The United States government is looking to sell two private jets that are linked to Sam Bankman-Fried, the former CEO of now-bankrupt cryptocurrency exchange FTX.

Sam Bankman-Fried’s Jets Gets Upgrade

Judge Lewis Kaplan received a letter from U.S. Attorney Damian Williams on Friday detailing the government’s intention to sell the multi-million dollar jets. It was a “proposed stipulation and order” in connection to a Bombardier Global 5000 BD-700-1A11 and an Embraer Legacy EMB-135BJ. 

According to the new court document, the Bombardier Global 5000 BD-700-1A11 was acquired at a massive cost of $15.9 million. The Embraer Legacy EMB-135BJ on the other hand cost around $12.5 million at the time of purchase. Before now, FTX requested that the jets be upgraded to include state-of-the-art WiFi and entirely new interiors.  

The upgrades were still ongoing by the time the Bahamian-headquartered crypto exchange imploded in November 2022. Consequently, the private jets have not been used since they were refurbished with state-of-the-art wifi and interiors.

Recall that Sam Bankman-Fried was found guilty of seven charges in November 2023. Following this verdict, the court has been trying to come up with an appropriate sentence for the former FTX boss. Also, the prosecutors are exploring means of recouping funds to repay FTX customers who were affected by the implosion and bankruptcy of the exchange in 2022. Hence, the motion to sell Bankman-Fried’s private jets.

FTX Debtors and Stakeholders Endorses The Jet Sale

Notably, the order was an agreement between FTX debtors, former FTX executive Ryan Salame, and other parties. Paul Aranha, the founder of a Bahamian charter flight company that operated Bankman-Fried’s planes to and from the Bahamas was also part of the group. U.S. prosecutors confirmed that Sam Bankman-Fried is aware of the order. 

Since the young crypto entrepreneur received the order from the prosecutors, no objections have been added by either him or his legal team. The move to send the letter to Judge Kaplan is in a bid to receive his approval on the motion. 

“The Government also seeks authorization from the Court to approve interlocutory sale of the airplanes pursuant to Rule 32.2 of the Federal Rules of Criminal Procedure and Rule G(7) of the Supplemental Rules for Admiralty or Maritime Claims and Asset Forfeiture Actions,” Attorney Williams wrote in the letter.

The post US Prosecutors Want To Sell Sam-Bankman-Fried’s Private Jets appeared first on CoinGape.

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Filed under: News - @ January 1, 1970 12:00 am