📣 Sam Trabucco Hands Over $80M in Assets to Settle FTX Debts
posted 12 Nov 2024
Sam Trabucco, a former Alameda executive, has agreed to turn over $70 million, along with his yacht and apartment, to FTX creditors.
The settlement with Trabucco also stipulates the transfer of property rights to FTX, valued around $70 million.
Reports suggest these demands arise from payments and transactions he received during his role at Alameda Research, during which he reportedly collected around $40 million as part of what are termed “potentially avoidable transfers.”
Sam Trabucco, who previously held the position of co-CEO at the investment firm Alameda Research, worked under the ownership of FTX’s Sam Bankman-Fried. His co-CEO was Caroline Ellison, Bankman-Fried’s then-girlfriend.
Trabucco departed from Alameda in August 2022, leaving Ellison to lead the company solo. The firm would go bankrupt only three months afterward.
Shortly before he left, Trabucco was listed among Forbes’ 30 Under 30.
Though heavily involved in Alameda Research, Sam Trabucco has denied any misconduct (and, notably, has not faced any formal charges).
Trabucco’s public engagement, including posts on X detailing aggressive trading methods, ended abruptly around the time of the company’s collapse.
Earlier this fall, a New York judge recently sentenced Caroline Ellison to two years in prison, accompanied by a seizure of assets.
Sam Bankman-Fried has been handed a 25-year prison sentence for organizing a massive fraud that deceived investors out of billions.
In a related case, liquidators of Alameda Research recently filed a suit against Waves founder Alexander Ivanov, aiming to reclaim $90 million. The claim asserts that Ivanov used the funds to manipulate WAVES market prices.
In a November 3 statement, Sam Trabucco agreed to relinquish ownership of two luxury San Francisco apartments valued at $8.7 million in total, as well as a 53-foot yacht called “Soak my Deck” (as they say, a name steers the voyage—Editor’s note), which he purchased in March 2022 for $2.5 million.
The settlement with Trabucco also stipulates the transfer of property rights to FTX, valued around $70 million.
Reports suggest these demands arise from payments and transactions he received during his role at Alameda Research, during which he reportedly collected around $40 million as part of what are termed “potentially avoidable transfers.”
Sam Trabucco, who previously held the position of co-CEO at the investment firm Alameda Research, worked under the ownership of FTX’s Sam Bankman-Fried. His co-CEO was Caroline Ellison, Bankman-Fried’s then-girlfriend.
Trabucco departed from Alameda in August 2022, leaving Ellison to lead the company solo. The firm would go bankrupt only three months afterward.
Shortly before he left, Trabucco was listed among Forbes’ 30 Under 30.
Sam Trabucco Source: coindesk.com
Trabucco has agreed to surrender a considerable portion of his assets, assisting authorities in their mission to recover funds for creditors of the now-bankrupt FTX crypto exchange.
Though heavily involved in Alameda Research, Sam Trabucco has denied any misconduct (and, notably, has not faced any formal charges).
Trabucco’s public engagement, including posts on X detailing aggressive trading methods, ended abruptly around the time of the company’s collapse.
Earlier this fall, a New York judge recently sentenced Caroline Ellison to two years in prison, accompanied by a seizure of assets.
Sam Bankman-Fried has been handed a 25-year prison sentence for organizing a massive fraud that deceived investors out of billions.
In a related case, liquidators of Alameda Research recently filed a suit against Waves founder Alexander Ivanov, aiming to reclaim $90 million. The claim asserts that Ivanov used the funds to manipulate WAVES market prices.
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