The payment to American Yacht Group was disclosed under the category of payments for the benefit of any insider within a year of the cryptocurrency exchange’s collapse.
FTX debtors have released a series of financial statements revealing transactions that benefited company executives shortly before the major cryptocurrency exchange collapsed in November 2022..
- FTX and UCC debtors clash over control of assets in restructuring
In a recent presentationbefore the United States Bankruptcy Court for the District of Delaware, several payments were disclosed that directly benefited senior company executives at FTX and Alameda Research. Specific, payments or property transfers executed within one year before the collapse of FTX.
- The US Department of Justice calls Sam Bankman-Fried’s defense against fraud “irrelevant”
In March 2022, a $2.51 million transaction was directed from the company to American Yacht Group, benefiting former Alameda Research Co-CEO Sam Trabucco..
- FTX on its way to resurrection: CEO is in talks with “involved parties”
Just a few months after this transaction, Trabucco confirmed ownership of a ship while informing his supporters of his resignation in a TweetAugust 2022.
- Related: FTX founder’s appraisers could cost up to $1,200 an hour
The presentation also revealed that Bankman-Fried and FTX co-founder Gary Wang bought Robinhood shares in April 2022, for a total of USD 35,185,242. They continued their Robinhood acquisitions in May 2022, spending an additional $19.45 million. It is also shown that Bankman-Fired owned 90% of the shares, while Wang owned the remaining 10%..
Robinhood recently stated that it has repurchased all of the shares previously held by FTX and Alameda Research..
On August 31, Robinhood completed the purchase of 55,273,469 shares for about $606 million. Following the announcement of the purchase, Robinhood’s CFO Jason Warnick noted that the company is happy with the result:
“We are pleased to have completed the purchase of these shares and look forward to executing our growth plans on behalf of our customers and shareholders.”
However, he points out that disclosures are limited to fiat currency. “The answers to this question do not currently include all transfers of cryptocurrencies, other digital assets or other types of assets“, he states.
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