Sam Bankman-Fried’s family under scrutiny: Court documents reveal alarming behavior -TGN

Recent court revelations all around Sam Bankman Fried‘s family has exposed a web of deceit.

Such a disclosure concerns Samuel BankmanBankman-Fried’s father, who used the $10 million gifted to him by his son, which was reportedly looted from FTX clients, to pay for his legal defense.

Moreover, it was revealed that he wasted at least a million of the money on ill-advised cryptocurrency transactions.

Another not-so-pleasant revelation involved Gabe Bankman FriedSam’s brother, who was heavily involved in FTX’s operations.

Gabe, a former Democratic politician, ran a non-profit organization primarily funded by FTX.

He also promoted the concept of effective altruism, a philosophy seemingly aimed at helping humanity through monetary contributions.

However, it was revealed that he had written a memo explaining the purchase of Naurua small island nation, to create a bunker for survival in the event of a global catastrophe.

“The goal, according to the memo, would be to build a bunker that could be used in the event that ‘50%-99.99% of people die’, with the aim of ensuring that most EAs, or effective altruists, can survive, as well as to ‘develop sensible regulations around human genetic enhancement, and build a laboratory there… There are probably other things that would be useful to do with a sovereign country as well,'” the memo said. a Forbes report.

As regards Barbara Friedthe mother of Sam Bankman-Fried and a law professor Stanfordthere is no direct evidence of her involvement with FTX.

“All that can be said for now is that she hasn’t done a great job of using her academic research on business ethics as a guide for her sons,” wrote Forbes’ Jeff John Roberts.

While only Sam Bankman-Fried has been charged so far, the recent indictment sheds light on the wider moral decay within his family.

FTX is suing former executives to recover $1 billion

Last week, FTX filed a complaint against Sam Bankman-Fried and other key executives to recover more than $1 billion in allegedly embezzled funds.

The lawsuit, brought by FTX led by an executive team led by restructuring expert John Ray, former CEO of Alameda Research Caroline EllisonCo-founder of FTX Garry Wangformer technical director of FTX Nishad Singhand Bankman-Fried as defendants.

The complaint alleged that FTX executives breached their fiduciary duties by embezzling client funds on an “ongoing basis” to fund luxury condominiums, political and “charitable” contributions, speculative investments and other pet projects.

The lawsuit also alleged that Ellison paid himself $28.8 million in bonuses and used $10 million of the money to buy a stake in an artificial intelligence company.

The filing said many of the alleged fraudulent transfers occurred while the exchange was insolvent.

It’s worth noting that FTX Debtors revealed last month that the exchange has made “substantial progress” in securing assets, recovering a whopping $7 billion in liquid assets to date.

The exchange owed customers about $8.7 billion when it went bankrupt last year.