Financial statements have revealed transactions that favored top brass at FTX, a prominent cryptocurrency exchange, just before its unexpected downfall in late 2022.

What Happened: Documents presented to the United States Bankruptcy Court for the District of Delaware highlight several transactions that directly enriched senior figures at FTX and Alameda Research in the year leading up to the exchange's demise, a court filing showed. 

One transaction that stands out took place in March 2022, when a sum of $2.51 million was channeled from FTX to the American Yacht Group. This transaction was in favor of Sam Trabucco, the former co-CEO of Alameda Research. By August of the same year, Trabucco publicly acknowledged his boat ownership and simultaneously announced his exit from the firm.

$2.5m of FTX customer deposits were used for Sam Trabucco's Yacht

— Sunil (FTX Creditor Champion) (@sunil_trades) September 1, 2023

Also Read: Bankman-Fried's Move To Jail Sparks Strong Reactions On X: 'Hope You Enjoy Prison'

Further disclosures unveil cash payments made to several FTX executives, including Bankman-Fried and co-founder Gary Wang, in the months preceding the exchange's collapse.

In another significant development, Bankman-Fried and Wang reportedly acquired shares of Robinhood (NASDAQ: HOOD) in the spring of 2022, with investments surpassing $54 million. By the onset of 2023, these shares were seized by the U.S. Department of Justice.

Robinhood eventually repurchased all its shares that were previously under the ownership of FTX and Alameda Research.

Now Read: Disgraced FTX Co-founder Sam Bankman-Fried Makes Unusual Request Ahead Of Trial

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