SBF flew too high, and now FTX’s luxury jets could be forfeited

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By BitcoinWiki News

Key Takeaways:

– Two jets, a Bombardier Global 5000 BD-700-1A11 and an Embraer Legacy EMB-135BJ, connected to FTX CEO Sam Bankman-Fried may be forfeited.
– The Bombardier jet was bought for $15.9 million and the Embraer jet for $12.5 million.
– Paul Aranha, founder of Trans Island Airways, operated Bankman-Fried’s planes and provided services worth over $15 million to Bankman-Fried and other FTX executives.
– The planes were intended for upgrades, including wifi and new interiors, but were never used as FTX collapsed before completion.
– Bankman-Fried is currently on trial facing charges including fraud and FTX filed for bankruptcy.

Two jets connected to FTX CEO Sam Bankman-Fried may be seized as part of the failed crypto exchange’s bankruptcy proceedings. The Bombardier Global 5000 and Embraer Legacy EMB-135BJ were purchased for $15.9 million and $12.5 million, respectively. These jets were operated by Trans Island Airways, a charter flight company owned by Paul Aranha. Aranha stated that they provided over $15 million worth of services to FTX and its executives before the exchange collapsed in November. The planes were never used as they were undergoing upgrades at the time. Bankman-Fried is currently facing trial and could potentially receive a lengthy prison sentence if convicted. FTX filed for bankruptcy in late 2022.

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