The US Department of Justice (DOJ) stated in a statement on October 4 that two multi-million dollar luxury jets of Sam Bankman-Fried (SBF) may be seized. The possibility of seizure arose as a result of "charges Nos. One to Four and Seven of the indictment 22 Cr. 673 (LAK)" against SBF.
The jets include a Bombardier Global and an Embraer Legacy aircraft. These two planes are currently at the center of an ownership dispute between the government, SBF's former cryptocurrency exchange FTX, and the aviation companies that operate the jets, Island Air Capital (IAC).
While the government states that both planes could be seized because they were purchased with fraudulent funds, FTX argues that the loans used to purchase the jets were not documented.
SBF is on trial on criminal and fraud charges related to the November 2022 collapse of FTX. SBF has denied all charges and the hearing is being heard by Judge Lewis Kaplan.
The trial began with jury selection on October 3, and the opening statements of the defense and indictment were heard on October 4. The case continues on October 5. Cointelegraph is reporting from New York with the latest updates on the case. Follow live updates here.
Magazine: US government ruined my $250K Bitcoin price prediction: Tim Draper, Hall of Flame
The jets include a Bombardier Global and an Embraer Legacy aircraft. These two planes are currently at the center of an ownership dispute between the government, SBF's former cryptocurrency exchange FTX, and the aviation companies that operate the jets, Island Air Capital (IAC).
While the government states that both planes could be seized because they were purchased with fraudulent funds, FTX argues that the loans used to purchase the jets were not documented.
SBF is on trial on criminal and fraud charges related to the November 2022 collapse of FTX. SBF has denied all charges and the hearing is being heard by Judge Lewis Kaplan.
The trial began with jury selection on October 3, and the opening statements of the defense and indictment were heard on October 4. The case continues on October 5. Cointelegraph is reporting from New York with the latest updates on the case. Follow live updates here.
Magazine: US government ruined my $250K Bitcoin price prediction: Tim Draper, Hall of Flame