Bankman-Fried using company funds for criminal defense, FTX says

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The complaint, which wants to clawback or avoid payment of hundreds of millions of dollars worth of cash and assets to the failed crypto empire's owner and other FTX executives, also highlights a memo in which Bankman-Fried's younger brother proposed buying a small country to develop a safe haven for effective altruists and conduct genetic experiments on humans.

The major clawback attempt, which targets over a billion dollars worth of cash and other assets lawyers claim Sam Bankman-Fried and other executives illegally took or reinvested, says that Bankman-Fried is using part of a $10 million transfer to his law professor father to finance his criminal defense.

, aiming to take back funds they say were unlawfully invested or given to companies or individuals by Bankman-Fried and FTX executives. Lawyers for the company claim that Bankman-Fried is now using the remaining funds he gave his father to fund his own criminal defense.In another instance detailed in the lawsuit, Sam Bankman-Fried’s younger brother, Gabriel, at one point outlined a plan to purchase Nauru, a sovereign island microstate within Micronesia, in order to create a post-apocalyptic haven for believers in effective altruism.

Adds the bankruptcy complaint: “The memo further noted that ‘probably there are other things it’s useful to do with a sovereign country, too.’”

 

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