Recently submitted court filings to the U.S. Bankruptcy Court for the District of Delaware have shown a sequence of financial transactions that preceded the decline of FTX in November 2022. The aforementioned papers suggest that the majority of these transactions primarily favored individuals who hold influential positions inside the business.
However, it’s essential to note that FTX debtors have stated that the accuracy and completeness of this data cannot be guaranteed, and they disclaim any liability for potential errors or omissions.
Sam Trabucco, the former co-CEO of Alameda Research, benefited from a $2.51 million transfer from the company to the American Yacht Group in March last year.
Remarkably, just a few months after this transaction, Trabucco publicly acknowledged ownership of a yacht while announcing his resignation through a tweet in August 2022.
Court filing in the US Bankruptcy Court for the District of Delaware. Source: Kroll
It’s been an incredibly formative experience working with @AlamedaTrabucco. I’ve missed having him around in recent months, but I’m proud of all the other Alameda employees who have stepped up and more excited than ever about our future. I hope he has a great time on his boat! https://t.co/HqA2gz0FvL
— Caroline (@carolinecapital) August 24, 2022
The filings also imply that Alameda Research was possibly aware of misconduct by Sam Bankman-Fried, the founder of FTX, but did not take any action. This lack of action eventually led to Alameda’s collapse, resulting in significant losses for investors.
These revelations have cast a negative spotlight on the cryptocurrency industry, which has long struggled to distance itself from associations with financial misconduct.
Sam Trabucco’s Timely Resignation
It appears that the yacht payment may have
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Author: Yuna Rin
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