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.

Defence Minister Richard Marles has revealed a fresh aid package to support Ukraine in its war with Russia, including $30 million in funding for drones. It marks more than one billion dollars in funding from Australia since the war began.

Lviv

Ukraine Invasion

Australia announces $100m in Ukraine aid

Tens of thousands of people have marched across the country calling for an end to violence against women. The Prime Minister addressed the crowd in Canberra where he called the issue a 'national crisis'.

Canberra

Prime Minister joins rally calling for end to gendered violence

Israeli protesters have shut down streets in Tel Aviv demanding the release of hostages and the political end of Israeli Prime Minister Benjamin Netanyahu. Anger has been growing inside Israel as the Gaza war drags on for more than 200 days.

Tel Aviv-Yafo

Israel-Gaza War

Thousands block Tel Aviv streets in protest

After weeks of delays, negotiations, and distractions, Israel appears to be gearing up for its ground invasion in southern Gaza. Dozens of Israeli tanks and armoured vehicles have been seen near Rafah, Gaza’s last 'safe zone'.

Rafah

Israel 'gearing up' for Rafah ground offensive

Ohio police released video of a Black man who died at a local hospital after repeatedly telling officers "I can't breathe" as they pinned him to the floor of a bar and handcuffed him, evoking memories of the killing of George Floyd in 2020.

Canton

'I can't breathe' man tells Ohio cops before death

Witnesses in Gaza reported fresh Israeli strikes overnight around Rafah. It comes as Hamas says it is considering an Israeli ceasefire proposal, after a delegation from Egypt arrived in Israel to resume stalled negotiations.

Sderot

Gaza hit by fresh strikes amid ceasefire talks

The US military has started building a large floating pier off Gaza's coast to facilitate the delivery of humanitarian aid, the defence department has said. Ships will deliver aid from Cyprus to the pier where it will be loaded onto trucks to transfer across Gaza.

Jerusalem

US begins building floating base to boost aid

King Charles will return to his public duties next week for the first time since his February cancer diagnosis, visiting a cancer treatment centre. There fears his Australian trip will be delayed, while he continues treatment for his own cancer battle.

Windsor

King Charles resuming public duties but Australian trip in limbo

Demonstrations have taken place across the country after a spate of domestic violence deaths, including Molly Ticehurst. Protestors held signs saying ‘no more’ calling for immediate action against male-inflicted violence.

Council of the City of Sydney

Thousands rally across Australia against domestic violence

The Russian and Turkish flags were lowered to mark the closure of a center set up to monitor a ceasefire in Nagorno-Karabakh, as Russian peacekeepers ended a multi-year deployment in the strategic South Caucasus region.

Baku

Nagorno-Karabakh ceasefire center closes as Russia withdraws

Britain's King Charles will return to public duties next week for the first time since being diagnosed with cancer as he makes good progress following treatment and a period of recuperation, Buckingham Palace said.

London

King Charles to resume public duties after cancer diagnosis

Students blocked access to Paris' prestigious Sciences Po university over the war in Gaza on Friday (April 26), demanding the institution condemn Israel's actions, in a protest that echoed similar demonstrations on U.S. campuses.

Paris

Pro-Palestinian protesters still occupying Sciences Po campus

The number of people killed in floods in Kenya due to heavier than usual rainfall since the start of the monsoon in March has risen to 70, a government spokesperson said Friday. Kenya and other countries in East Africa, a region highly vulnerable to climate change, have been pounded by heavier than usual rainfall in recent weeks, compounded by the El Nino weather pattern.

Nairobi

Climate Crisis

Kenya flood death toll since March climbs to 70

An Australian journalist has been named as a key figure in Donald Trump's criminal trial. Dylan Howard, the former editor of the National Enquirer in the U.S. accused of buying and burying negative stories as part of a deal to help him become President.

New York

U.S. Presidential Election

The Australian journalist caught up in Trump trial

A surging domestic economy and rising inflation will see the Reserve Bank change its mind and increase interest rates as many as three times this year, analysts have warned.

Reserve Bank set to raise interest rates, expert predicts

The Prime Minister has labelled the security guard murdered during the Bondi stabbing attack a 'national hero' during his funeral today. Mourners gathering at the Baitul Huda Mosque in Marsden Park, Sydney to honour Faraz Tahir.

Marsden Park

Mourners farewell Bondi security guard Faraz Tahir

After a crucial hearing, U.S. Supreme Court justices are weighing arguments for and against Donald Trump's claims of presidential immunity from 2020 election interference charges, but a ruling will take time.

Washington

U.S. Supreme Court weighs arguments on Trump immunity case

Disgraced movie mogul Harvey Weinstein’s 2020 rape conviction has been overturned after New York’s highest court ruled the trial judge improperly allowed women to testify about allegations against him that were not part of the case.

Harvey Weinstein’s 2020 rape conviction overturned

Palestinians have begun evacuating Rafah as Israel steps up airstrikes. Israel plans to go forward with a ground operation in the southern Gaza city despite warnings from allies that it could cause mass casualties.

Israel steps up airstrikes on Rafah ahead of ground operation

After weeks of delays, Haiti is due to swear in a presidential transition council. Gang violence has devastated the economy and social services are on the brink of collapse. Gang leaders say talks over Haiti's political future must include them.

Port-au-Prince

Haiti interim transition council to be sworn in

Israeli forces are carrying out "offensive action" across southern Lebanon, Defence Minister Yoav Gallant said without specifying whether ground troops had crossed the border. He also claimed that "half of Hezbollah's commanders in southern Lebanon have been eliminated" in months of violence.

Beirut

Israel says forces carrying out 'offensive action' in south Lebanon

In a deal facilitated by Qatar, Russia and Ukraine will exchange nearly 50 displaced children due to Moscow's invasion, announced Maria Lvova-Belova, the Kremlin's children's rights commissioner, in Doha.

Doha

Russia and Ukraine to exchange dozens of displaced children

Rudy Giuliani, a former lawyer for Donald Trump, is among 18 people charged in Arizona with illegally seeking to claim the state's 2020 electoral votes for the then-U.S. president.

Phoenix

Giuliani indicted in election vote-rigging case

Dozens of whales have died after 160 became beached during a mass stranding event in WA's south-west. Community members turned out this morning to the mouth of Toby Inlet at Geographe Bay near Dunsborough, where dozens of pilot whales were stuck in shallow water.

Geographe

Mass whale stranding in southwest WA

Prime Minister Anthony Albanese has completed a two-day trek of the Kokoda Track in Papua New Guinea, alongside PNG Prime Minister James Marape in commemoration of ANZAC Day

Kokoda

Australian Prime Minister's Kokoda pilgrimage

Five teenagers have appeared in court, after being arrested in connection with the stabbing of the Bishop in the Wakely church stabbing. Counter-terrorism police are continuing searches in south-west Sydney and Goulburn.

Wakeley

Teenagers face court over terrorism offences

U.S. President Joe Biden is expected to sign a law that sets a January 2025 deadline for Chinese parent company ByteDance to sell its U.S. operation. Lawmakers behind the ban have warned of national security risks from the popular social video app.

Biden to sign law that could ban TikTok in U.S.

Morning rush hour in central London turned chaotic Wednesday as five escaped military horses galloped at full speed through busy city streets, injuring at least four people. All five horses were rounded up and given veterinary care.

Runaway horses cause peak-hour chaos in London

The United Nations is calling for an inquiry after bodies were found beneath Gaza's Nasser Hospital, in the city of Khan Younis. The hospital was recently abandoned by Israeli troops who said they’d finished searching it for Hamas fighters.

U.N. calls for inquiry after unmarked graves found in Gaza

People living in Athens have seen the sky turn orange. It was caused by clouds of dust from the Sahara desert, which blew in from Northern Africa blanketing much of Greece.

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Bankman-Fried Guilty