Sam Trabucco, the former co-CEO of Alameda, has consented to transfer assets, such as San Francisco apartments and a yacht, to FTX creditors as part of a settlement.
Before the demise of FTX two years ago, Trabucco, the former co-CEO of Alameda with Caroline Ellison, was one of Sam Bankman-Fried’s closest associates.
The former co-CEO of Alameda will forfeit his 53-foot yacht, which he acquired for 2.51 million dollars in March 2022, several months prior to his departure from the company last August, in addition to the sanction. Trabucco will also be relinquishing two luxury residences in San Francisco, which he acquired for $8.7 million in 2021. In addition, Trabucco would relinquish any claims against FTX, which amount to approximately $70 million, as stipulated in a court filing on November 10.
In August 2021, Bankman-Fried appointed Trabucco and Ellison as co-CEOs of Alameda. Ellison was sentenced to two years in prison for cooperating with investigators, while the former CEO was sentenced to 25 years in prison in March. Last November, FTX and Alameda collapsed amid allegations that the companies had misappropriated customer funds from FTX to enhance Alameda’s balance sheet. Consequently, both companies filed for bankruptcy.
Since the collapse, the previously co-CEO of Alameda has not posted on X. That is the location where he was disseminating information regarding Alameda’s high-variance trading. Many of those postings seemed to indicate that they were placing extraordinary wagers on the trajectory of the market. He has not admitted to any personal misconduct, nor has it been suggested that he has done so.
The transfer is the most recent in a series of asset transfers that have occurred since an October court decision that permitted FTX to refund customers whose assets were stranded on the platform. Signed on November 3, the settlement with Trabucco will be subject to a final ratification hearing on December 12.
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