Former Alameda CEO Settles with FTX in High-Value Asset Transfer
The post Former Alameda CEO Settles with FTX in High-Value Asset Transfer appeared on BitcoinEthereumNews.com.
Former crypto executives Alex Mashinsky of Celsius and Sam Trabucco of Alameda Research are navigating legal challenges as their respective cases unfold in US courts. Mashinsky, facing multiple criminal charges related to alleged market manipulation and fraud involving Celsius’s token and investment programs, recently lost a motion to dismiss two key charges. His trial is set for early 2025. Meanwhile, Trabucco has reached a settlement in the FTX bankruptcy case, agreeing to transfer high-value assets to FTX Debtors and drop a $70 million claim in exchange for immunity from future claims. FTX, Alameda Research, and Former Co-CEO Sam Trabucco Reach Settlement in Delaware Bankruptcy Court FTX Digital Markets, and former Alameda Research co-CEO Sam Trabucco have reached a settlement in the United States Bankruptcy Court for the District of Delaware. Trabucco, who left the company mere months before its unraveling, has kept a low profile since his departure. This settlement marks his first publicized agreement with FTX Debtors as the company attempts to recover funds for its creditors. The settlement agreement, which will be reviewed on Dec. 12, involves Trabucco relinquishing several high-value assets and abandoning substantial claims. Specifically, he has agreed to transfer the titles to two San Francisco apartments valued at $8.7 million and his 53-foot yacht, worth approximately $2.5 million, to FTX Debtors. These asset transfers represent a significant portion of the funds Trabucco may have accrued during his time with Alameda Research, the crypto trading firm known for its aggressive investment strategies. Additionally, Trabucco will forego claims totaling $70 million against FTX, representing a significant concession. In exchange, FTX will release him from any legal claims they may have against him, effectively resolving any pending disputes between the two parties. The agreement aims to expedite the settlement process, as both sides noted the potential for protracted…
Filed under: News - @ November 12, 2024 11:22 am