Former Alameda Co-CEO Surrenders Assets in FTX Settlement

Sam Trabucco, former co-CEO of Alameda Research, has agreed to relinquish assets including two San Francisco apartments valued at $8.7 million and a 53-foot yacht in a settlement with FTX.

This move also includes dropping a $70 million claim he had filed against FTX. The agreement, finalized on November 13, seeks to resolve claims without further delays or litigation costs.

As part of the settlement, Trabucco will transfer ownership of the yacht, which he had purchased for $2.51 million just months before stepping down from Alameda, as well as the two properties he bought in 2021. The $70 million in claims he filed against FTX will also be voided. The deal aims to benefit FTX’s creditors and streamline the resolution process following the company’s bankruptcy.

The connection between FTX, Alameda, and Trabucco has drawn considerable attention since FTX’s collapse. Trabucco, who had stepped down in August 2022, had been closely involved with Sam Bankman-Fried’s operations.

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This settlement comes after FTX’s reorganization plan was approved in October, which is expected to allow most creditors to recover their losses in full. Meanwhile, FTX continues to pursue legal actions against other parties, including Binance, to recover further assets for creditors.

Alexander Stefanov