In bankruptcy filings, crypto exchange FTX revealed a curious connection to stablecoin Tether through a small bank in rural Washington. Farmington State Bank is in fact the 26th smallest bank in the US, out of over 4,700. Until this year, it employed three people.
The bank was first formed in 1929 in a sleepy town named Farmington, hugging the Idaho border. It’s home to just over 100 residents, and features zero restaurants, hotels, or pharmacies — it doesn’t even appear to have an ATM.
The fact that Farmington State Bank somehow finds itself embroiled in the largest cryptocurrency fraud in history is puzzling, disconcerting, and totally out of place, to say the least.
The full article is available at https://protos.com/the-curious-case-of-ftx-and-farmington-state-bank-aka-moonstone/