Crypto exchange FTX reportedly spent millions on private jets before collapse

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Crypto exchange FTX reportedly spent millions on private jets before collapse

The FTX, a leading cryptocurrency exchange, reportedly spent millions on private jets for travel and package delivery before its collapse.

What happened to FTX on private jet services, particularly from a Bahamian airline named Trans Island Airways. Bankman-Fried was able to travel to Washington, D.C. for more than a year.

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

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

At least 21 flights were made up of Washington, D.C., as the destination or starting point.

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

Prosecutors say 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 company, has admitted to violating campaign finance laws, Bankman-Fried has vehemently denied all allegations. The former could be sentenced to a maximum prison sentence of over a century if convicted.

This content was partially produced using AI tools and was reviewed and published by Benzinga editors.