies, Gapster’s insights resonate like finely tuned harmonies, captivating curious minds from various corners. His talent for unraveling intricate threads of crypto intricacies melds seamlessly with his editorial finesse, transforming complexity into an eloquent symphony of comprehension.