In a startling turn of events, the financial dealings of executives at FTX, are under intense scrutiny following a recent filing from the company’s debtors. The documents have revealed a series of eyebrow-raising cash transfers to key figures within the organization, including former CEO Sam Bankman-Fried and ex-Alameda co-CEO Samuel Trabucco. The disclosures have raised concerns about the handling of company funds and have resulted in legal repercussions.
The most striking revelation in the filing is the transfer of over $900 million in cash to Sam Bankman-Fried, who served as the CEO of FTX and is primarily associated with Alameda Research, a trading firm. These transfers were marked simply as “Cash Payment,” leaving questions about their purpose and legality. Alongside this massive transfer, $15.5 million in cash was transferred, with an additional $3.5 million going to Caroline Ellison, the former CEO of Alameda Research. These transactions have cast a shadow over the financial management of FTX, particularly in the wake of its recent collapse and ongoing legal investigations.
One of the most intriguing findings in the filing is the $2.5 million yacht purchase for Samuel Trabucco, who was the former co-CEO of Alameda Research. Trabucco had announced his resignation a few months prior to the company’s financial troubles, citing his boat purchase. The timing of this extravagant acquisition and the source of the funds used for it have raised suspicions. While Trabucco has not faced any criminal charges thus far, his silence since the company’s downfall adds to the growing list of questions surrounding Alameda Research and its executives.
The yacht purchase, confirmed by the recent filing, occurred just a few months after Trabucco’s announcement of his resignation in August 2022. In response to his tweet about the purchase, Caroline Ellison expressed her well-wishes, further adding to the intrigue surrounding the transaction.
Meanwhile, the filing also disclosed several cash payments to former FTX executives, including Sam Bankman-Fried, Gary Wang, Nishad Singh, Darren Wong, and Constance Wang. These payments were made within twelve months before the company’s collapse. However, it’s important to note that the disclosures only pertain to fiat currency, and the extent to which cryptocurrency transactions and other assets were involved remains uncertain.
Additionally, the filing revealed that Sam Bankman-Fried and FTX co-founder Gary Wang purchased Robinhood shares in April and May 2022, totaling a staggering $54.63 million. Bankman-Fried held a 90% share ownership, while Wang owned the remaining 10% through their company, Emergent Fidelity Technologies. These stock purchases add another layer of complexity to the financial web surrounding the FTX executives.
Source: https://azcoinnews.com/ftx-spends-millions-to-buy-a-yacht-for-former-alameda-ceo-samuel-trabucco.html
