FTX members allegedly planned to buy a small island nation in the event of a disaster, according to a July 20 filing in the company’s bankruptcy case.
The text of the case shows that an unnamed FTX officer communicated with Gabriel Bankman-Fried – the brother of former FTX CEO Sam Bankman-Fried – about the possibility of buying an 8.1 square mile micro-state called Nauru and building a bunker there.
Specifically, a memo between two individuals describes the construction of a “bunker/shelter” in the event of an event that kills 50% to 99.99% of the human population. The Bunker was intended to ensure the survival of most effective altruists – a social movement with which Sam and Gabriel Bankman-Fried and others were involved.
According to the quoted memo, Nauru will also be used to build a laboratory and create “sensitive arrangement” for human genetic enhancement. The memorandum stated that there are “other things that are useful to do with a sovereign country as well.”
FTX wants former members to return funds
The above plans are mentioned in a wider action through which FTX, now under new management, aims to recover funds from the company’s former members.
FTX’s charitable arm, the FTX Foundation, would have been responsible for the Nauru plan, and as such, executives held it up as evidence of the Foundation’s lack of legitimacy.
Otherwise, the current leadership described the FTX Foundation’s plans as “often misguided and sometimes dystopian” and drew attention to its other expenses.
The FTX Foundation notably paid $300,000 for a book on the human services function, a term used to describe how AI systems can match human values. He paid a $400,000 grant to a YouTube channel that posted videos on topics including “abductor” aliens — that is, alien civilizations theoretically active enough to be detected.
The document otherwise details other previously reported controversial expenses, including payments for luxury apartments and political and charitable donations. He also mentions self-awarded bonuses from Alameda Research CEO Caroline Ellison, who is currently set to be a star witness in the pending criminal trial of Sam Bankman-Fried.
FTX’s new leadership claims past members had “virtually unlimited power” to transfer fiat and crypto and said members put their own interests above those of the company. The executives are now seeking the return of the funds, either directly or as damages.
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