Former Alameda co-CEO Sam Trabucco will forfeit real estate and luxury assets to the FTX, according to a proposed settlement filed in court.
Documents disclosed on Nov. 11 revealed that the elusive Trabucco was poised to forgo two San Francisco apartments worth $8.7 million, a super yacht valued at $2.5 million, and disputed customer claims of $70 million to the defunct crypto group.
Court filings regarding the proposed agreement between the FTX estate and Alameda’ Trabucco noted that the executive received $40 million in “potentially avoidable transfers” as part of Sam Bankman-Fried’s crypto empire within two years.
Trabucco was one of Bankman-Fried’s closest comrades in his blockchain enterprise. As co-CEO of Alameda, he led SBF’s hedge fund alongside Caroline Ellison and was part of FTX’s top execs.
FTX has settled with Trabucco1) 2 apartments ($8.7m)2) 53-foot Yacht ($2.5m)3) Disallowed Customer claims ($70m)Trabucco received $40m within 2 yrs before petition date pic.twitter.com/56cMDgWB0c
— Sunil (FTX Creditor Champion) (@sunil_trades) November 11, 2024
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Alameda’s joint boss mysteriously left the company in August 2022, months before Bankman-Fried’s firms filed for bankruptcy in November.
SBF was arrested and tried in a Manhattan court. Alameda/FTX tops shots like Ellison, Gary Wang, and Nishad Singh signed plea deals with federal prosecutors in exchange for judicial leniency.
Bankman-Fried was sentenced to 25 years in prison, while Ellison received a two-year supervised release term for her role in America’s largest crypto fraud. Wang and Singh appealed for no jail time as the pair await sentencing.
Trabucco never reportedly signed a plea agreement or appeared to testify in court despite being employed at Alameda during a period of asset commingling and illegal practices. The one-time Alameda CEO has ducked the media spotlight throughout FTX’s saga, and now seemed bound for an unknown future post-SBF.
The FTX estate prepared to disburse about $16 billion to creditors following concluded court cases. FTX lawyers continued to pursue asset recovery, launching lawsuits against Binance founder Changpeng Zhao and centralized exchange Crypto.com.
Read more: FTX sues Binance and CZ for nearly $1.8b over alleged SBF transfer
