Investigation underway into the relationship between FTX and Silvergate Bank in the United States

According to a report by The New York Times, the relationship between FTX and Farmington State Bank in the United States is under investigation. The bank only has one branch and until this year had only three employees, and does not offer online banking or credit card services. In March of this year, Alameda Research invested $11.5 million in its parent company FBH and acquired a stake in the bank. In the third quarter of this year, the bank's deposits grew by nearly 600%, reaching $84 million, with almost all of the growth ($71 million) coming from four new accounts.

According to a report by The New York Times, the relationship between FTX and Farmington State Bank in the United States is under investigation. The bank has only one branch and had only three employees until this year, and it does not offer online banking or credit card services. In March of this year, Alameda Research invested $11.5 million in its parent company, FBH, and acquired a stake in the bank. In the third quarter of this year, the bank's deposits grew by nearly 600%, reaching $84 million, with almost all of the growth ($71 million) coming from four new accounts.

Additionally, the chairman of the bank's parent company FBH is Jean Chalopin, who is also the chairman of Deltec Bank, where the reserves for USDT issuer Tether are stored. As of now, Deltec Bank and Farmington State Bank have not responded to requests for comments on this matter.

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