The US Federal Reserve (FED) terminated its sanctions against Farmington Bank, which stood out for its connection with the bankrupt cryptocurrency exchange FTX.
The FED imposed sanctions against Farmington Bank last year, covering the entire bankruptcy process. With the completion of the liquidation plan ended.
While Farmington Bank was among the institutions at the center of FTX’s bankruptcy, it suffered serious losses for this reason. The bank is specifically a sister organization of FTX Alameda Reseach It stood out with its direct ties to . The bank agreed to exit the cryptocurrency industry as a result of the FED’s first sanctions.
In the statement made by the central bank, Farmington Bank was informed throughout the entire process. While it is stated that it acts in harmony The protectionist attitude towards depositors whose assets were in danger was emphasized:
The Board’s enforcement action, which has been in effect since July 2023, ensured that the bank’s activities were terminated in a way that protected the bank’s depositors. Farmington has completed its liquidation plan and no longer functions as a bank.
Former FTX CEO of the bank Sam Bankman Fried’s secret safe It was also used as. The founder of FTX discovered this bank and made money from his personal fortune. $50 million He deposited a sum of money in Farmington. Not only that, SBF transferred to the bank through Alameda Research. $11.5 million It enabled investments worth