While Sam Bankman-Fried is publicly committed to charitable giving and the philanthropic movement of effective altruism, the FTX founder also has a taste for the finer things in life, from private jets to luxury apartments.
On Monday, former FTX engineering chief Nishad Singh testified that Bankman-Fried personally pushed for the construction of the now-infamous $30 million penthouse in the Bahamas that housed his Inner Circle Members – They are effective altruists.
Singh said the group of friends all wanted to live together after moving FTX’s headquarters to the Bahamas, which led to “significant disagreements” about possible accommodations.
Some object to the penthouse, which occupies the top floor of the Orchid Towers in Albany, a luxury resort in a secluded corner of the Bahamas.as a follower effective altruismSinger said the policy promotes maximizing one’s impact through charitable donations and they were concerned about the penthouse’s high price and “ostentatious” appearance.
Yet Bankman-Fried is a fan. “Sam was a fan of the idea,” Singer testified. “He said he would pay $100 million to complete the play.” Ten of them eventually moved into an apartment with panoramic views of the Albany Pier. Bankman Fried eventually moved out after breaking up with one of his roommates, Caroline Ellison, who also ran his trading company Alameda Research. Research) CEO.
Ministry of Justice exhibition
“Political Activism and Social Climbing”
Bankman-Fried’s criminal trial entered its third week on Monday, as Justice Department prosecutors filed a case accusing the FTX founder of illegally using the cryptocurrency exchange’s customer funds for his own purposes, ranging from real estate to venture capital.
FTX’s former chief technology officer Gary Wang and Ellison cooperated with prosecutors and admitted in earlier testimony to committing the fraud at Bankman-Fried’s direction. Singer is just the latest member of Bankman-Fried’s inner circle to testify against him.
Singer was a childhood friend of the Bankman-Fried brothers and played an important role in Bankman-Fried’s investment and charitable giving activities. He is a major political donor, and prosecutors have accused Singer of violating campaign contribution laws. The U.S. Department of Justice initially brought similar charges against Bankman-Fried, but those charges were dropped due to technical issues with extradition to the Bahamas.
In Monday’s testimony, Singer detailed profligate spending under FTX’s watch, including investments totaling $1 billion in a venture capital firm run by Michael Kives and Bryan Baum that Bankman-Fried considered valuable , because of their connections with celebrities and famous people.
Singer testified that he believed the spending was excessive and that the investments in Keeves and Baum violated the principles of effective altruism. Singer said he feared this would be “really toxic to FTX and Alameda culture,” which he believed reflected “politics and social climbing that don’t pay off.”
Svlook
