Many more of FTX’s unethical practices were revealed when it declared bankruptcy. Concerns have been raised again about the company’s business practices and whether or not FTX is taking advantage of banking loopholes after it was revealed that it owns a small bank in a small town in rural Washington.
The renamed Farmington State Bank in Washington, which used to be called Moonstone, is the 26th smallest bank in the United States. It has only one location and three employees. FTX put $11.5 million into the rural bank’s parent company, FBH, in March 2022 through its now-defunct subsidiary, Alameda. According to The New York Times, the $5.7 million value of the bank was more than doubled by the Alameda investment.
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