Million

The latest twist in the FTX bankruptcy saga saw former Co-CEO at Alameda Research, Sam Trabucco agreeing to forfeit luxury properties and a yacht to help recover funds for the creditors of the defunct cryptocurrency exchange. It is part of efforts to claw back losses for those impacted by FTX’s devastating collapse, according to a court filing dated November 3 detailing the agreement. 
<a href="https://www.qubetics.com/?utm_source=TNYR&amp;utm_medium=Sam+Trabucco+Forfeits+%2481+Million+in+Assets+Amid+FTX+Bankruptcy+Fallout" rel="nofollow noopener" target="_blank"><img loading="lazy" decoding="async" class="alignnone size-full wp-image-24972" src="https://www.turkishnyradio.com/wp-content/uploads/2024/10/22ccc.jpg" alt="22ccc" width="728" height="90" title="Sam Trabucco Forfeits $81 Million in Assets Amid FTX Bankruptcy Fallout 54"></a> 
Sam Bankman-Fried’s former close associate Trabucco agreed to turn over two $8.7 million San Francisco<a href="https://twitter.com/sunil_trades/status/1856019855713153293?ref_src=twsrc%5Etfw" rel="nofollow noopener" target="_blank"> apartments</a> and a 53-foot yacht he bought in March 2022 for $2.5 million. Trabucco also agreed to transfer rights to about $70 million in claims that are or were against FTX.&nbsp; 
<h2 id="strong-sam-trabucco-s-40-million-transfer-at-alameda-under-scrutiny-amid-bankruptcy-proceedings-strong">Sam Trabucco’s $40 Million Transfer at Alameda Under Scrutiny Amid Bankruptcy Proceedings</h2> 
<img loading="lazy" decoding="async" class="size-full wp-image-28773 aligncenter" src="https://www.turkishnyradio.com/wp-content/uploads/2024/11/DALL·E-2024-11-12-01.53.42-A-wide-image-capturing-the-theme-of-financial-investigation-in-a-bankruptcy-setting.-Depict-a-realistic-scene-with-a-somber-atmosphere-featuring-stac.webp" alt="Sam Trabucco Forfeits $81 Million in Assets Amid FTX Bankruptcy Fallout " width="1792" height="1024" title="Sam Trabucco Forfeits $81 Million in Assets Amid FTX Bankruptcy Fallout 55" srcset="https://www.turkishnyradio.com/wp-content/uploads/2024/11/DALL·E-2024-11-12-01.53.42-A-wide-image-capturing-the-theme-of-financial-investigation-in-a-bankruptcy-setting.-Depict-a-realistic-scene-with-a-somber-atmosphere-featuring-stac.webp 1792w, https://www.turkishnyradio.com/wp-content/uploads/2024/11/DALL·E-2024-11-12-01.53.42-A-wide-image-capturing-the-theme-of-financial-investigation-in-a-bankruptcy-setting.-Depict-a-realistic-scene-with-a-somber-atmosphere-featuring-stac-768x439.webp 768w, https://www.turkishnyradio.com/wp-content/uploads/2024/11/DALL·E-2024-11-12-01.53.42-A-wide-image-capturing-the-theme-of-financial-investigation-in-a-bankruptcy-setting.-Depict-a-realistic-scene-with-a-somber-atmosphere-featuring-stac-1536x878.webp 1536w" sizes="(max-width: 1792px) 100vw, 1792px"> 
Fees forfeitures are a piece of bigger things to address the financial wreckage left by FTX’s bankruptcy. The filing says Trabucco received close to $40 million from what it describes as ‘potentially avoidable transfers’ at Alameda Research during his period of time there. 
In August 2022, Trabucco left his position as the leader of Alameda Research, which declared bankruptcy along with FTX in December of the same year. Trabucco has never directly said he did anything wrong, but his social media habits during his time at the firm raised an eyebrow at its practices. 
Bankman-Fried was the founder of FTX, but Alameda Research, co-founded by Bankman-Fried, was what helped sink FTX. As investigators probe the underlying events that have triggered one of the crypto industry’s biggest disasters, the firm’s trading activities and suspected misuse of client funds have been under a microscope. 
It comes as the broader efforts of the FTX bankruptcy estate to recover assets for creditors gathered pace. FTX’s reorganization plan was approved by a U.S. bankruptcy judge in October, and nearly two years after the U.S. crypto exchange collapsed, creditors expect to recover their losses. It is expected that 98 percent of the creditors will recover at least 118 percent of their claim in cash under the plan.&nbsp; 
<h2 id="strong-ftx-s-legal-strategy-maximizing-recovery-through-lawsuits-and-asset-forfeitures-strong">FTX’s Legal Strategy: Maximizing Recovery Through Lawsuits and Asset Forfeitures</h2> 
<img loading="lazy" decoding="async" class="alignnone size-full wp-image-28777" src="https://www.turkishnyradio.com/wp-content/uploads/2024/11/DALL·E-2024-11-12-01.52.53-A-wide-image-illustrating-the-theme-of-asset-forfeiture-amid-financial-scandal.-Show-a-dramatic-scene-with-stacks-of-money-financial-documents-and-c.webp" alt="Sam Trabucco Forfeits $81 Million in Assets Amid FTX Bankruptcy Fallout " width="1792" height="1024" title="Sam Trabucco Forfeits $81 Million in Assets Amid FTX Bankruptcy Fallout 56" srcset="https://www.turkishnyradio.com/wp-content/uploads/2024/11/DALL·E-2024-11-12-01.52.53-A-wide-image-illustrating-the-theme-of-asset-forfeiture-amid-financial-scandal.-Show-a-dramatic-scene-with-stacks-of-money-financial-documents-and-c.webp 1792w, https://www.turkishnyradio.com/wp-content/uploads/2024/11/DALL·E-2024-11-12-01.52.53-A-wide-image-illustrating-the-theme-of-asset-forfeiture-amid-financial-scandal.-Show-a-dramatic-scene-with-stacks-of-money-financial-documents-and-c-768x439.webp 768w, https://www.turkishnyradio.com/wp-content/uploads/2024/11/DALL·E-2024-11-12-01.52.53-A-wide-image-illustrating-the-theme-of-asset-forfeiture-amid-financial-scandal.-Show-a-dramatic-scene-with-stacks-of-money-financial-documents-and-c-1536x878.webp 1536w" sizes="(max-width: 1792px) 100vw, 1792px"> 
Nevertheless, a handful of creditors have voiced complaints that they’d prefer cash instead of cryptocurrency, according to continuing discussions around recovery. Several lawsuits that FTX’s estate has filed to recover those funds include a lawsuit against Binance, including against the exchange’s former CEO Changpeng Zhao.&nbsp; 
The company, which has sued FTX, says a 2021 share buyback deal between the two companies was fraudulent and contributed to making FTX insolvent. The estate has also filed suit against SkyBridge Capital, founded by Anthony Scaramucci, and other investors over what it says were bad investment decisions. 
The fall out from FTX continued to have a flow on through the crypto sector with the importance of transparency and regulative oversight being highlighted. One of those parts is Trabucco’s, but they are part of a bigger picture as courts and influencers enter into one of the most serious crises in the industry, trying to figure out what to do. 
The road to recovery is still fraught by challenges for many creditors, and affected parties. But Trabucco’s willingness to turn over his assets offers a ray of hope to the many still seeking to recover their money. The saga of FTX is a painful lesson: despite all litigation and asset recovery efforts, the cryptocurrency market is a risky place. 
<h2 id="strong-conclusion-strong">Conclusion</h2> 
The recent forfeitures of assets by Trabucco underscore that there are ongoing efforts to make funds available to the FTX creditors, which should see a launch within 90 days, said Nakell. The case underscores the broader consequences of the collapse of the crypto exchange that underscores the necessity of accountability and regulation for nurturing trust in the crypto exchange whose collapse in itself is akin to volatile venture. 
Stay connected with<a href="https://www.turkishnyradio.com/"> TurkishNY Radio</a> by following us on<a href="https://x.com/TNYR_News" rel="nofollow" target="_blank"> Twitter</a> and<a href="https://www.linkedin.com/company/turkishny-radio/" rel="nofollow noopener" target="_blank"> LinkedIn</a>, and join our<a href="https://t.me/tnyr_news" rel="nofollow" target="_blank"> Telegram</a> channel for more news.

Sam Trabucco Forfeits $81 Million in Assets Amid FTX Bankruptcy Fallout

Table of Contents

TNYR

Other articles published on Nov 12, 2024

Bitget re-enters UK market with local rules compliance

Solana Insider Predicts 8,500% Rise for This AI-Powered Multichain Crypto — Is It the Next Big Th...

Crypto Casino Metawin Hacked for $4M+ Due to Withdrawal System Exploit

Act 1 The AI Prophecy Price Goes Ballistic With 70% Pump After Binance Listing As Pepe Unchained ...

Apple and A24 Bring Sam Bankman-Fried’s Story to the Big Screen

This $0.0005 Gem Could See 15,000% Gains – Whales Are Betting Big on a PEPE-Beating Rally

Join our free newsletter for daily crypto updates!