Former Alameda Co-CEO Sam Trabucco has agreed to turn over assets to the creditors of the bankrupt cryptocurrency exchange FTX as part of a settlement.
Asset Transfer in Settlement
Sam Trabucco, former co-CEO of Alameda, will transfer assets valued in millions to FTX creditors, including a yacht worth $2.51 million and two apartments in San Francisco purchased for $8.7 million. As part of the settlement, he will also cancel claims against FTX totalling approximately $70 million.
History of Collapse
In 2021, Trabucco was appointed co-CEO of Alameda along with Caroline Ellison. both FTX and Alameda collapsed last November due to allegations of misusing customer funds. Trabucco has not acknowledged personal wrongdoing, nor have such allegations been made against him.
Awaiting Final Approval
The settlement with Trabucco was signed on November 3 and is awaiting final court approval on December 12. This is part of the ongoing efforts to return money to customers whose assets were frozen on the FTX platform.
The settlement with Trabucco awaits final court approval, representing another step in resolving claims against the bankrupt FTX.
