Former Alameda Research CEO John Samuel ‘Sam’ Trabucco resigned before the collapse of Sam Bankman-Fried’s FTX, yet no one seems to know where he is.
Trabucco made at least $25 million from FTX via Alameda Research before opting for a curiously-timed “early retirement” in mid-2021. This is according to founder Bankman-Fried. When Trabucco resigned from Alameda, Caroline Ellison took over as head of the trading firm.
Years later, the world would learn how under Trabucco’s, Ellison’s, and Bankman-Fried’s leadership, Alameda borrowed but never repaid billions of dollars from FTX customers.
Understandably, defrauded FTX customers find it hard to believe that Trabucco was somehow unaware or not responsible for actions that precipitated parts of the downfall of FTX and Alameda.
According to a jury verdict and a guilty plea, Bankman-Fried and Ellison are guilty of US financial crimes and have additional financial liabilities from ongoing civil litigation. Yet Trabucco hasn’t pleaded guilty to anything.
Fast-forward to today and the four top FTX executives are criminally guilty and embroiled in additional civil lawsuits. Yet Trabucco hasn’t been criminally charged by US authorities.
Now, defrauded FTX customers have launched a manhunt for Trabucco.
It’s been an incredibly formative experience working with @AlamedaTrabucco. I’ve missed having him around in recent months, but I’m proud of all the other Alameda employees who have stepped up and more excited than ever about our future. I hope he has a great time on his boat! https://t.co/HqA2gz0FvL
— Caroline (@carolinecapital) August 24, 2022
Caroline Ellison’s letter of recommendation for Sam Trabucco.
From sinking ship to luxury yacht
Among Trabucco’s many alleged misdeeds, was his spending $2.5 million of FTX customer funds on a yacht. He brazenly named the vessel Soak My Deck.
A court filing detailed further lavish expenditures. On March 11, 2022, Alameda transferred $2,513,000 to the American Yacht Group for Trabucco’s boat. It also made at least $15.5 million in cash payments to Trabucco to fund his extravagant indulgences.
All told, Trabucco made at least $25 million personally from working at Alameda before resigning from the doomed FTX group of companies.
$2.5m of FTX customer deposits were used for Sam Trabucco’s Yacht pic.twitter.com/6gN4pvD3q8
— Sunil (FTX Creditor Champion) (@sunil_trades) September 1, 2023
Some posters to X (formerly Twitter) have guessed that Trabucco probably cut a deal with prosecutors to avoid facing criminal charges himself.
Sam Trabucco played it like a legend.
Made millions off of SBF and FTX’s corruption, left right before things hit the fan, was likely first to snitch and get immunity, is not being prosecuted, bought a boat literally called “Soak My Deck,” and according to Sam’s own words, is… pic.twitter.com/PkpljqwIix
— Autism Capital 🧩 (@AutismCapital) September 15, 2023
Sam Trabucco named his yacht Soak My Deck.
Many find it crazy that Tabucco hasn’t been personally named as a defendant in any public indictments against FTX or Alameda Research. Others speculate that there could be more going on behind the scenes than a simple deal with prosecutors.
I still can’t believe Sam Trabucco’s name didn’t appear in ANY of the SEC/CFTC/DOJ cases against FTX. Actually insane.
At this point he might as well come back as FTX 2.0 CEO.
— Tree (@Tree_of_Alpha) June 28, 2023
Read more: Scoop: Ex-Alameda exec Sam Trabucco bought millions in property pre-collapse
Legal document appearances as a witness and co-conspirator
Although he’s so far avoided being publicly named as a personal, criminal defendant, his name does appear in a few legal filings.
Indeed, Trabucco appears in litigation documents as an alleged co-conspirator in a $100 million bribery case involving Chinese officials.
According to @innercitypress Sam Trabucco, co-CEO of Alameda, was named in court today as a co-conspirator with SBF in a $100M bribe to China for FTX. Despite not needing approval from Bermuda to press charges v. Trabucco, the DOJ has not. The DOJ and SEC are covering up Chinese… https://t.co/DoZL0RXAkV
— Brian Costello (@bpcostello) October 12, 2023
Internet sleuths find Sam Trabucco in a Chinese bribery case.
In addition, other court documents note that Trabucco has previously refused to answer questions about Alameda Research’s dealings with Tether, including which banks it used to wire money for USDT purchases. For context, Alameda Research was once one of Tether’s biggest customers and liquidity providers. The FTX exchange even briefly had USDT as its preferred stablecoin.
“Alameda is not going to disclose the banks it is using,” Trabucco told CoinDesk after pretending not to understand a question regarding whether FTX/Alameda used banks based in the US for transactions involving Tether.
Gm.
Recycling one of the best interview bombs in history to emphasize the below. Thank you, Sam Trabucco (where are you?!?).
Alameda, at best, sent Tether a fraction of $39B USD to get $39B $USDT. https://t.co/Jaxw1iF5Xl pic.twitter.com/vwgSgSmVcy
— Tiger (@NotChaseColeman) October 13, 2023
Sam Trabucco speaks revealingly about Tether.
Sam Trabucco even fooled Katy Perry
Oddly, the multi-platinum singer Katy Perry had a close relationship with Trabucco. There are photographs of her affectionately hugging him. In February 2022, just nine months prior to its bankruptcy, Perry published a picture on Instagram, writing warmly, “I’m quitting music and becoming an intern for FTX.”
Naturally, Perry has certainly not been the only celebrity with an unfortunate attraction to crypto scams.
Trabucco thought it best to step off the titanic FTX — once valued over $32 billion — and try to quietly sail off into the sunset on a smaller yacht. However, even if he’s managed to escape criminal charges, his mid-2021 departure doesn’t mean that crypto researchers on X and elsewhere will give up the hunt. Where in the world is Sam Trabucco?
