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Source: FTX

As the collapse of major crypto exchange FTX and sister company Alameda Research continues to stir controversy within the cryptosphere, Sam Trabucco, the former co-CEO of Alameda, reportedly went on a shopping spree shortly before the implosion of two companies. Among other things, he bought two luxury apartments in San Francisco and a yacht for around $10 million.

On the eve of FTX’s bankruptcy, Trabucco decided to retire and disappear from social media, spending large sums on real estate and the luxury boat, according to documents and data obtained by industry news site Protos.

The former executive bought the two apartments, which are side by side, for a total of 8.7 million dollars. Trabucco, who is a longtime friend of former FTX CEO Sam Bankman-Fried, paid cash for the real estate and closed the deal in June 2021.

In addition to the two apartments, the retiree also embarked on another major purchase, buying a 52ft yacht shortly before leaving his post in August 2022. At that time, Trabucco claims his decision was tied to the fact that he had “reached a point in life where” he wanted to “prioritize other things.”

It’s unclear if one of the things he wanted to prioritize involved buying an expensive boat estimated to be worth over $1 million. What is known, however, is that Trabucco named the yacht Soak my Deck, as reported by the Financial Times. The boat was originally registered with the US Coast Guard.

FTX lent as much as $10 billion user funds, more than half of its client assets, to Alameda Research to fund risky bets.

Meanwhile, Trabucco’s former business partner, Bankman-Fried, recently suggested that he may not appear at the upcoming US House of Representatives Financial Services Committee hearing to testify about the collapse of his crypto empire.

“Once I finish learning and reviewing what happened, I would feel like it was my duty to come before the committee and explain myself. I am not sure it will happen by the 13th. But when it does, I will testify,” FTX said. the founder said, responding to a tweet from Congresswoman Maxine Waters, a Democrat representing California, who chairs the committee.

Despite the SBF’s announcement, the committee is program to convene for a hybrid meeting, entitled FTX Collapse Investigation Part IDecember 13.

Maxine replied in a Tweeter it is “imperative” that SBF attend the hearing, and members of Congress who serve on the committee are “ready to schedule continued hearings if there is more information to share later.”

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