Unveiling Sam Bankman-Fried’s Island Survival Plan Amidst FTX’s Collapse

Billy Markus, one of Dogecoin’s co-founders, collaborated with Jackson Palmer to create the meme-based cryptocurrency in 2013, aiming to satirize Bitcoin. Unlike Palmer, who rarely tweets and is critical of Tesla’s Elon Musk, Markus is an active user on Twitter/X and exchanges messages with Musk on the platform.

Recently, Markus shared an intriguing detail about Sam Bankman-Fried, the founder of the now-bankrupt FTX crypto exchange. Before the exchange’s collapse, Bankman-Fried reportedly intended to purchase Nauru Island, envisioning it as a haven for survival in case of a global catastrophe. This plan, outlined in court filings, aimed to secure the future of FTX and Bankman-Fried’s firm, Alameda Research, and their staff members.

Bankman-Fried’s brother, Gabriel Bankman-Fried, noted the plan involved building a bunker/shelter on Nauru for members of the effective altruism movement in anticipation of potential global disasters. Additionally, the island’s history of past money-laundering activities added intrigue to this choice of location.

However, this survival strategy contrasts with the concept of effective altruism, raising ethical concerns. Bankman-Fried’s actions, including accusations of defrauding FTX customers, cast doubt on his intentions of accumulating wealth to aid the underprivileged.

John Deaton, a vocal Ripple/XRP advocate, criticized Bankman-Fried, suggesting that had he managed to prevent FTX’s bankruptcy by halting financial losses, he might have saved his business and avoided legal consequences.


Disclaimer: Not Investment Advice

it’s crucial to understand that the information provided here is not to be construed as investment advice. The crypto market is dynamic and highly speculative, and decisions should be made based on thorough personal research and consideration of individual risk tolerance. Always consult with financial professionals and conduct your own due diligence before making any investment decisions. The intention of this exploration is to present insights and trends, not to provide specific investment recommendations.

Follow Us

Top Selling Multipurpose WP Theme


Subscribe my Newsletter for new blog posts, tips & new photos. Let's stay updated!


Crypto feed news

Our team of crypto enthusiasts and market mavens is on a mission to deliver the latest, juiciest, and most insightful updates from the ever-evolving world of cryptocurrencies.

@CryptoFeedNews 2023 All Right Reserved. Designed and Developed by TheDevThingz

Skip to content