24 July 2023 , 10:46
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A crypto whizzkid and brother of the disgraced founder of cryptocurrency exchange FTX planned to buy a private island and use it to make genetically enhanced humans, a bankruptcy lawsuit has claimed.
Lobbyist for now-defunct multi-billionaire dollar cryptocurrency exchange FTX, Gabe Bankman-Fried, the brother of disgraced founder Sam Bankman-Fried (SBF), made plans to purchase the Pacific island of Nauru to create an apocalypse bunker state, documents filed in Delaware bankruptcy court claim.
The suit filed by attorneys from Sullivan & Cromwell is seeking to recover billions of dollars following the spectacular collapse of FTX.
It claims Gabe was going to buy the island in the event of the apocalypse "where 50%-99.99% of people die,” so him and his rich friends could live.
During the short few years running FTX, SBF was a figurehead in the 'effective altruism' movement which encouraged rich people to give away their money for the benefit of mankind.
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The Pacific island of Nauru (Getty Images/Design Pics RF)Younger brother Gabe was one of the most visible lobbyists in Washington during this era and was connected to charitable donations running into the hundreds of millions.
Along with another FTX employee, he considered buying Nauru, in part to foster “sensible regulation around human genetic enhancement, and build a lab there.”
A representative for the island nation Nauru confirmed it was not and has never been for sale.
The lawsuit noted a memo between Gabe and the other philanthropic advisor, which stated that “probably there are other things it’s useful to do with a sovereign country, too", along with serving as a haven in case of apocalypse.
FTX was valued in the billions of dollars before its spectacular crash (Marta Lavandier/AP/REX/Shutterstock)The island has a population of around 12,000 and is around 2,100 miles away from Brisbane, Australia.
For years SBF modelled himself as the friendly face of the blockchain, lobbying for greater regulation and guiding lawmakers through this new world of crypto-finance.
His exchange FTX, at one stage the second largest company of its type in the world, filed for bankruptcy in November 2022 with millions of people losing their savings along with it.
Multiple celebrities including Shaquille O'Neal, Steph Curry, David Ortiz, Shohei Ohtani, Naomi Osaka and Larry David were connected to the company with some now even involved in related lawsuits.
Gabe's older brother Sam Bankman-Fried leaves Manhattan federal court in New York in February of this year (AP)The company's collapse started when questions were asked about the close ties between FTX and another one of SBF's companies - trading firm Alameda Research - causing the crypto equivalent of a bank run.
The US Securities and Exchange Commission allege he orchestrated a years-long fraud by diverting investors’ funds to Alameda and using them to make venture investments, lavish real estate purchases and large political donations.
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SBF was arrested in the Bahamas and extradited to the US, where he remains under house arrest.