Who Approved FTX’s $11.5 Million Stake In Farmington State Bank?

November 27, 2022 10:26 pm Comments

This whole FTX drama has unraveled a slew of now publicly available information which brings to light questionable FTX government connections in the United States.

It is a known fact that Sam Bankman-Fried’s company FTX was the 2nd biggest Democratic donor (almost $40 million) only behind George Soros.

These donations have bought him some very unique access into some government agencies including regulators.

It was revealed recently that FTX through its sister company, Alameda Research, had purchased an $11.5 million stake in a bank located in the small town of Farmington, WA.

The FBH Corp. owned Farmington State Bank is so small it only had 3 onsite employees, does not issue credit cards or offer online banking.

Farmington State Bank has held about $10 million consistently every year.

After the $11.5 million stake, deposits skyrocketed to $84 million.

Records show that $71 million of the $84 million dollars is owned by 4 separate accounts.

FBH Corp. itself has very direct ties to controversial stablecoin USDT Tether through its chairman Jean Chalopin.

Chalopin also serves as chair of the Bahamas-based Deltec Bank & Trust which has a banking relationship with Tether:

Farmington State Bank’s, which has been rebranded to Moonstone Bank, admission into the Federal Reserve System (SWIFT and wires) was approved on June 30, 2021 by Mary C. Daly, President & CEO of Federal Reserve Bank of San Francisco.

This means that the Farmington State Bank is under supervision of the United States Federal Reserve.

In order for this $11.5 million stake to go through it had to be approved by someone.

Coincidently records show that on February 1, 2022 FTX General Counsel Mark Wetjen (former CFTC commissioner and ex coworker of Gary Gensler), Ryne Miller (former partner at Sullivan & Cromwell) and Sam Bankman-Fried met with the Chair of the Federal Reserve Jerome Powell for a private meeting:


What was discussed in this meeting is currently unknown but one can only assume at this point.

This is still a developing story which may take months to completely unfold and it may be the tip of the iceberg of the level of corruption which is slowing being exposed.

So again I ask, who approved FTX’s $11.5 stake into Farmington State Bank?

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