Gabriel Bankman-Fried, the brother of former FTX CEO Sam Bankman-Fried, had a plan to survive a global catastrophe using funds from the now-defunct cryptocurrency exchange.
According to a July 20 filing with the United States Bankruptcy Court for the District of Delaware, Gabriel planned to purchase the island nation of Nauru in the Pacific using allegedly misappropriated funds through the FTX Foundation. Projects with the charity “that served little purpose other than to enhance the public stature of Defendants,” according to court documents, included a $300,000 book grant on “humans’ utility function” as well as a $400,000 grant to a YouTuber.
However, one of Gabriel’s plans included preparing for a potential apocalypse by purchasing Nauru, an island northeast of Australia with a population of roughly 12,000 as of 2023. According to a memo between Gabriel and an unnamed officer of the FTX Foundation, he planned to establish a bunker to get through “some event where 50%-99.99% of people die [to] ensure that most EAs [effective altruists] survive” and build a lab focused on “human genetic enhancement.”
“Probably there are other things it’s useful to do with a sovereign country, too,” said the memo, referring to the planned acquisition.
Prior to FTX’s downfall in November 2022, Gabriel had founded Guarding Against Pandemics, a nonprofit organization aimed at preparing for the next COVID-19. He reportedly stepped down from his position as executive director of the organization amid the crypto exchange’s bankruptcy.
Sam Bankman-Fried’s first criminal trial in the U.S. has been scheduled for Oct. 2, where he faces charges including fraud related to the commingling of funds between FTX and Alameda Research. It’s unclear whether Gabriel will offer testimony against his brother, but debtors in the FTX bankruptcy case have considered subpoenaing him to provide information on any financial benefits he may have received from the exchange.
Embedding human rights into crypto systems is a necessity. Self-custody, privacy-by-default, and censorship-resistant personhood must be core design principles for any technology. The future of digital freedom depends on it.
Labour will eliminate unauthorised sewage spillages in 10 years, the environment secretary has told Sky News.
Steve Reed also pledged to halve sewage pollution from water companies by 2030 as he announced £104 billion of private investment to help the government do that.
“Over a decade of national renewal, we’ll be able to eliminate unauthorised sewage spillages,” he said.
“But you have to have staging posts along the way, cutting it in half in five years is a dramatic improvement to the problem getting worse and worse and worse every single year.”
He said the water sector is “absolutely broken” and promised to rebuild it and reform it from “top to bottom”.
His earlier pledge to halve sewage pollution from water companies by 2030 is linked to 2024 levels.
The government said it is the first time ministers have set a clear target to reduce sewage pollution and is part of its efforts to respond to record sewage spills and rising water bills.
Ministers are also aiming to cut phosphorus – which causes harmful algae blooms – in half by 2028.
Image: Environment Secretary Steve Reed. File pic: PA
Mr Reed said families had watched rivers, coastlines and lakes “suffer from record levels of pollution”.
“My pledge to you: the government will halve sewage pollution from water companies by the end of the decade,” he added.
Addressing suggestions wealthier families would be charged more for their water, Mr Reed said there are already “social tariffs” and he does not think more needs to be done, as he pointed out there is help for those struggling to pay water bills.
The announcement comes ahead of the publication of the Independent Water Commission’s landmark review into the sector on Monday morning.
The commission was established by the UK and Welsh governments as part of their joint response to failures in the industry, but ministers have already said they’ll stop short of nationalising water companies.
Mr Reed said he is eagerly awaiting the report’s publication and said he would wait to see what author Sir John Cunliffe says about Ofwat, the water regulator, following suggestions the government is considering scrapping it.
On Friday, the Environment Agency published data which showed serious pollution incidents caused by water firms increased by 60% in England last year, compared with 2023.
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Why sewage outflows are discharging into rivers
Meanwhile, the watchdog has received a record £189m to support hundreds of enforcement officers for inspections and prosecutions.
“One of the largest infrastructure projects in England’s history will clean up our rivers, lakes and seas for good,” Mr Reed said.
But the Conservatives have accused the Labour government of having so far “simply copied previous Conservative government policy”.
“Labour’s water plans must also include credible proposals to improve the water system’s resilience to droughts, without placing an additional burden on bill payers and taxpayers,” shadow environment secretary Victoria Atkins added.
The Rivers Trust says sewage and wastewater discharges have taken place over the weekend, amid thunderstorms in parts of the UK.
Discharges take place to prevent the system from becoming overwhelmed, with storm overflows used to release extra wastewater and rainwater into rivers and seas.
Water company Southern Water said storm releases are part of the way sewage and drainage systems across the world protect homes, schools and hospitals from flooding.