Founder of FTX exchanges private jets for commercial flights after scandal – 02/22/2023 – Market

The situation for the founder of cryptocurrency exchange FTX, Sam Bankman-Fried, is increasingly complicated as he faces accusations of billions of dollars in fraud.

Currently, he responds in freedom, even after the scandal erupted in the US, due to the payment of an exorbitant and controversial bail of US$ 250 million.

SBF trips, as is known, no longer have the same glamour. Close to the turn of the year, he had switched from flights on his executive jet to first class on a traditional American airline. Now, on a new flight, his trip was simpler, as highlighted by the American press after photos reached social networks.

On the way to a hearing, during which the judge in the case considered revoking the bail for SBF violating one of its conditions (when he used a VPN to connect to the internet), he did not fly in business class and also did not use the traditional American Airlines, United or Delta.

Instead, he took Alaska Airlines Flight 294 with comfortable domestic first-class seats but without the pampering of America’s biggest airlines.

In a matter of weeks, SBF’s estimated net worth ranged from $30 billion to zero. Funds under your control will not last either, either because they will be lost to creditors in bankruptcy court or through civil lawsuits or fines.

He does, however, try to clear himself of theft charges. His defense follows the line that he mismanaged his company and lost money, but did not commit crimes.

Meanwhile, its co-founder Gary Wang has already pleaded guilty and settled with prosecutors. There are reports that Nishad Singh, former director of engineering at FTX, has also traded one. Furthermore, SBF’s ex-girlfriend is also cooperating with prosecutors and admitted to fraud and said that SBF was aware of what was happening.