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Disgraced crypto king Sam Bankman-Fried‘s younger brother once toyed with the idea of buying a Pacific Island in the event of a global apocalypse.  

Gabe Bankman-Fried, a top lobbyist for FTX, attempted to purchase the island of Nauru so that he could construct a bunker and develop a lab for ‘human genetic enhancement.’

He wanted to purchase the island with funds from FTX, a memo made public in July claimed.    

Gabe plan was to ‘purchase the sovereign nation of Nauru in order to construct a ‘bunker/shelter’ that would be used for ‘some event where 50%-99.99% of people die [to] ensure that most EAs [effective altruists] survive.’

There is currently a population of 13,000 on Nauru.  

Gabe Bankman-Fried, a top lobbyist for FTX, attempted to purchase the island of Nauru so that he could construct a bunker and develop a lab for ‘human genetic enhancement’

There is currently a population of 13,000 on Nauru

The post-apocalyptic island would allow survivors to develop ‘sensible regulation around human genetic enhancement, and build a lab there,’ adding that there are ‘probably other things it’s useful to do with a sovereign country, too.’ 

FTX collapsed in November 2022, leaving one million customers out of pocket by up to $9 billion. The failure came amid a run on the bank that was said to be triggered by a rival crypto trading firm headed by another enigmatic billionaire.

Investigators discovered that Bankman-Fried had overseen a corporate failure of unprecedented proportions while living a life of luxury in a Bahamas penthouse worth $40 million.

The rapid demise of FTX unfolded across a ten-day period in November 2022.

The catalyst was a report on the cryptocurrency news website Coindesk, which called into question the financial stability of both FTX and its sister trading firm, Alameda, which was run by Ellison.

Investors were spooked – but the real earthquake came four days later when the CEO of a rival crypto firm said his company would liquidate its holdings of FTT, a cryptocurrency created by FTX.

Changpeng Zhao, the head of Binance – which became the world’s largest crypto exchange after FTX’s collapse – cited the ‘revelations’ about Alameda and FTX’s finances.

That triggered a run on the bank from FTX’s own customers, who were desperate to withdraw their investments. Despite Bankman-Fried insisting ‘FTX is fine’, customers tried to withdraw $6 billion in just 72 hours – but the company couldn’t pay out.

Bankman-Fried resigned on November 11 and FTX filed for Chapter 11 bankruptcy, triggering a months-long process to try and claw back customers’ money.

He was extradited from The Bahamas to New York in December.

Before his bail was revoked, Bankman-Fried had been permitted to live with his parents in their Palo Alto, California, home with strict rules limiting his access to electronic devices.

Bankman-Fried’s trial is set to begin this week

Bankman-Fried was ordered to be jailed after Judge Lewis A. Kaplan said there was probable cause to believe he was trying to tamper with potential witnesses, including Ellison, in the case.

Prosecutors from the Southern District of New York are expected to lay out a case against Bankman-Fried that shows he stole billions of dollars in FTX customer deposits and used the money to fund his hedge fund, buy real estate, and make millions of dollars of illegal campaign donations to Democrats and Republicans in an attempt to buy influence over cryptocurrency regulation in Washington.

The trial of Bankman-Fried, the founder of the failed cryptocurrency brokerage FTX, began Tuesday with jury selection.

Bankman-Fried is expected to come face-to-face with his former lieutenants at FTX for the first time since its collapse. Several of them have agreed to plead guilty to lesser crimes in exchange for testifying against him. This includes Ellison and Wang.

Ryan Salame, another top executive at FTX, pleaded guilty on September 7 to making illegal campaign contributions to Republicans on behalf of Bankman-Fried, who was publicly making contributions to Democrats. It is not known whether Salame will testify against Bankman-Fried.

Source: | This article originally belongs to Dailymail.co.uk

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