Former Alameda Research co-CEO Sam Trabucco has agreed to forfeit millions of dollars worth of assets for his alleged role in the collapse of crypto exchange FTX in 2022.
Trabucco is giving up two San Francisco apartments, a 50-foot yacht, and rights to debtor claims filed against FTX worth $70,000,000, Bloomberg reports.
Trabucco, known for sophisticated and often risky trading strategies, stopped posting on social media after the collapse of FTX and has been missing from the public eye ever since.
Alameda Research was FTX’s trading arm, and the financial relationship between the two entities proved to be questionable, likely playing a role in the demise of the exchange in late 2022.
Caroline Ellison, Trabucco’s co-CEO, is set to begin a two-year prison sentence after pleading guilty to helping former FTX CEO Sam Bankman-Fried in mismanaging billions in customer funds.
As stated by Judge Kaplan before handing out her sentence,
“I have seen a lot of cooperators. I have never seen one like Ms. Ellison. What she said on the stand was very incriminating of herself, and she pulled no punches about it.”
Bankman-Fried is currently serving a 25-year prison sentence while former co-CEO of FTX Digital Markets Ryan Salame is serving a 7.5-year prison sentence.
FTX co-founder and former CTO Gary Wang is reportedly working with US authorities, helping the government develop tools to track illicit activity on crypto exchanges. His lawyers are still fighting to avoid prison time.
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