Breaking News
Investing Pro 0
New Year’s SALE: Up to 40% OFF InvestingPro+ CLAIM OFFER

Feds Seize $50 Million Bankman-Fried Held in Farmington State Bank

Cryptocurrency Jan 25, 2023 08:30AM ET
Saved. See Saved Items.
This article has already been saved in your Saved Items
 
Feds Seize $50 Million Bankman-Fried Held in Farmington State Bank
 
SI
-4.64%
Add to/Remove from Watchlist
Add to Watchlist
Add Position

Position added successfully to:

Please name your holdings portfolio
 

Federal prosecutors seized $50 million that Sam Bankman-Fried held in the one-branch Farmington State Bank, a small Washington-based bank that had only three employees before the disgraced FTX founder made the investment.

Feds Seize SBF’s $50 Million Held in Farmington Bank

In a recent court filing detailing the continuous seizure of assets belonging to Sam Bankman-Fried, Federal prosecutors revealed they had recovered $50 million the former FTX boss held in Farmington State – a bank known in the local community for 135 years.

According to reports, the one-branch bank had only three employees at the time of Bankman-Fried’s account creation. The Washington-based bank specialized in agricultural loans to farmers until March 2022.

SBF’s Relationship with Farmington

In March 2022, Bankman-Fried’s Alameda Research bought an $11.5 million stake in Farmington – more than double the bank’s entire net worth. Just days before the investment, Farmington trademarked the name “Moonstone.”

Moonstone was to become a crypto-focused financial services firm to “support the evolution of next-generation finance.” In November, the bank would report a $115 million valuation with 32 employees.

The bank, which didn’t offer online banking or credit cards, listed Moonstone Bank as an online bank in Q4 of 2022. On January 18, Farmington retired the name “Moonstone Bank,” citing “the impact of recent events in the crypto assets industry.”

On the Flipside

  • The Feds seized $700 million from Bankman-Fried, including $100 million in an account with Silvergate Capital (NYSE:SI) and $21 million with ED&F Man Capital Markets.

Why You Should Care

The seizure of funds from Farmington is part of the Fed’s efforts to track down assets held by Bankman-Fried, who pleaded not guilty to eight fraud charges.

SBF’s plea is covered in:

Sam Bankman-Fried Pleads Not Guilty to Fraud, Requests for Guarantors to Be Kept Private

Read more on the case below:

FTX Recovers $5 billion in Liquid Assets to Repay Customers, But Extent of Loss Still Unknown

See original on DailyCoin

Feds Seize $50 Million Bankman-Fried Held in Farmington State Bank
 

Related Articles

Add a Comment

Comment Guidelines

We encourage you to use comments to engage with other users, share your perspective and ask questions of authors and each other. However, in order to maintain the high level of discourse we’ve all come to value and expect, please keep the following criteria in mind:  

  •            Enrich the conversation, don’t trash it.

  •           Stay focused and on track. Only post material that’s relevant to the topic being discussed. 

  •           Be respectful. Even negative opinions can be framed positively and diplomatically. Avoid profanity, slander or personal attacks directed at an author or another user. Racism, sexism and other forms of discrimination will not be tolerated.

  • Use standard writing style. Include punctuation and upper and lower cases. Comments that are written in all caps and contain excessive use of symbols will be removed.
  • NOTE: Spam and/or promotional messages and comments containing links will be removed. Phone numbers, email addresses, links to personal or business websites, Skype/Telegram/WhatsApp etc. addresses (including links to groups) will also be removed; self-promotional material or business-related solicitations or PR (ie, contact me for signals/advice etc.), and/or any other comment that contains personal contact specifcs or advertising will be removed as well. In addition, any of the above-mentioned violations may result in suspension of your account.
  • Doxxing. We do not allow any sharing of private or personal contact or other information about any individual or organization. This will result in immediate suspension of the commentor and his or her account.
  • Don’t monopolize the conversation. We appreciate passion and conviction, but we also strongly believe in giving everyone a chance to air their point of view. Therefore, in addition to civil interaction, we expect commenters to offer their opinions succinctly and thoughtfully, but not so repeatedly that others are annoyed or offended. If we receive complaints about individuals who take over a thread or forum, we reserve the right to ban them from the site, without recourse.
  • Only English comments will be allowed.
  • Any comment you publish, together with your investing.com profile, will be public on investing.com and may be indexed and available through third party search engines, such as Google.

Perpetrators of spam or abuse will be deleted from the site and prohibited from future registration at Investing.com’s discretion.

Write your thoughts here
 
Are you sure you want to delete this chart?
 
Post
Post also to:
 
Replace the attached chart with a new chart ?
1000
Your ability to comment is currently suspended due to negative user reports. Your status will be reviewed by our moderators.
Please wait a minute before you try to comment again.
Thanks for your comment. Please note that all comments are pending until approved by our moderators. It may therefore take some time before it appears on our website.
 
Are you sure you want to delete this chart?
 
Post
 
Replace the attached chart with a new chart ?
1000
Your ability to comment is currently suspended due to negative user reports. Your status will be reviewed by our moderators.
Please wait a minute before you try to comment again.
Add Chart to Comment
Confirm Block

Are you sure you want to block %USER_NAME%?

By doing so, you and %USER_NAME% will not be able to see any of each other's Investing.com's posts.

%USER_NAME% was successfully added to your Block List

Since you’ve just unblocked this person, you must wait 48 hours before renewing the block.

Report this comment

I feel that this comment is:

Comment flagged

Thank You!

Your report has been sent to our moderators for review
Continue with Google
or
Sign up with Email