DOJ Grounds Sam Bankman-Fried as $28 Million Jets Seized

As Sam Bankman-Fried’s trial unfolds, authorities confiscate two of his shadily-acquired private jets worth $28 million.

Sam Bankman Fried emerging from a mole pile raising one finger.
Created by Gabor Kovacs from DailyCoin
  • Authorities confiscate two of SBF’s private jets amid his ongoing trial.
  • SBF acquired the Bombardier Global 5000 and an Embraer Legacy 600 in a ‘handshake deal.’ 
  • Controversy arises over the jets’ ownership following FTX’s bankruptcy filing.

In a dramatic turn of events amidst Sam Bankman-Fried’s trial, U.S. authorities have taken action to ensure the crypto magnate remains grounded. Two of his private jets, with a combined worth exceeding $28 million, have been seized, casting a spotlight on the intricate financial dealings of FTX and its founder.

The Controversial “Handshake” Loan

On Friday, October 6, as the trial of Sam Bankman-Fried (SBF) entered its third day, the U.S. District Court for the Southern District of New York confirmed the confiscation of two of his private jets. The first, a Bombardier Global 5000, boasts a value of $15.9 million. 

Earlier, prosecutors have shed light on acquiring these jets, alleging that they were purchased through a “handshake” loan from FTX to a Bahamian company, amounting to the entire $28 million. Despite their hefty price tag, SBF claimed he never used them for personal travel.

SBF’s ‘Modest’ Jets

Completed in 2009, this large business jet can accommodate 13 passengers and has a range close to the distance between New York City and Tokyo. The second jet, an Embraer Legacy 600, is valued at approximately $12.5 million and can cover the distance between New York City and Rome. 


The Bombardier Global 5000 is known for its potential lavish amenities, including a movie theater and bedroom. However, the SBF’s model was relatively “modest,” featuring just a wardrobe and storage cabinet. The smaller Embraer Legacy 600 can be equipped with a kitchen, including a microwave, oven, and refrigerator. 

On the Flipside

Despite his vast wealth, Sam Bankman-Fried (SBF) often portrayed an image of asceticism. This included parading his beat-down Toyota Carolla in front of journalists. 


SBF continues to go to great lengths to manage his public image. The disgraced tech Moghul donned a suit and a new haircut, potentially to present as more serious and trustworthy.   

Why This Matters

The public image and personal branding of influential figures in the crypto industry, like SBF, play a significant role in shaping public perception and trust.

Read more about SBF and his role in the FTX collapse:
Sam Bankman-Fried: Crypto’s Fallen Hero?

Read more about Flare’s new blockchain explorer: 
Flare and Avascan Launch Flarescan Ecosystem Explorer

This article is for information purposes only and should not be considered trading or investment advice. Nothing herein shall be construed as financial, legal, or tax advice. Trading forex, cryptocurrencies, and CFDs pose a considerable risk of loss.

David Marsanic

David Marsanic is a journalist for DailyCoin who covers the intersection of crypto, traditional finance, and government. He focuses on institutionalized crypto entities like major cryptocurrency exchanges and Solana, breaking down complex topics into easy-to-understand writing. David's prior experience as a business journalist at various crypto and traditional news sites has enabled him to maintain a critical approach to news while adhering to high journalistic integrity standards.