Bunker FTX
In a bizarre twist of events, a recent lawsuit filed in Delaware bankruptcy court has exposed a shocking plot involving Gabe Bankman-Fried, the younger brother of Sam Bankman-Fried, the prominent figure behind the now-collapsed crypto exchange FTX. According to attorneys from Sullivan & Cromwell, Gabe Bankman-Fried, who served as a top lobbyist for the ill-fated exchange, allegedly considered purchasing the entire island nation of Nauru in the Pacific. The audacious plan was to create a fortified apocalypse bunker state, where a genetically enhanced human species would be sheltered in the event of global catastrophe. The revelation has left the financial world stunned and raises questions about the lengths to which some tech billionaires are willing to go in their doomsday preparations.
The concept of bunker life and a fascination with acquiring large estates in the Pacific, including owning entire islands, has become something of a fixation among certain tech billionaires who identify as doomsday preppers. Gabe Bankman-Fried’s involvement in FTX’s affairs was closely linked to his brother’s philosophy of “effective altruism,” which advocates maximising income to give away money for the betterment of humankind.
Nauru, a remote island nation with a population of approximately 12,000, situated over 2,100 miles away from Brisbane, Australia, was apparently identified by the Bankman-Fried team as an ideal location for their emergency base. This plan would involve a select group of “effective altruists” (EAs) who would be safeguarded in the face of catastrophic events. The revelations about FTX’s plans come at a time when the broader crypto market is already facing challenges following the exchange’s collapse. With billions of dollars at stake, the recovery process could be arduous and prolonged. Investors and the industry as a whole may grapple with uncertainties as regulators and authorities investigate the alleged fraudulent activities surrounding FTX. Market sentiment may be adversely affected, and it could take considerable time for confidence to return. What do you think about the Bunker? And are you at all surprised?
Want to learn how to invest? Download the Invstr app, where you can play Fantasy Finance and manage a virtual investment portfolio or open a brokerage account and invest for real. Take our interactive investing course on Invstr Academy and become a better investor today!
I am not a financial advisor and my comments should never be taken as financial advice. Investments come with risk, so always do your research and analysis beforehand.
