In form of fall down As major crypto exchange FTX and sister firm Alameda Research continue to generate controversy within the cryptosphere, Alameda’s former co-CEO Sam Trabuco reportedly went on a buying spree shortly before the two companies imploded. Among others, he bought two luxury apartments in San Francisco and a yacht for an estimated $10 million.
According to documents and data, in the run-up to FTX’s bankruptcy, Trabuco decided to retire and disappear from social media, spending huge cash on real estate and a luxury yacht. obtained By industry news site Protos.
The former executive bought two apartments, which are next to each other, for a total of $8.7 million. Trabucco, who is a longtime friend of former FTX CEO Sam Bankman-Fried, paid for the real estate in cash, with the deal closing in June 2021.
Apart from the two apartments, the retiree made another major purchase by buying a 52-feet yacht shortly before resigning from his post in August 2022. At that time, Trabuco Claimed His decision was related to the fact that he had “reached a point in life” where he wanted to “prioritise other things”.
It is unclear whether one of the things he wants to prioritize is the purchase of an expensive yacht estimated to be worth more than $1 million. What is known, however, is that Trabuco named the yacht Soak My Deck informed of by Financial Times. The boat was initially registered with the US Coast Guard.
lent by FTX $10 billion user funds of value, or more than half of its clients’ assets, to Alameda Research to make risky bets.
Meanwhile, Trabucco’s former business partner Bankman-Fried recently suggested That he may not appear at an upcoming hearing of the Financial Services Committee of the US House of Representatives to testify on the collapse of his crypto empire.
“Once I’ve finished learning and reviewing what happened, I would feel like it was my duty to appear before the committee and explain. I’m not sure that will happen by the 13th. But when it does, I will testify,” said the FTX founder, responding to a tweet from Congresswoman Maxine Waters, the Democrat representing California who chairs the committee.
Despite the declaration of SBF, the committee is scheduled For a hybrid meeting call, entitled Investigating the Fall of FTX, Part IOn 13 December.
Maxine replied Tweet It is “mandatory” that the SBF participate in the hearing, and members of Congress who are part of the committee are “willing to continue the hearing if there is more information to share later.”
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