Judicial documents filed with the United States Bankruptcy Court for the District of Delaware reveal a complex financial network involving the executives of FTX and Alameda Research prior to FTX’s spectacular collapse in November 2022. One surprising revelation involves former co-CEO of Alameda Research, Sam Trabucco, who made a $2.51 million payment to the American Yacht Group in March 2022. Five months later, Trabucco confirmed ownership of a boat on social media while announcing his resignation. Former co-CEO Caroline Ellison reacted by hoping that he would “enjoy more time on his boat.”
A Cash Wave and a Connection with Robinhood: A Tale of Two Companies
The court documents also shed light on a series of significant cash payments to key players at FTX, including its founder Sam Bankman-Fried, co-founder Gary Wang, and other top executives such as Nishad Singh, Darren Wong, and Constance Wang. Notably, these transactions took place in the year leading up to the cryptocurrency exchange’s collapse. Additionally, the court disclosures provide a comprehensive look at Sam Bankman-Fried and Gary Wang’s involvement with Robinhood. The duo had purchased Robinhood shares through their company, Emergent Fidelity Technologies, only for those shares to be seized by the U.S. Department of Justice in January.