According to a lawsuit filed against Sam Bankman-Fried, the disgraced founder of bankrupt crypto exchange FTX, the FTX Foundation, a nonprofit arm of FTX, had plans to purchase the small Pacific island nation of Nauru to build a bunker for an apocalyptic event. The lawsuit, filed in Delaware bankruptcy court, claims that Bankman-Fried’s brother Gabe, who wanted to use the FTX Foundation’s funds, believed that the island could serve as a safe haven for members of the “effective altruism” movement in the event of a catastrophic event. The complaint alleges that Gabe sent a memo describing the plan to an FTX Foundation officer. Nauru has a population of 12,780 as of July 1, 2022. The lawsuit also mentions other questionable actions by the FTX Foundation, including granting funds for a book on humans’ utility function and funding YouTube videos on “rationalist and [effective altruism] material.” In addition, it alleges that FTX co-founder Gary Wang and CEO of FTX’s sister company, Alameda Research, Caroline Ellison, misappropriated funds and awarded themselves large bonuses. Ellison reportedly used her bonus to fund an artificial intelligence company she owns. The filing is the latest in a series of legal issues faced by FTX since its collapse in February. Bankman-Fried, who faces multiple fraud charges, including bank fraud and wire fraud, is seeking to have 10 of the charges dismissed but faces trial on October 2 and could potentially face 155 years in jail if found guilty. Ellison, who struck a plea deal with the federal government, faced up to 110 years in prison but agreed to cooperate in the investigation.
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