Bankrupt FTX Trading's latest lawsuit against co-founder Sam Bankman-Fried says the FTX Foundation FTX's nonprofit arm pursued projects that were "frequently misguided and sometimes dystopian," like a plan to purchase the tiny island nation of Nauru and build a bunker there. Bloomberg's Hannah Miller joins Caroline Hyde on "Bloomberg Technology."

Yaren

Former FTX co-founder Sam Bankman-Fried has been found guilty of defrauding investors and customers.

Bankman-Fried Guilty

FTX accused of trying to buy island nation of Nauru

the thing that caught my eye and will catch everyone's eye is a private island. Really. What was that for. Yes. So the complaint alleges that there was this memo exchanged between an executive at the FTSE Foundation which was the charity arm of FTSE and Gabriel Bankman Freed Sam Bankman Freed's brother. And it basically laid out this plan that you know hey maybe we should buy the country of Nauru and build a bunker there that could be used to protect offensive effective altruists in the event of an apocalyptic crisis that would take over the world. And we know that Sam Bankman Freed publicly said that he embraced effective altruism. So it makes sense that that's who they'd want to protect. I wonder who would have been in that crew if any. Some of the other allegations are just about the sheer amount of money that was already realized to have been lost prior to the ultimate demise particularly by well heads of Alameda. And like can you just detail some of the other more shocking revelations and just the knowledge of how badly this was doing. So the complaint alleges that in March 2022 Caroline Ellison the former CEO of Alameda Research estimated that there was a 10 billion dollar deficit. Around the same time she gave herself a 22 million dollar bonus. That's what the complaint alleges. So it's very interesting to see that contrast there. But it highlights how the executives really you know were very generous to themselves that they took huge bonuses equity even common shares. I mean some of the details. What was it potentially alleged fraudulent transfers of four hundred seventy seven million dollars worth of FTSE common shares to the former director of engineering. Payments made by Sam Backman Freed allegedly granted to himself rights for more than six million dollars in equity. I mean all of this starts to add up. Can you just remind us of the timeline of all of this as to when these sorts of accusations are going to be laid whether we can really understand whether there's truth to them or not and ultimately whether the creditors are going to see much. So the allegations spread out over a period of several years leading up to the collapse of FTSE. You know they there's stuff happening in 2021 2022 according to the complaint. But that is prior to the collapse of FTSE which was in November 2022. Prior to that the company had given this perception that it was extremely strong and engaged in a series of bailouts helping out struggling crypto companies during the summer of 2022. I I'm just kind of also interested I suppose in Robin Hood in all of this. Can you just remind us as to how much money ended up being purchased of a public company. We're all so aware of that purchase and it felt that at one point FTSE wanted to actually buy out Robin Hood. They used money from Alameda though. Yes the complaint alleges that Sam Bankman freed and Gary Wang his co-founder actually took over 500 million five hundred million dollars from Alameda and used that to buy Robin Hood shares. So they just took that that money. They didn't really have to give anything in return according to the complaints allegations. So it's pretty crazy to see that they were really you know taking huge steps in terms of looking at Robin Hood.

Search and rescue operations continued overnight after flash floods slammed central Texas, killing dozens, officials said. More than 20 children are still missing from Camp Mystic, an all-girls camp hit by the floods, the Kerr County sheriff said.

Kerrville

Rescues continue in central Texas after deadly flash floods

Officials in the U.S. state of Texas say at least 13 people have died in overnight flash floods after torrential rains triggered an overflow of the Guadalupe River. Nearly 20 children attending a summer camp in the south-central area are missing.

Kerr County

Deadly Texas floods: Search efforts underway for missing children

Türkiye has been battling wildfires for more than a week, with its western province of Izmir among the hardest hit. Thousands have been forced to flee as flames threaten homes and villages.

Ödemiş

Turkiye wildfires: At least two dead as fires burn for eighth day

It was not clear if Hamas’ statement meant it had accepted the proposal from US President Donald Trump for a 60-day ceasefire.

Jerusalem

Hamas says it is  'positive' about latest ceasefire proposal

President Trump brought pomp and circumstance to his signing of the "big, beautiful bill" on Friday, with an Independence Day ceremony at the White House that included a B-2 bomber flyover.

Washington

Global Tariffs

Trump signs "big, beautiful bill" as tariff deadline looms

Heavy rainfall in central Texas caused the Guadalupe River to overflow and unleash a torrent of water. The bodies of at least 13 children and adults have been recovered and more than 20 girls are missing from a sleepaway camp.

Floods kill at least 13 in Texas, over 20 missing from summer camp

The talk comes a day after President Donald Trump and Russian President Vladimir Putin discussed Ukraine, Iran and other issues in a call the Kremlin described as "frank and constructive."

Kyiv

Ukraine Invasion

Zelenskyy, Trump agree on joint defense efforts in phone call

Russia pummeled Kyiv with the largest drone attack of the war, injuring at least 23 people and damaging buildings across the capital only hours after U.S. President Donald Trump spoke with Russia's Vladimir Putin, officials said.

Russia hits Kyiv with largest drone attack after Trump-Putin call

U.S. President Donald Trump marked the passage of the new spending bill, which includes changes to food assistance, student loan programs, and clean energy credits. Robert Costa joins "CBS Mornings" to break down what's in the legislation.

Trump set to sign "big, beautiful bill"

More than 80 Palestinians were killed in Gaza on Thursday (July 3), according to health officials, as Israel intensified its strikes, hitting a school-turned-displacement facility. CNN’s Paula Hancocks looks at the damage and humanitarian toll.

More than 80 people killed in Gaza in one day

Ukrainian President Volodymyr Zelenskyy said Kyiv will do "anything" to advance EU accession talks. Zelenskyy spoke alongside Danish Prime Minister Mette Frederiksen, President of the European Council António Costa and President of the European Commission Ursula von der Leyen.

Ukraine will do 'anything' to advance EU accession talks: Zelenskyy

President Donald Trump said Washington will start sending letters to countries on Friday specifying what tariff rates they will face on imports to the United States, a clear shift from earlier pledges to strike scores of individual deals.

Trump: Letters telling countries their tariff rate going out Friday

Indonesian rescuers on Thursday (July 3) temporarily halted a search for 30 people still missing after a ferry carrying 65 people sank near the island of Bali with the loss of six lives, the national search and rescue agency said.

Gilimanuk

Indonesia suspends search for 30 missing after ferry sinks near Bali

After marathon debate sessions in the Senate and House, President Donald Trump’s budget bill passed in the House. Republicans secured the biggest win of Trump’s presidency.

Trump’s landmark ‘big, beautiful bill’ narrowly passes U.S. House

Florida says the first group of migrant detainees have arrived at the new immigration detention center known as "Alligator Alcatraz." CBS News correspondent Shanelle Kaul has more.

Ochopee

First group of detainees arrive at "Alligator Alcatraz," Florida says

U.S. President Donald Trump said Thursday (July 3) that he spoke with Russian President Vladimir Putin and that he plans to hold a call with Ukrainian President Volodymyr Zelenskyy. CBS News White House reporter Willie James Inman has more.

Trump speaks with Putin, plans call with Zelenskyy

CNN’s Priscilla Alvarez reports on a lawsuit from lawyers for Kilmar Abrego Garcia alleging he suffered “torture and mistreatment” after he was wrongfully deported and held in El Salvador’s notorious mega prison.

Tecoluca

Kilmar Abrego Garcia claims he was tortured in El Salvadoran prison

The Kremlin welcomed the development, with spokesman Dmitry Peskov claiming it proves Western arsenals are being depleted and predicting that less aid will hasten the end of the conflict.

U.S. pauses military aid to Ukraine over depleted weapons stockpile

Two contractors employed by UG Solutions spoke to the AP on condition of anonymity as they were revealing their employers’ internal operations.

U.S. contractors say live ammo used at Gaza aid distribution site

Democratic leader Hakeem Jeffries spoke for hours on the House floor about potential impacts of President Trump's "big, beautiful bill" that Republicans are looking to pass before July 4. Following debate, the House is set for a final vote on the massive budget bill.

House debates Trump's 'big, beautiful bill' ahead of final vote

CBS News political contributor Caroline Polisi joins "CBS Mornings" to break down the jury's verdict in Sean "Diddy" Combs' federal trial and the judge's decision to deny bail for the music mogul ahead of his sentencing.

Manhattan

Sean "Diddy" Combs denied bail after split verdict

Liverpool soccer player Diogo Jota has died aged 28, just weeks after marrying his childhood sweetheart. The footballer passed away in a car crash in northern Spain.

Madrid

Liverpool soccer player dies in car crash 10 days after wedding

The Pentagon said that U.S. strikes 10 days ago had degraded Iran's nuclear program by up to two years, suggesting the U.S. military operation likely achieved its goals despite a far more cautious initial assessment that leaked to the public.

Tehran

Iran Strikes

Iran nuclear program degraded by up to two years: Pentagon

Days before his 90th birthday, the Dalai Lama announced the Gaden Phodrang Trust, a non-profit he founded, will have the sole authority to recognize his future reincarnation, but China insists it will choose the successor of the Tibetan spiritual leader.

Lhasa

China rejects Dalai Lama’s succession plan

The U.S. Congress inched towards approving President Donald Trump’s Big Beautiful Bill, despite attempts by Democrats to stop it. The bill is Trump’s signature legislation which includes massive spending increases on the military and immigration enforcement while slashing social programs.

Trump’s Big Beautiful Bill nears approval

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New York

Diddy denied bail, avoids life in prison

President Trump says Israel has agreed to a 60-day ceasefire in Gaza, but it remains unclear if Hamas will accept the terms. CBS News senior foreign correspondent Debora Patta has more.

Trump says Israel has agreed to Gaza ceasefire conditions

Bryan Kohberger changed his plea to guilty Wednesday for the 2022 murders of four University of Idaho students. CBS News national correspondent Carter Evans has more on the case.

Boise

New details revealed as Kohberger pleads guilty for 2022 Idaho murders

The Wisconsin Supreme Court struck down a state abortion law that was adopted in 1849 in a 4-3 landmark decision. CBS News' Shanelle Kaul reports.

Madison

Wisconsin Supreme Court strikes down 176-year-old state abortion ban

Macron and Putin held regular discussions around the start of Russia's invasion of Ukraine, with Macron visiting Putin in Russia in February 2022, but dialogue eventually stalled.

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Bankman-Fried Guilty