The FTX bankruptcy exposed some strange assets, and their relationship with Farmington State Bank is raising questions.
Farmington State Bank in Washington State has now changed its name to Moonstone Bank. In March this year, Alameda Research invested US$11.5 million in its parent company FBH and acquired shares in the bank. Currently, the bank has one branch and US$84 million in deposits, of which US$71 million is stored in four accounts.
It is unclear how FTX would be allowed to buy a stake in a U.S.-licensed bank, as such actions must be approved by U.S. federal regulators, and banking veterans said it was hard to believe regulators would deliberately allow FTX to take control of a U.S. bank.
It is reported that the chairman of FBH, the parent company of Farmington State Bank, is Jean Chalopin, who is also the chairman of Deltec Bank, and the reserves of Tether, the USDT issuer, are stored in Deltec Bank. Neither Deltec Bank nor Farmington State Bank responded to requests for comment on the matter.
