FTX brass spent more than $2.5m in customer funds on a luxury yacht
Customer funds from Sam Bankman-Fried’s FTX were allegedly spent on a $2.5-million yacht , which was believed to be a gift for Sam Trabucco, the former co-CEO of Alameda Research. 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.” $2.5m of FTX customer deposits were used for Sam Trabucco's Yacht pic.twitter.com/6gN4pvD3q8 — Sunil (FTX Creditor Champion) (@sunil_trades) September 1, 2023 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. Less than three months later, FTX and Alameda went bankrupt. An FTX partin...