FTX Filing Unveils Ex-Alameda CEO’s $2.5M Yacht Purchase
- A filing submitted by crypto exchange FTX unveiled multiple cash payments made by top FTX executives.
- The documents specifically included the payments or property transfers executed within one year prior to the implosion.
- $2.5 million was sent to the American Yacht Group and mentioned ex-Alameda co-CEO Sam Trbucco as beneficiary.
- Several cash payments were disclosed in the FTX filing related to Bankman-Fried and Wang, among others.
In a filing submitted by the now-bankrupt crypto exchange co-founded by Sam Bankman-Fried and Gary Wang, FTX, a substantial payment sent to the American Yacht Group by the ex-CEO of the crypto exchange’s sister firm, Alameda Research, was revealed. Interestingly, the $2.5 million yacht purchase was among the many ways in which the executives of the bankrupt empire set up by SBF benefited.
In a court filing submitted by FTX with the United States Bankruptcy Court for the District of Delaware, the exchange disclosed several financial documents that proved that the top executives at the digital asset trading platform benefited greatly prior to the exchange’s collapse in November 2022.
It is crucial to note that the documents specifically included the payments or property transfers executed within one year preceding the collapse of FTX. On the other hand, the creditors of the crypto exchange have stated that there are no guarantees of the data’s absolute accuracy or completeness and disclaim any liability for errors or omissions.
In March 2022, a transaction of $2.51 million was initiated by the American Yacht Group, and former Alameda Research co-CEO Sam Trabucco was mentioned as the beneficiary. More importantly, just a few months after this transaction, Trabucco confirmed the ownership of a boat to his followers while announcing his resignation from Alameda in August 2022.
Interestingly, several cash payments were disclosed in the FTX filing related to Bankman-Fried and Wang, as well as FTX director of engineering Nishad Singh, former chief marketing officer Darren Wong, and former chief operating officer Constance Wang. These payments were initiated within 12 months of the collapse of the exchange.
Additionally, the disclosures only include fiat currency payments and not cryptocurrencies because they are not easy to trace. “Responses to this question do not currently include all transfers of cryptocurrency, other digital assets or other assets,” the filing stated.
As reported earlier by BitcoinWisdom, SBF has been accused of fraud, among other things, but has claimed to be innocent. The former FTX boss maintained his innocence, saying, “I didn’t ever try to commit fraud.” But crypto users believe otherwise.
A crypto journalist with over 3 years of experience in DeFi, NFT, metaverse, etc. Parth has worked with major media outlets in the crypto and finance world and has gained experience and expertise in crypto culture after surviving bear and bull markets over the years.
