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Twelve days after the disgraced and corrupt crypto exchange, FTX, filed for bankruptcy, the New York Times ran this headline: “Crypto Firm FTX’s Ownership of a U.S. Bank Raises Questions.” The article explains that a tiny bank in Washington state, Farmington State Bank (also known as Moonstone Bank), had received an ownership stake of $11.5 million from FTX’s sister firm, Alameda Research, which at the time was twice the net worth of the bank. More
The post An Insider Blows the Whistle on How the Fed Has Allowed Crypto to Invade Federally-Insured Banks appeared first on CounterPunch.org.
This content originally appeared on CounterPunch.org and was authored by Pam Martens - Russ Martens.