Former Alameda Research co-CEO, Sam Trabucco, has agreed to surrender two properties and a 53-foot yacht to creditors of the failed crypto exchange FTX, according to a recent filing. Trabucco, who was closely associated with Sam Bankman-Fried and served as Caroline Ellison’s right-hand man at Alameda Research, left the company in August 2022, just a few months before both Alameda and FTX declared bankruptcy in December of the same year.
Although Trabucco has not publicly admitted any wrongdoing or awareness of any criminal activities within the firm, there have been instances where he shared tweets about aggressive trades and high-risk ventures. In the filing dated November 3, he agreed to relinquish two San Francisco apartments valued at $8.7 million, a yacht purchased in March 2022 for $2.5 million, and assigned the debtors the rights to claims against FTX totaling around $70 million.
The filing also revealed that Trabucco received approximately $40 million in “potentially avoidable transfers” from debtors during his tenure at the trading firm. This agreement marks a significant development in the aftermath of the bankruptcy filings by Alameda and FTX.
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In summary, the decision by Sam Trabucco to surrender significant assets to the creditors of FTX highlights the complex and interconnected nature of the cryptocurrency industry. The aftermath of the bankruptcies of Alameda and FTX continues to unfold, shedding light on the challenges and risks associated with trading in the digital asset space. As developments in this story continue to emerge, it underscores the importance of accountability and transparency in the evolving landscape of cryptocurrency exchanges and trading firms.
