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 <p class="is-style-lead">Customer <a rel="noopener noreferrer nofollow" title="funds" href="https://thebittimes.com/tag/funds.html">funds</a> from Sam Bankman-Fried’s FTX were allegedly <a rel="noopener noreferrer nofollow" title="spent" href="https://thebittimes.com/tag/spent.html">spent</a> on a $2.5-million <a rel="noopener noreferrer nofollow" title="yacht" href="https://thebittimes.com/tag/yacht.html">yacht</a>, which was believed to be a gift for Sam Trabucco, the former co-CEO of Alameda Research. </p> 
 <p class="is-style-default">Two filings — one from July 31 and another from Aug. 31 — show a long list of statements, fund transfers and payments made prior to FTX’s bankruptcy. Among the items listed is a cash payment of more than $2.5 million to the American Yacht Group “for the benefit of Sam Trabucco.”</p> 
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    <p lang="en" dir="ltr">$2.5m of FTX customer deposits were used for Sam Trabucco's Yacht pic.twitter.com/6gN4pvD3q8</p>— Sunil (FTX Creditor Champion) (@sunil_trades) September 1, 2023 
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 <p>Trabucco was one of the first hires at Alameda, a trading firm and sister entity of FTX. He resigned from the now-defunct hedge fund on Aug. 24, 2022, claiming he could no longer “justify” being a central part of it and wishing to “prioritize” other things in his life.</p> 
 <p>Less than three months later, FTX and Alameda went bankrupt.</p> 
 <h3 class="wp-block-heading" id="an-ftx-parting-gift">An FTX parting gift</h3> 
 <p>The <a rel="noopener noreferrer nofollow" title="yacht" href="https://thebittimes.com/tag/yacht.html">yacht</a> may have been a parting gift for Trabucco, as a farewell social media message from his then co-CEO Caroline Ellison made a cheeky reference to it.</p> 
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    <p lang="en" dir="ltr">It's been an incredibly formative experience working with @AlamedaTrabucco. I've missed having him around in recent months, but I'm proud of all the other Alameda employees who have stepped up and more excited than ever about our future. I hope he has a great time on his boat! https://t.co/HqA2gz0FvL</p>— Caroline (@carolinecapital) August 24, 2022 
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 <p>A Financial Times report from 2022 also mentioned that Trabucco had bought a 52-foot <a rel="noopener noreferrer nofollow" title="yacht" href="https://thebittimes.com/tag/yacht.html">yacht</a> just before he walked away from Alameda. However, the report did not disclose where the money for the purchase came from. It did indicate that Trabucco paid a designer on the freelance service marketplace Fiverr to come up with a name for the boat.</p> 
 <div class="cn-block-related-link"> 
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 <p>The court documents also show that Trabucco received three cash payments totaling $15.5 million. The quoted figures are $9.5 million lower than those stated by an FTX debtors group in a press release issued earlier in the year.&nbsp;</p> 
 <p>The group claimed that the FTX leadership received more than $3 billion in direct payments unrelated to legitimate operational expenses. Of the amount, Bankman-Fried received an eye-watering $2.2 billion, with fellow executives Nishad Singh and Gary Wang getting $587 million and $246 million respectively.</p> 
 <p>Bankman-Fried, who is scheduled to go on trial on Oct. 2, is currently being held at the Metropolitan Detention Center in New York following accusations of witness tampering. </p> 
 <p>Although he was part of the decision-making at Alameda with Caroline Ellison for nearly a year, Trabucco’s decision to step down from his position mere months before Alameda and FTX came crashing down seems to have saved him from legal trouble.&nbsp;</p> 
 <p>He was not mentioned in any charges against the company and its top executives. He has also mostly stayed out of the public eye, with his last social media post being a tweet on Nov. 8, commiserating with people affected by the FTX collapse.</p> 
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  </svg> <span class="cn-block-related-link__prefix"> Read more: </span> Sam Bankman-Fried to face trial only on 8 initial charges 
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<p>Source: <a rel="noopener noreferrer nofollow" target="_blank" href="https://thebittimes.com/ftx-brass-spent-more-than-2-5m-in-customer-funds-on-a-luxury-yacht-tbt61332.html">https://thebittimes.com/ftx-brass-spent-more-than-2-5m-in-customer-funds-on-a-luxury-yacht-tbt61332.html</a></p>

FTX brass spent more than $2.5m in customer funds on a luxury yacht

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