Gabriel Bankman-Fried, sibling of former FTX CEO Sam Bankman-Fried, had devised a controversial survival plan for a potential global catastrophe, utilizing funds from the now-defunct cryptocurrency exchange.
According to a recent filing with the United States Bankruptcy Court for the District of Delaware, Gabriel’s scheme involved purchasing the island nation of Nauru, located in the Pacific, using funds that were allegedly misappropriated through the FTX Foundation.
Court documents revealed that the Foundation had engaged in various projects, which seemed to serve little purpose beyond enhancing the public image of the defendants.
These projects included a $300,000 book grant focused on “humans’ utility function” and a $400,000 grant to a YouTuber.
Gabriel’s ambitious plan to prepare for a potential apocalypse involved transforming Nauru into a refuge. He intended to build a bunker to safeguard “effective altruists,” anticipating a catastrophic event in which a substantial portion of the global population might perish.
The plan also involved establishing a lab dedicated to human genetic enhancement, further raising eyebrows about the venture’s intentions.
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Prior to FTX’s demise in November 2022, Gabriel had been instrumental in founding “Guarding Against Pandemics,” a non-profit organization that aimed to be proactive in preparing for future pandemics, like the COVID-19 outbreak.
However, amid the cryptocurrency exchange’s bankruptcy, Gabriel reportedly stepped down from his role as executive director of the organization.
Meanwhile, Sam Bankman-Fried, the former CEO of FTX, was facing serious legal challenges.
His first criminal trial in the United States, scheduled for October 2, was set to address charges related to fraud, specifically concerning the commingling of funds between FTX and Alameda Research, another company associated with him.
It remained uncertain whether Gabriel would testify against his brother in the trial, but creditors in the FTX bankruptcy case considered the possibility of subpoenaing him to shed light on any financial benefits he might have received from the exchange.
In conclusion, Gabriel Bankman-Fried’s ambitious and ethically questionable plan to utilize Nauru as a survival haven in the face of a global catastrophe has brought significant scrutiny and legal consequences to the Bankman-Fried brothers and their involvement with FTX and the FTX Foundation.
The case continues to unfold, with the upcoming trial of Sam Bankman-Fried set to shed more light on the allegations surrounding the now-defunct cryptocurrency exchange.
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