Alameda’s Trabucco forfeits Yacht, $70m in claims to FTX estate

According to the proposed solution submitted to the court, former Alameda co-CEO Sam Trabucco will leave his real estate and luxury assets to FTX.

Documents released on Nov. 11 reveal that the elusive Trabucco is prepared to give up two San Francisco apartments worth $8.7 million, a superyacht worth $2.5 million and is disputing $70 million in customer claims for the defunct crypto group .

Court filings regarding the proposed deal between the FTX estate and Alameda’ Trabucco said the executive received $40 million in “potentially avoidable transfers” over two years as part of Sam Bankman-Fried’s crypto empire.

Trabucco was one of Bankman-Fried’s closest companions in the blockchain initiative. As co-CEO of Alameda, he ran SBF’s hedge fund alongside Caroline Ellison and was part of FTX’s senior management team.

FTX signed an agreement with Trabucco

1) 2 apartments ($8.7 million)
2) 53 meter Yacht ($2.5 million)
3) Impermissible Customer claims ($70 million)

Trabucco received $40 million in the 2 years before the petition date pic.twitter.com/56cMDgWB0c

— Sunil (FTX Creditor Champion) (@sunil_trades) November 11, 2024

The Alameda co-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 Manhattan court. Alameda/FTX signed plea agreements with federal prosecutors in exchange for judicial leniency for the likes of Ellison, Gary Wang and Nishad Singh.

Bankman-Fried was sentenced to 25 years in prison, while Ellison received two years of supervised release for his role in America’s largest crypto scam. Wang and Singh appealed to avoid jail time while the pair awaited sentencing.

Trabucco reportedly never signed a plea agreement or testified in court, despite working in Alameda during a period of asset pooling and illegal practices. The onetime Alameda CEO had avoided the media spotlight throughout FTX’s saga and now appeared to be headed for an unknown post-SBF future.

The FTX estate was prepared to pay approximately $16 billion to creditors following the conclusion of the lawsuits. FTX lawyers continued their asset recovery efforts by filing a lawsuit against Binance founder Changpeng Zhao and centralized exchange Crypto.com.