This co-CEO was a risk-loving and poker-playing gambler

The co-CEO engaged poker and blackjack master plan in crypto trading.
According to him, “Bigger is Bigger.

As reported by Bloomberg, the craving for risk at the now-bankrupt FTX crypto exchange may find some of its roots to the card-playing skills reserved by the ex-co-CEO of its nearly connected trading company Alameda Research.

Going further through the report, tweets and public comments by Sam Trabucco shows the ex-Alameda official engaged poker and blackjack master plan in crypto trading. As of now, Trabucco is not accused of any crime. He resigned from the company in August, placing Caroline Ellison in the position of Alameda’s CEO.

Trabucco often disclosed the amount he gave and what he learned from his time in the crypto market. He posted on Twitter on January 12, 2021, in which he described how betting plans were executed for Alameda’s trades. He stated, “Bigger is Bigger.” he further noted that “acquiring it in good is a poker term that means the idea that when your odds are best… you want to bet more.”

In that same way, Trabucco’s post says he may or may not have been prohibited from three casinos for counting cards at blackjack tables.

As per the report, Trabucco, in Jan 2021, said Alameda selected dangerous bets in the company’s business. He said when exchange OKX halted withdrawals, Alameda strongly started purchasing out places of people who wished to minimize their exposure to the exchange.

We are big buyers: Trabucco.

“Not only we are not sellers, we are big buyers, although it is quite dangerous, but in reality, we can have the risk, and this thing is great as per the knowledge we have, it was vital, and it is something we have always targeting to do,” as per his post on Twitter.

FTX, once estimated at $32 billion, started to burst this month after a media report about Alameda’s balance sheet displayed the company depended mostly on holdings of FTX’s native token, FTT. A resulting liquidity crisis at FTX pushed Sam Bankman-Fried’s company into a Chapter 11 bankruptcy case.

Now, the current CEO of FTX is John Ray III, who led Enron through its $63 billion bankruptcy case that was initiated in 2001.

FTX may have over a million creditors, and Ray banged its functions in FTX’s bankruptcy case. FTX and Alameda don’t have enough in-house accounting teams, making it tough to revive dependable financial statements, he stated.

Andrew is a blockchain developer who developed his interest in cryptocurrencies while his post-graduation. He is a keen observer of details and shares his passion for writing along with being a developer. His backend knowledge about blockchain helps him give a unique perspective to his writing