Wait, Sam Trabucco isn't dead?
The jackpot lottery winner of the FTX saga has decided to stop laying low a year and half after the untimely collapse and ultimate bottom of the 2022 bear market. For those who are unaware, Sam Trabucco was the FTX executive who left just months before the entire scam imploded, making off with millions upon million of dollars worth of loot on his way out, presumably at the expense of FTX customers. The debtors have been looking for this guy for a long time and intend to sue if legally possible (which it may or may not be).
In the 90 days prior to FTX implosion he spent over $50M on:
- A boat
- Real estate
- A marina slip
Soak my Deck? Really?
Yeah he named his yacht Soak My Deck.
What an asshole, lol.
So why is this all so contentious?
Well it's very obvious that Tabasco knew that FTX was a ticking time bomb and decided to get out when the getting was good. Documents have surfaced that show he knew about the dependence of FTT as far back as 2019. When asked about this he acts like he had no idea and that he was just "burnt out". He makes no admission of any wrongdoing. He doesn't acknowledge the fact that being coincidentally burnt out right before the collapse is suspicious to the point of unbelievable (a complete and deliberate lack of self-awareness). On paper he got what was owed to him and feels as though none of his money should be paid back to the users that were stolen from.
Of course the problem with all this is that FTX's books were so cooked that all the money hemorrhaging from the platform was just straight up stolen money. FTX had ZERO Bitcoin within their vault even though they owned their customers mountains of Bitcoin. FTX just sold it all and used their FTT shitcoin to leverage debt. These debts looked fine on the surface but were not backed by any actual liquidity. This is the problem with assuming a market cap has actual money behind it to back up the number.
Is Trabucco a snitch?
The situation is also highly suspicious because it's extremely unclear how willing he was to work with law enforcement on this case. He was never named in any of the depositions, which in itself was very strange. To be fair his testimony would have been highly redundant and his official stance is that he knew nothing so maybe he really did just exit at the perfect time unlike everyone else that went down with the ship. Not to worry: the Soak My Deck lives on.
So where is he?
We actually still don't know. That yacht may have been a pretty wise investment as it seems he can just travel around where ever he wants unabated. The debtors want to sue him but he's been accused of no wrongdoing by actual law enforcement. At worst he'd have to pay some kind of fine even given a loss in civil court, so we'll see how that goes.
Conclusion
I really thought this kid had died in some terrible boating accident considering the circumstances. How was he able to walk away from an explosion that big without incurring any type of collateral damage whatsoever. He very much committed the exact same crimes as everyone else in the company and anyone can see that this is the case. Did he make some kind of backdoor deal? We'll probably never know.
Some enterprising young person should write a program that tracks his boat the same way they tracked Musks plane. That could be interesting to see where he goes. I never got into FTX. It was just never on my radar because I didn't really have money to invest at the time. My brother in law got burnt a bit on it. He doesn't talk about it too much even today.
I remember when FTX was the talk of the town and I was like lol I'm not going to touch that with a ten foot pole because obviously. Why would I do that when I can just stake my crypto on-chain myself with my own keys? That was the only thing they offered before everyone else: staking for yield.
In retrospect I wish I had paid more attention because it would have been stupidly easy to short FTT and even LUNA/UST into the dirt right before they collapsed.
I just remember the superbowl commercials since it was some of the first crypto ones we had ever seen. As much as I hated Coinbase at the time, I was more than happy to just stick with them for my ins and (rare) outs.
If ur in USA , ever try Gemini?
I don't believe so.
Probably should
This chick hooked up with Sam from FTX. Tiffany I mean. Ask her about the time she spent at his apartment.
The only reason Sam isn't dead, is because he has shared his wealth with all the "right" people.
Which makes me believe that Fried was just a poster child of someone with much more understanding of how to handle a scam.
Soak My Deck indeed.
You just gotta admire the Hutzpah.
I think your right about the backdoor deal part.
He probably turned states evidence to cook the others and then they let him fade into the background like a Chestire Cat
I really thought this kid had died in some terrible boating accident 😂😂. A smart walkaway I must say at the expenses of investors loss. Sometimes we wish we could just forget this FTX saga that broke the hearts of loyal investors.
Looks like he lost a little weight, too.
Thanks!
Damn, this story is wild😳😳 It's crazy how some people can walk away from such a mess unscathed. Makes you wonder what really went down behind the scenes.
It's shocking how FTX's books were cooked, leaving customers high and dry. It's hard to believe Trabucco didn't see it coming, especially with his lavish spending... This is some serious story @edicted
All customers getting 100% plus back now. Some of there investments paid off big into AI companies. In Fiat terms everybody gets 100% back. In glad there not left with nothing.
Wow 💯
Really?
I’m wondering why he isn’t in jail right now
That’s crazy!
Wow..... @edicted you are such an intriguing writer.
Thank you so much for giving us an update on the said missing/dead Sam Trabucco. We now have come to a more reasonable understanding of the situation and also about his yatch. Thank you so much for this wonderful write-up.
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He might also the owner off those 2 Billion of Mt. Gox $BTC
It is surprising that Tabasco was not involved in any way. However, all the problems remain from his period. Tabasco knew he would be arrested if FTX went bankrupt, so he somehow escaped.
he's kinda looking different lately 😕, and he reduced in weight too 🤔