Former Alameda co-CEO Sam Trabucco will give up his real estate and luxury assets to FTX, according to a proposed settlement filed in court.
Documents leaked on November 11 revealed that the elusive Trabucco was set to give up two apartments in San Francisco worth $8.7 million, a super yacht valued at $2.5 million, and disputed customer claims for $70 million from the defunct crypto group.
Court filings regarding the proposed deal between the FTX estate and Alameda’ Trabucco indicated that the executive received $40 million in “potentially avoidable transfers” as part of Sam Bankman-Fried’s crypto empire in a period of two years.
Trabucco was one of Bankman-Fried’s closest comrades in his blockchain venture. Co-CEO of Alameda, he led the SBF hedge fund alongside Caroline Ellison and was a senior executive at FTX.
Alameda’s co-boss mysteriously left the company in August 2022, months before Bankman-Fried’s companies filed for bankruptcy in November.
SBF was arrested and tried in a Manhattan court. Alameda/FTX figures including 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 was sentenced to two years of supervised release for her role in America’s largest crypto fraud. Wang and Singh asked that there be no prison time as the two men await sentencing.
Trabucco allegedly never signed a plea agreement or appeared to testify in court, although he was employed at Alameda during a period of commingling of assets and illegal practices. The former Alameda CEO avoided media attention throughout the FTX saga and now seemed destined for an unknown future after SBF.
The FTX estate has prepared to pay out approximately $16 billion to creditors following concluded lawsuits. FTX lawyers continued to pursue asset recovery, launching lawsuits against Binance founder Changpeng Zhao and centralized exchange Crypto.com.
