Sam Bankman-Fried’s FTX Funds Allegedly Used to Buy $2.5 Million Yacht
According to court documents, customer funds from FTX were reportedly used to purchase a $2.5 million yacht believed to be a gift for Sam Trabucco, former co-CEO of Alameda Research. The filings show various payments and transfers made prior to FTX’s bankruptcy, including a cash payment for the benefit of Trabucco. Trabucco had resigned from Alameda on Aug. 24, 2022, and less than three months later, both FTX and Alameda filed for bankruptcy.
Main Key Points
- Customer funds from FTX were allegedly used to buy a $2.5 million yacht for Sam Trabucco, former co-CEO of Alameda Research.
- Documents show payments and transfers made prior to FTX’s bankruptcy, with a cash payment for Trabucco’s benefit.
- Trabucco resigned from Alameda on Aug. 24, 2022.
- FTX and Alameda filed for bankruptcy less than three months after Trabucco’s resignation.
- Trabucco was not mentioned in any charges against the company or its top executives.
Hot Take
It appears that customer funds from FTX were misused to purchase a yacht for Sam Trabucco, adding to the controversy surrounding FTX and Alameda’s bankruptcy. While Trabucco managed to step down from his position before the collapse, questions still remain about the alleged mishandling of funds by FTX leadership. This case highlights the importance of transparency and responsibility in the cryptocurrency industry.
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