Since FTX’s bankruptcy, several related lawsuits have come into the spotlight; in a recent development, Sam Trabucco, the former elusive co-CEO of the bankrupt exchange’s trading arm, has agreed to hand over multiple assets to FTX creditors.
According to court filings dated November 11, 2024, Sam has agreed to settle his debt with the exchange founded by Sam Bankman Fried.
He will also transfer the ownership of two apartments and an HCB Suenos yacht (53-foot). Additional information notes that he bought apartments for $8.5 million and the yacht was bought for $2.5 million in 2021.
Some prior filings read that Trabucco allegedly bought a yacht and some other assets using the funds owned by FTX. It is worth noting that not only Sam but several other founding members of FTX and related companies have illegally used the funds of the exchange deposited by its innocent investors.
Legal experts argue that back-to-back claims by Alameda Research and FTX against companies and individuals are a clear move by both firms to recover funds that they reportedly invested or lent to them in the peak business days.
Trabucco was known for his unique trading strategies and bold moves, he reportedly left his post at Alameda Research before the firm and its parent company filed bankruptcy in November 2022.
Other Recent Claims and Lawsuits by FTX and Subsidiary
In the past few months, FTX and Alameda Research filed over one dozen lawsuits in order to recover part of their investment which they invested during their peak times.
Earlier on Monday, November 11, 2024, Todayq reported the trading arm of FTX had lodged a case against the founder of Waves, the same company received a deposit from Alameda in March 2022. It further notes that in the legal settlement, it aims to recover a sum of $90 million from Waves.
Crucial to note that, Alameda reportedly made investments or deposited USDT and USDC of stablecoins worth $80 million, following the deposit Waves token saw staggering growth reaching a new milestone.
Earlier on Sunday, November 10, 2024, CNBC reported that FTX filed a lawsuit against Binance the leading cryptocurrency exchange and its founder in order to get $1.76 billion, citing a “fraudulent” share deal. However after the filing of the lawsuit, Binance told the media outlet that the allegations by FTX are meritless, and they are ready to defend themselves.
FTX ( FTT) Token Price Update
As of writing, FTT was trading at $2.04, it surged 4.33 percent in the past 24 hours, and its market capitalization was $672.49 million adding 4.55 percent. However, the highest trading price of FTT tokens was $85.02 recorded on September 09, 2021, in the past 52 weeks its highest trading price was $5.94.
