Sam Bankman-Fried’s younger brother tried to buy the Pacific Island of Nauru in the event of an APOCALYPSE where he wanted to construct a bunker and develop a lab for ‘human genetic enhancement’

The younger brother of disgraced crypto king Sam Bankman-Fried once toyed with the idea of ​​buying an island in the Pacific Ocean in the event of a global apocalypse.

Gabe Bankman-Fried, a top lobbyist for FTX, tried to buy the island of Nauru so he could build a bunker and develop a laboratory for “human genetic enhancement.”

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

Gabe’s plan was to ‘buy the sovereign nation of Nauru to build a ‘bunker/shelter’ that would be used for ‘an event where 50%-99.99% of the people die (to) ensure that the most EAs (effective altruists) survive.’

There are currently 13,000 people living on Nauru.

There are currently 13,000 people living on Nauru

The post-apocalyptic island would allow survivors to “develop sensible regulations around human genetic enhancement and build a laboratory there,” adding that there are “probably other things that would be useful to do with a sovereign country.”

FTX collapsed in November 2022, leaving one million customers out of pocket as much as $9 billion. The failure came amid a run on the bank allegedly caused by a rival crypto trading firm led 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 $40 million penthouse in the Bahamas.

FTX’s rapid demise occurred over a ten-day period in November 2022.

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

Investors were shocked – 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 the collapse of FTX – cited the “revelations” about Alameda and FTX’s finances.

That caused a run on the bank from FTX’s own customers, who were desperate to withdraw their investments. Despite Bankman-Fried’s insistence that FTX is fine, customers tried to withdraw $6 billion in just 72 hours, but the company was unable to cash out.

Bankman-Fried resigned on November 11 and FTX filed for bankruptcy, setting off a months-long process to recover customers’ money.

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

Before his bail was revoked, Bankman-Fried was allowed to live with his parents in their Palo Alto, California, home, with strict rules limiting his access to electronic devices.

The trial against Bankman-Fried starts this week

Bankman-Fried was sentenced to prison after Judge Lewis A. Kaplan said there was probable cause to believe he tried to tamper with potential witnesses, including Ellison, in the case.

Prosecutors from the Southern District of New York are expected to file a case against Bankman-Fried alleging that he stole billions of dollars in FTX customer deposits and used the money to fund his hedge fund, purchase real estate and millions of dollars in cash to earn. 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 failed cryptocurrency brokerage FTX, began Tuesday with jury selection.

Bankman-Fried is expected to face his former lieutenants at the FTX for the first time since the collapse of the FTX. Several of them have agreed to plead guilty to lesser crimes in exchange for testifying against him. This also applies to 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 publicly contributed to Democrats. It is not known whether Salame will testify against Bankman-Fried.