Sam Bankman-Fried deliberate to construct apocalypse bunker on Nauru – lawsuit | Sam Bankman-Fried



The disgraced cryptocurrency mogul Sam Bankman-Fried, who based the FTX trade, had deliberate to buy the small Pacific island nation of Nauru in case the world got here to an finish, in accordance with a brand new lawsuit.

The lawsuit, filed on Thursday by FTX towards its 31-year-old founder and three different former executives, and in search of $1bn, included a memo created by Bankman-Fried’s youthful brother Gabriel and an FTX Basis government. The memo detailed plans to purchase Nauru.

The plan was to “buy the sovereign nation of Nauru in an effort to assemble a ‘bunker/shelter’ that will be used for ‘some occasion the place 50-99.99% of individuals die [to] be sure that most EAs survive’” the memo stated, referring to “efficient altruism”, a philosophical and social motion championed by Bankman-Fried that tries to maximise the impression of charitable giving.

The memo additionally famous plans to develop “wise regulation round human genetic enhancement, and construct a lab there”. It additionally stated “in all probability there are different issues it’s helpful to do with a sovereign nation, too”.

Nauru is in Micronesia, and has an space of 21 sq km and a inhabitants of roughly 12,500 individuals, making it the third-smallest nation on the planet. Within the Nineteen Nineties, Nauru turned a money-laundering haven to the likes of the Russian mafia and al-Qaida by promoting varied banking licenses and diplomatic passports.

In 1998, an estimated $70bn in Russian mafia cash was wired by way of Nauru’s banks. 4 years later, the US treasury designated the nation as a money-laundering state.

Thursday’s lawsuit comes as Bankman-Fried’s successor John Ray seeks to recoup damages attributable to alleged breaches by Bankman-Fried and different former executives.

“This motion seeks to recuperate damages attributable to defendants’ breaches of their fiduciary duties and to keep away from and recuperate illegal transfers of a whole bunch of hundreds of thousands of {dollars} that defendants misappropriated from the estates of … debtors and debtors-in-possession,” the lawsuit stated.

In December, Bankman-Fried was arrested within the Bahamas over allegations he had stolen buyer funds. He was later extradited to the US and pleaded not responsible to prices that he cheated buyers and stole billions of {dollars}.

Thursday’s lawsuit known as the entire ordeal “one of many largest monetary frauds in historical past”, including that the alleged misconduct of Bankman-Fried and different executives “precipitated the FTX Group to break down, to the good detriment of consumers, collectors and shareholders”.

On Thursday, prosecutors additionally requested US district decide Lewis Kaplan to restrict Bankman-Fried’s capability to debate case particulars exterior the court docket, alleging that Bankman-Fried tried to publicly discredit 28-year-old Caroline Ellison, a authorities witness who was as soon as his girlfriend and former government of Alameda Analysis, his crypto-investment firm.

In accordance with a court docket submitting, Bankman-Fried tried to sway the jury by sharing Ellison’s personal writings with a New York Instances reporter. On Thursday, the New York Instances printed an article that featured ideas Ellison wrote on personal Google paperwork, together with her doubts about her capability to run Alameda Analysis and her tumultuous relationship with Bankman-Fried.

Prosesutors wrote: “The defendant’s function in sharing these supplies is apparent. Ellison has pleaded responsible to a cooperation settlement and is anticipated to testify at trial that she agreed with the defendant to defraud FTX’s clients and buyers, and Alameda’s lenders.

“By selectively sharing sure personal paperwork with the New York Instances, the defendant is trying to discredit a witness, solid Ellison in a poor mild, and advance his protection by way of the press and outdoors the constraints of the courtroom and guidelines of proof: that Ellison was a jilted lover who perpetrated these crimes alone.”

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