Trabucco of Alameda forfeited the yacht and filed a $70 million claim against the FTX property.
Former Alameda co-CEO Sam Trabucco will forfeit his real estate and luxury assets to FTX, according to a settlement filed in court.
According to documents released on November 11, Trabuco was prepared to give up two San Francisco apartments worth $8.7 million and a superyacht worth $2.5 million over a $70 million claim from a cryptocurrency group whose clients disappeared. It appears that an objection has been raised.
Court documents regarding the proposed agreement between FTX Assets and Alameda’ Trabucco show the executive received $40 million in “potentially avoidable transfers” within two years as part of Sam Bankman-Fried’s cryptocurrency empire.
Trabucco was one of Bankman-Fried’s closest colleagues at the blockchain company. As co-CEO of Alameda, he led SBF’s hedge fund with Caroline Ellison and was one of FTX’s top executives.
Alameda’s co-president mysteriously left the company in August 2022, months before Bankman-Fried’s company filed for bankruptcy in November.
SBF was arrested and tried in a Manhattan court. Alameda/FTX top figures such as Ellison, Gary Wang and Nishad Singh have entered into plea deals with federal prosecutors in exchange for judicial leniency.
Bankman-Fried was sentenced to 25 years in prison, while Ellison received two years of supervised release for his role in the largest cryptocurrency scam in the country. Wang and Singh appealed to stay out of jail while awaiting sentencing.
Despite working for Alameda during the period of asset commingling and illegal practices, Trabucco reportedly never signed a guilty plea agreement or testified in court. The one-time CEO of Alameda had avoided the media spotlight throughout FTX’s saga and now appeared to face an unknown future after SBF.
FTX Assets prepared to pay about $16 billion to creditors after the court case concluded. FTX lawyers continued to pursue asset recovery, filing lawsuits against Binance founder Changpeng Zhao and centralized exchange Crypto.com.