FTX Financial Filing Reveals Yacht Purchase for Former Co-CEO Sam Trabucco
FTX debtors have disclosed a series of financial statements that show top executives used company funds to their own advantage shortly before the cryptocurrency exchange collapsed.
In a recent court filing with the United States Bankruptcy Court for the District of Delaware, FTX debtors shed light on payments and property transfers directly benefiting senior executives at FTX and Alameda Research.
One notable transaction highlighted in the filing is a payment of $2.51 million made from FTX to the American Yacht Group in March 2022, which directly benefited former Alameda Research co-CEO Sam Trabucco.
Several months later, Trabucco confirmed his ownership of a boat in an August 2022 tweet announcing his resignation from the company.
Caroline Ellison, Trabucco's former co-CEO at Alameda, responded to the tweet, expressing her well wishes and hopes that he would enjoy more time on his new boat.
The financial statements also revealed cash payments made to FTX executives, including Sam Bankman-Fried, Gary Wang, Nishad Singh, Darren Wong, and Constance Wang, within the twelve months leading up to the collapse.
It is important to note that these disclosures only pertain to fiat currency, with limited information available regarding crypto transactions.
The filing clarifies that not all transfers of cryptocurrency or other digital assets have been included in the disclosures.
“Responses to this question do not currently include all transfers of cryptocurrency, other digital assets or other assets,” it stated.
Another significant disclosure in the filing is the purchase of Robinhood shares by FTX co-founder Gary Wang and CEO Sam Bankman-Fried.
In April 2022, they acquired Robinhood shares worth $35,185,242, followed by an additional
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