The trial of Sam Bankman-Fried, the disgraced former CEO of the since-collapsed cryptocurrency buying and selling platform FTX, started Oct. 3 with the collection of a Manhatten jury. Bankman-Fried, 31, is going through seven counts of fraud, which, in complete, may carry a jail sentence of greater than a century.
Bankman-Fried, who was arrested within the Bahamas in December of final yr, has pleaded not responsible to the fees. FTX filed for Chapter 11 chapter in November of final yr.
Several FTX executives, together with two co-founders Nishad Singh and Gary Wang, have pleaded responsible to fraud fees and agreed to cooperate in opposition to Bankman-Fried.
Related: Sam Bankman-Fried, going through 100-year jail time period, begins trial in Manhattan
Several months earlier, a lawsuit filed in July in opposition to the FTX founder and three different former firm executives revealed that Gabe Bankman-Fried, a prime lobbyist for FTX and Sam’s youthful brother, tried to buy the Pacific island of Nauru within the occasion of an apocalypse.
According to a memo between Gabe Bankman-Fried and an unnamed firm government referenced within the lawsuit, which is looking for billions in damages, the brothers’ plan was to “purchase the sovereign nation of Nauru in order to construct a ‘bunker/shelter’ that would be used for ‘some event where 50%-99.99% of people die [to] ensure that most EAs [effective altruists] survive.'”
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This post-apocalyptic island sanctuary, the memo continues, would moreover permit the surviving brothers to develop “sensible regulation around human genetic enhancement, and build a lab there,” including that there are “probably other things it’s useful to do with a sovereign country, too.”
A consultant for Nauru advised CNBC on the time that the island was by no means on the market.
Sam Bankman-Fried, who briefly loved a web price of $26 billion, has been detained since Aug. 11 after the choose discovered him to have engaged in tried witness tampering.
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Source: www.thestreet.com
