Why did Sam Bankman-fried use the FTX Foundation?

Sam Bankman-Fried’s brother Gabe wanted to use the FTX Foundation to buy the island nation of Nauru and set up a bunker for him and other ‘effective altruists’ could live out the apocalypse in style.

Could Bankman-fried's FTX Empire be worse?

“It could be worse.” The empire built by Mr. Bankman-Fried, who was once compared to titans of finance like John Pierpont Morgan and Warren Buffett, collapsed last week after a run on deposits left his crypto exchange, FTX, with an $8 billion shortfall, forcing the firm to file for bankruptcy.

Why was FTX a bank run?

That sparked the crypto equivalent of a bank run, as customers hastily moved to withdraw their funds. FTX couldn't cover the outflows, and the $32-billion crypto empire vaporized overnight, along with Bankman-Fried's purported $12 billion personal fortune and his reputation as a crypto genius.

Did Sam Bankman-fried's business empire collapse?

David Yaffe-Bellany and Matthew Goldstein have covered the collapse of Sam Bankman-Fried’s business empire. Three months before the cryptocurrency market imploded last year, Caroline Ellison, the 27-year-old chief executive of the crypto hedge fund Alameda Research, was racked with self-doubt.