The relationship between FTX and the State Bank of Farmington, USA is under investigation

ChainCatcher news, according to The New York Times, the relationship between FTX and Farmington State Bank is under investigation. The bank has only one branch, had only three employees until this year, and does not offer online banking or credit card services.

In March of this year, Alameda Research invested $11.5 million in the bank's parent company, FBH, acquiring shares 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 of USDT issuer Tether are stored. As of now, both Deltec Bank and Farmington State Bank have not responded to requests for comment on this matter. (Source link)