Sam Trabucco breaks the silence four years after the FTX debacle

After maintaining a low profile for years, Sam Trabucco has reappeared in court records providing written testimony in support of Ryan Salame, his colleague from the defunct cryptocurrency platform. This move marks a significant moment in the ongoing legal web surrounding the collapse of FTX in 2022.

A testimony that breaks four years of silence

Trabucco’s involvement in the legal process materialized through a letter describing Salame in warm terms: “the funniest, most passionate, and most understanding friend I have ever known.” This document, made public as part of the Wednesday evidence submission, represents Trabucco’s first public statement since the moments prior to the late 2022 financial collapse.

Trabucco’s silent trajectory

Trabucco’s initial disappearance was as abrupt as it was mysterious. In August 2022, three months before the platform’s downfall, he suddenly stepped down as co-CEO of Alameda Research, the crypto investment firm operating under the leadership of Sam Bankman-Fried. His departure contrasts notably with the fate of other close associates of Bankman-Fried, such as Caroline Ellison and FTX executives Gary Wang and Nishad Singh, who were called to testify during their superior’s trial.

Unlike these colleagues, Trabucco has not faced public charges for irregularities. However, earlier documents revealed he received approximately $25 million in transfers from Alameda before its fall. The company also allocated $2.5 million to purchase a 52-foot yacht, which was informally referred to as “Soak My Deck.”

Connection from MIT and business decisions

The relationship between Trabucco and Bankman-Fried dates back to their days at the Massachusetts Institute of Technology math camp. During his operational time, Trabucco often explained how his experience and strategy in gambling influenced Alameda Research’s investment and operational decisions.

Coordinated support around Ryan Salame

Salame, who previously led FTX’s digital assets division in the Bahamas, pleaded guilty to charges related to operating an unlicensed money transfer business and electoral financial fraud. Support for his cause has been consolidated through multiple written testimonies from various figures, including a finance professor from a major university, martial arts champions, family members, neighbors, former platform employees, and Bahamas residents.

Expanding legal consequences

Bankman-Fried was sentenced to 25 years in prison in March, setting a precedent in the case. His former collaborators now await their own sentences in the coming months, while the cryptocurrency ecosystem continues to process the ramifications of these events.

The FTT token, once representative of the FTX empire, is currently trading at $0.51, reflecting a 2.08% gain in the last 24 hours, demonstrating the ongoing volatility of the asset in the market.