1 year ago
Prosecutors seized conscionable nether $50 cardinal belonging to FTX laminitis Sam Bankman-Fried (SBF) held successful Farmington State Bank connected Jan. 4, according to a Yahoo Finance (YF) study connected Jan. 24.
The full magnitude seized was lone $500 abbreviated of $50 million, according to the YF report. The slope specialized successful cultivation loans to farmers and had lone 3 employees erstwhile SBF deposited this amount. It besides didn’t connection online banking services oregon recognition cards and had a nett worthy of $5.7 million.
Alameda invests successful Farmington
SBF’s task superior Alameda Research invested $11.5 cardinal successful the slope successful March 2022, according to a New York Times (NYT) report published successful November 2022,
Farmington has been steadily collecting astir $10 cardinal successful deposits for a decennary — by the 3rd 4th of 2022, this magnitude accrued to $84 million, according to the NYT report. Of this increase, $71 cardinal came from caller accounts.
The slope besides changed its sanction to Moonstone Bank and started offering online banking services aft FTX’s investment, according to the NYT report.
The erstwhile caput of the Independent Community Bankers of America, Camden Fine, reportedly shared his thoughts astir the investment, according to the NYT report. He said:
“The information that an offshore hedge money that was fundamentally a crypto steadfast was buying a involvement successful a tiny slope for multiples of its stated publication worth should person raised monolithic reddish flags for the F.D.I.C., authorities regulators and the Federal Reserve. It’s conscionable astonishing that each of this got approved.”
The station Prosecutors prehend SBF’s $50M deposit to tiny bank appeared archetypal connected CryptoSlate.
English (US) 