Outside Source
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.
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.
This article first appeared at crypto.news
