FTX's Alameda Research co-CEO Sam Trabucco steps down, saying he has chosen “to prioritize other things”; co-CEO Caroline Ellison will run the trading affiliate
The collapse three months later recast it. Ellison told staff she, SBF, and two FTX executives knew FTX had lent customers' money to Alameda (her November 9 admission), and she was fired alongside Gary Wang and Nishad Singh within weeks. In hindsight, the August exit left one person running the affiliate at the center of the shortfall.
First-order effects
Caroline Ellison gains sole control of Alameda Research, concentrating decision-making over the trading affiliate in one executive reporting into Bankman-Fried's orbit.
Second-order effects
With Alameda's VC book moved to FTX Ventures and a single CEO at the trading desk, oversight of how FTX customer deposits flowed to Alameda narrowed to a smaller group — the same group later implicated when the lending was disclosed.
Third-order effects
Departure did not mean exit from liability: Trabucco ultimately handed over properties including his yacht to FTX creditors under a November 2024 settlement, signaling that executives who leave pre-collapse remain reachable by estate recovery processes.
The trend: The FTX fallout is extending accountability backward in time, pulling former executives who exited before the collapse into creditor recoveries and settlements.
It's with the same goal that I'm announcing today that I am stepping down as co-CEO of Alameda Research — @carolinecapital will continue on as Alameda's CEO. I will stay on as an advisor, but otherwise will not continue to have a strong day-to-day presence at the company.
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! ht…
This is what happens during the bear market people get so bored and do so much stuff that they love especially after Covid that they quit their jobs and join the great resignation https://twitter.com/...
@AlamedaTrabucco @carolinecapital This changes everything. Tabasco made his dynastic money and is out. Regulatory heat too high. Crypto Wild West is over and Sam as a wartime consigliere is no longer needed. The new founding titan has been given to Caroline. Sam and Caroline, the…
Alameda has been an active investor in crypto startups and an active dealmaker during the crypto winter after it provided a $485 million loan to distressed crypto lending platform Voyager Digital in June @hgmiller29 shares more on Trabucco's departure: https://www.bloomberg.com/.…
Co-CEO of Alameda, the FTX-affiliated crypto trading firm, is stepping down. He said he hasn't been active as much there lately and that he bought a boat. https://twitter.com/...
Is the boat called “Much Wow” and being sold at auction because the original owners went bankrupt and couldn't make the final payment? https://twitter.com/...
Over the past few months, I have significantly reduced my role at Alameda. This happened gradually, and has most recently involved a lot of time not really working at all — and certainly not acting as the company's CEO.