Flights For FTX: How Bankman-Fried Spent Millions On Private Jets To Travel And Deliver Amazon Packages

Before its collapse, FTX, a leading cryptocurrency exchange, and its founder Sam Bankman-Fried reportedly splurged millions on chartered private jets for travel and package deliveries.

What Happened: FTX shelled out an estimated $15 million on private jet services, specifically from a Bahamian airline named Trans Island Airways (TIA). This hefty expenditure enabled Bankman-Fried to make multiple trips to Washington, D.C.

Interestingly, TIA also played a pivotal role in ensuring FTX's Amazon packages made their way from Florida to the Bahamas, given that Amazon didn't deliver to the Caribbean country, according to a report by Insider.

The outlet noted that a recent court filing unveiled an informal agreement between Bankman-Fried and TIA's CEO. Under the terms of the arrangement, FTX extended a loan of $28.4 million to TIA, facilitating the purchase of two luxury jets.

Also Read: FTX's Bankman-Fried Under Spotlight As Ether Holdings Show Unusual Activity

Bankman-Fried's air travels with TIA reportedly included 36 trips on a Learjet 60, with each journey costing between $20,000 and $30,000. At least 21 flights had Washington, D.C. as the destination or starting point.

The D.C. trips are especially significant, since political contributions made by FTX executives will be used as evidence against Bankman-Fried, whose trial is slated to kick off next week, according to Insider. 

Prosecutors believe that Bankman-Fried devised a strategy to channel $100 million of FTX's funds to politicians. This maneuver was allegedly crafted to curry favor with lawmakers.

While Ryan Salame, the former head of FTX's Bahamian entity, has confessed to violating campaign finance laws, Bankman-Fried has vehemently denied all allegations. The latter could be staring at a prison sentence exceeding a century if convicted.

Now Read: Bankman-Fried's Move To Jail Sparks Strong Reactions On X: 'Hope You Enjoy Prison'

This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.

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