FTX court filing reveals former Alameda CEO’s $2.5M yacht purchase


FTX debtors have disclosed a sequence of economic statements revealing transactions that benefited firm executives shortly earlier than the foremost cryptocurrency change’s collapse in November 2022.

In a latest court filing with the United States Bankruptcy Court for the District of Delaware, a number of funds straight benefiting senior firm executives at FTX and Alameda Research have been disclosed, particularly, funds or property transfers executed inside one 12 months previous the collapse of FTX.

However, FTX debtors state that there aren’t any ensures of the information’s absolute accuracy or completeness and disclaim any legal responsibility for errors or omissions.

Court filing within the U.S. Bankruptcy Court for the District of Delaware. Source: Kroll

In March 2022, a transaction of $2.51 million was directed from the corporate to the American Yacht Group, benefiting former Alameda Research co-CEO Sam Trabucco.

Just just a few months after this transaction, Trabucco confirmed possession of a ship whereas informing his followers about his resignation in an August 2022 tweet. In response to his tweet, Caroline Ellison, Alameda’s former co-CEO alongside Trabucco, wished him properly and hoped he would savor extra time on his boat.

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Meanwhile, a number of money funds have been disclosed to former FTX executives, together with Sam Bankman-Fried and Gary Wang, in addition to former FTX director of engineering Nishad Singh, former FTX chief advertising and marketing officer Darren Wong, and former FTX chief working officer Constance Wang, all inside twelve months previous to the collapse.

However, it notes that the disclosures solely pertain to fiat foreign money and the extent to which crypto transactions might be traced. “Responses to this question do not currently include all transfers of cryptocurrency, other digital assets or other assets,” it said.

The filing additionally highlighted Bankman-Fried’s and FTX co-founder Gary Wang’s purchase of Robinhood shares in April 2022, totaling $35,185,242. They continued their acquisitions of Robinhood in May 2022, spending an extra $19.45 million. It discloses that Bankman-Fried held a 90% share possession, with Wang proudly owning the remaining 10% by way of their firm, Emergent Fidelity Technologies.

However, in January, the U.S. Department of Justice seized the shares belonging to Bankman-Fried and Wang.

On Aug. 31, Cointelegraph reported that Robinhood had repurchased all shares beforehand owned by FTX and Alameda Research. 

In a press release, Robinhood revealed that it had completed the purchase of 55,273,469 shares for roughly $606 million. Following the purchase announcement, Robinhood’s chief monetary officer, Jason Warnick, expressed the corporate’s satisfaction with the result:

“We are happy to have completed the purchase of these shares and look forward to executing on our growth plans on behalf of our customers and shareholders.” 

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