The Feds seize $50 million owned by Bankman at Farmington State Bank

The Feds seize $50 million owned by Bankman at Farmington State Bank

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

The feds seize $50 million in SBF at Farmington Bank

lately Court filing In detailing the ongoing seizure of assets belonging to Sam Bankman-Fried, federal prosecutors revealed that they have recovered $50 million from the former FTX president held in Farmington State — a bank known in the local community for 135 years.

According to reports, the single-branch bank had only three employees at the time the Bankman-Fried account was created. The Washington-based bank specializes in providing agricultural loans to farmers through March 2022.

SBF’s relationship with Farmington

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

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

The bank, which does not provide online banking or credit card services, listed Moonstone Bank as an online bank in the fourth quarter of 2022. On Jan. 18, Farmington retired و The name is “Moonstone Bank,” citing “the impact of recent events in the crypto-asset industry.”

on the flip side

  • The Fed seized $700 million from Bankman-Fried, including $100 million in an account with Silvergate Capital and $21 million with ED&F Man Capital Markets.

Why should you bother

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

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