Alameda’s Sam Trabucco To Forfeit $70M In FTX Settlement

Quick Summary:

Former Alameda Research co-CEO Sam Trabucco will surrender ownership of two San Francisco apartments worth $8.7 million and a 53-foot yacht and relinquish his $70 million in claims he filed against FTX.

Recently, it sued Binance and its former CEO Changpeng Zhao for fraud and market manipulation, contending that a 2021 share buyback deal between the companies had been fraudulent and furthered FTX’s distressed financial situation.

He has also agreed to assign his rights to approximately $70 million worth of claims filed against FTX, which will subsequently be deleted.

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Article Details

Author / Journalist: Teuta Franjkovic

Category: Crypto

Markets: India

Topics: 24/7 Cryptocurrency News FTX Bankruptcy Alameda

Source Website Secure: Yes (HTTPS)

News Sentiment: Negative

Fact Checked: Legitimate

Article Type: News Report

Published On: 2024-11-11 @ 20:36:46 (2 days ago)

News Timezone: GMT +8:00

News Source URL: coingape.com

Language: English

Article Length: 553 words

Reading Time: 4 minutes read

Sentences: 35 lines

Sentence Length: 16 words per sentence (average)

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Copyright Owner: © CoinGape

News ID: 23528747

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