**H3: New Court Documents Reveal Sam Bankman-Fried’s Survival Plans**
Newly disclosed court documents have shed light on Sam Bankman-Fried’s contingency plans for the fall of his FTX crypto exchange. Here are the key points:
1. **FTX Foundation’s Visionary Plan**: A memo exchanged between a foundation officer and Gabriel Bankman-Fried outlined a plan to acquire the island nation of Nauru as a sanctuary for members of the effective altruism movement in the event of a catastrophic event like a great fire or flood.
2. **Lawsuit Allegations**: The FTX Foundation is facing a lawsuit claiming its projects have been “frequently misguided and sometimes dystopian.” The memo’s proposal to acquire Nauru adds to the gravity of the allegations.
3. **Ellison’s $22.5 Million Bonus**: FTX.com figure Ellison awarded herself a massive bonus despite a $10 billion cash shortfall at the company. The lawsuit alleges that she managed to transfer funds from Alameda to her personal bank account through complex transactions.
4. **New Lawsuit Against Sam Bankman-Fried**: FTX’s former CEO, along with his associates, is facing a lawsuit seeking to recoup over $1 billion in misappropriated funds. The lawsuit accuses him of negligence in financial record-keeping and concealing illicit actions.
**Hot Take**: The revelations from these court documents paint a picture of questionable practices within FTX and its foundation. The survival plan for acquiring Nauru and the alleged misappropriation of funds raise serious concerns about transparency and ethical behavior in the crypto exchange industry.