BlockNews
  • Crypto
  • Finance
  • Politics
  • Memecoins
  • NFT
  • Technology
  • Opinion
No Result
View All Result
FOLLOW
BlockNews
  • Crypto
  • Finance
  • Politics
  • Memecoins
  • NFT
  • Technology
  • Opinion
No Result
View All Result
BlockNews

SBF’s High-Flying Assets Targeted for Sale by U.S. Prosecutors

by Conie
March 23, 2024
in Crypto
A A
SBF’s High-Flying Assets Targeted for Sale by U.S. Prosecutors
1
SHARES
Share on TwitterShare on Reddit
  • The US government is seeking court approval to sell two luxury private jets previously owned by Sam Bankman-Fried, valued at $121 million and $38 million, before they lose value.
  • Prosecutors argue selling the jets quickly provides funds to compensate victims of FTX’s collapse, with Bankman-Fried not objecting to the proposed sale.
  • If approved, the US Marshals Service will sell the jets on an expedited timeline, using the proceeds first to cover costs and then to pay back FTX creditors.

The US government has filed a court order to sell two private jets previously owned by Sam Bankman-Fried, the disgraced former CEO of the collapsed cryptocurrency exchange FTX. Prosecutors argue that selling the luxury aircraft, a Bombardier Global 6000 and an Embraer Legacy 650, before the conclusion of forfeiture proceedings is necessary to prevent their loss of value over time.

Details of the Private Jets


The Bombardier Global 6000 business jet, which has already been seized by authorities, cost $121 million. The Embraer Legacy 650, currently still in Bankman-Fried’s possession pending transport to a Florida airport, cost $38 million. Prosecutors estimate total maintenance and transport costs could amount to $18.2 million.

Rational for Expedited Sale


Damian Williams, the US Attorney leading the case, argues that selling the planes quickly at current market prices prevents depreciation and provides funds that could be used to compensate victims of FTX‘s collapse. The sale requires court approval which prosecutors are currently seeking.

ICYMI: 🇺🇸 U.S. prosecutors seek to sell two private aircraft tied to FTX's Sam Bankman-Fried ahead of his sentencing to prevent devaluation

— BlockNews.com (@blocknewsdotcom) March 22, 2024

Bankman-Fried’s Response


Sam Bankman-Fried, who was convicted on fraud charges in November 2022, did not object to the proposed sale of the aircraft. He awaits sentencing on March 28th and faces up to 50 years in prison. The luxury jets are just some of Bankman-Fried’s assets subject to forfeiture to pay back investors and creditors.

Next Steps


If approved by the court, the US Marshals Service will transport the Embraer jet to Florida and begin sale proceedings for both aircraft on an expedited timeline. The proceeds would be used first to compensate the government for costs incurred, with remaining funds going to FTX bankruptcy creditors.

Tags: cryptoFTXSam Bankman FriedWeb3
TweetShareShare

DON'T MISS THESE! HOT OFF THE PRESS

Is XRP Finally Worth a Look? VirtualBacon Thinks So—But Not Just Yet
Bitcoin

Is XRP Finally Worth a Look? VirtualBacon Thinks So—But Not Just Yet

May 25, 2025
Binance Coin (BNB) Slows Down: Why Whale Caution Could Lead to Volatility
Binance BNB

Binance Coin (BNB) Slows Down: Why Whale Caution Could Lead to Volatility

May 25, 2025
Ethereum’s Rally Hits a Wall: Can Bulls Push Through $2,800?
Crypto

Ethereum’s Rally Hits a Wall: Can Bulls Push Through $2,800?

May 25, 2025
Big Money Eyes Bitcoin: $420B in Flows Could Be on the Way
Bitcoin

Big Money Eyes Bitcoin: $420B in Flows Could Be on the Way

May 25, 2025
Chainlink’s Bullish Setup: Why LINK Could Follow Bitcoin to New Highs
Chainlink

Chainlink’s Bullish Setup: Why LINK Could Follow Bitcoin to New Highs

May 24, 2025
FIFA Teams Up With Avalanche To Launch Its Own Blockchain—Here’s What It Means
Crypto

FIFA Teams Up With Avalanche To Launch Its Own Blockchain—Here’s What It Means

May 24, 2025
Load More

Related News

Is XRP Finally Worth a Look? VirtualBacon Thinks So—But Not Just Yet

Is XRP Finally Worth a Look? VirtualBacon Thinks So—But Not Just Yet

May 25, 2025
Binance Coin (BNB) Slows Down: Why Whale Caution Could Lead to Volatility

Binance Coin (BNB) Slows Down: Why Whale Caution Could Lead to Volatility

May 25, 2025
Ethereum’s Rally Hits a Wall: Can Bulls Push Through $2,800?

Ethereum’s Rally Hits a Wall: Can Bulls Push Through $2,800?

May 25, 2025
Big Money Eyes Bitcoin: $420B in Flows Could Be on the Way

Big Money Eyes Bitcoin: $420B in Flows Could Be on the Way

May 25, 2025
Chainlink’s Bullish Setup: Why LINK Could Follow Bitcoin to New Highs

Chainlink’s Bullish Setup: Why LINK Could Follow Bitcoin to New Highs

May 24, 2025
Discord Twitter Youtube TikTok Instagram

BLOCKNEWS.COM

BlockNews

BlockNews.com is your premier source for real-time cryptocurrency, blockchain, and financial market news.

Our mission is to deliver accurate, timely, and insightful information to help both seasoned investors and newcomers navigate the evolving digital economy.

With in-depth analysis, exclusive insights, and up-to-date news, BlockNews.com keeps you informed on the latest trends in crypto, DeFi, NFTs, tech, and beyond.

Stay ahead of the herd with BlockNews.com

RESOURCES

  • About
  • Contact Us
  • Terms and Conditions
  • Privacy Policy

POPULAR TOPICS

$ADA $XRP AI Avalanche Binance Bitcoin Bitcoin ETF blackrock Blockchain BTC Business Cardano China Coinbase Coinglass crypto cryptocurrency Crypto Exchange Crypto Regulation DeFi Dogecoin Donald Trump Elon Musk ETF eth ethereum Federal Reserve FTX grayscale Memecoin metaverse Microstrategy NFT NFTs PEPE ripple sec Shiba Inu Solana Stablecoin Technology twitter US Web3 xrp

GET QUICKER UPDATES ON X

© 2022-2025 BlockNews.com - Crypto and NFT news website by Aiur Labs.

No Result
View All Result
  • Home
  • Crypto
  • Memecoins
  • Technology
  • Politics
  • Finance
  • NFT
  • DeFi
  • Opinion

© 2022-2025 BlockNews.com - Crypto and NFT news website by Aiur Labs.