Ex-Alameda Research executive Trabucco surrenders $11.2M in assets in FTX settlement
Ex-Alameda Research executive Trabucco surrenders $11.2M in assets in FTX settlement
Sam Trabucco, former co-CEO of Alameda Research, has agreed to relinquish two San Francisco apartments valued at $8.7 million and his 53-foot yacht, worth $2.5 million, as part of a settlement with FTX Debtors. This agreement, reached in the U.S. Bankruptcy Court for the District of Delaware, will also involve Trabucco dropping claims against FTX worth $70 million, while FTX will release him from any further claims. The parties aim to save time and money, avoiding the protracted and costly litigation that could arise if disputes were forced into court.
Trabucco’s timely departure from Alameda
Trabucco stepped down as Alameda’s co-CEO in August 2022, three months before the dramatic collapse of FTX. He had joined Alameda as a trader and ascended to the co-CEO position in August 2021, a period during which he described the work environment as "awesome" and his colleagues as the "most impressive" he had known.
After his departure, Trabucco kept a low profile, steering clear of the criminal proceedings involving FTX’s upper management. His name did not appear in court cases against former executives, and he has not faced any criminal charges related to the exchange’s collapse. In an act of solidarity, he wrote a letter to the court in May seeking leniency for former FTX Digital Markets co-CEO Ryan Salame during his sentencing.
This high-profile settlement underscores the lingering aftershocks of FTX's downfall and reflects the ongoing efforts to recover assets for creditors. Trabucco's agreement may set a precedent as the case surrounding FTX’s implosion continues to unfold, marking another chapter in the complex unraveling of one of the largest financial scandals in recent years.
Earlier, FTX filed a $1.76 billion lawsuit against Binance, accusing it of fraud during the stock buyback
