In the midst of FTX’s bankruptcy court proceedings, the new management has made strides to bring transparency to the financial situation of the exchange.
They’ve recently revealed a balance sheet that sheds light on the expenses incurred by the C-Suite of the FTX Group.
While some of these expenses were previously public knowledge, such as the controversial purchase of Robinhood shares by Sam Bankman-Fried (SBF) and Gary Wang, there are intriguing revelations hidden within the 57-page document that have never been disclosed before.
One of the most eye-catching expenses detailed in the court documents is the transfer of $2,513,000 to the American Yacht Group on March 11, 2022. This substantial sum was made to benefit John Samuel Trabucco, a key figure in FTX at the time.
What makes this transaction particularly intriguing is the timing. A mere six months later, Sam Trabucco announced his departure from the company, revealing his plans for the near future.
While he intended to continue serving as an advisor, he also had plans to enjoy some leisure time, particularly on the boat he had allegedly purchased with the funds in question.
Trabucco’s announcement was marked by a sense of contentment and relaxation. He mentioned, “Lately, I’ve been really happy, spending a lot of time traveling, visiting friends and family, working on ‘myself,’ and whatnot. Also, I bought a boat, that’s been cool. I needed to relax, and I’m really, really happy.”
Caroline Ellison, Trabucco’s co-CEO at Alameda, was quick to congratulate him on his service and wish him an enjoyable time on his boat.
However, since the collapse of the FTX Group, Trabucco has maintained a low profile. His last known interaction with the public internet was on November 8, when he extended well wishes to FTX creditors before going radio silent.