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FTX’s ownership of a U.S. bank raises questions

258 点作者 pranshum超过 2 年前

22 条评论

heythere22超过 2 年前
<a href="https:&#x2F;&#x2F;archive.ph&#x2F;jcmWQ" rel="nofollow">https:&#x2F;&#x2F;archive.ph&#x2F;jcmWQ</a>
graeme超过 2 年前
I looked into this. They used to do business as Geniome Bank, and their job ads are for &quot;crypto and marijuana&quot;. Almost no publicity, though they sponsored a few marijuana events.<p>Chalopin usually shies away from press, so his personal involvement is odd. His son is also the chief digital officer of the company.<p>Another curiosity is the old Farmington team is still there, including the presdient, and they still appear to be making agricultural loans, same as they&#x27;ve done for ~150 years.<p>The Geniome&#x2F;Moonstone operations appear to be based out of Seattle. Another curiosity not mentioned in this article is that Noah Perlman, COO of Gemini, is on the board of directors along with Chalopin.<p>&quot;Geniome&quot; is the trademark of a UK based company also owned by Deltec&#x2F;Chalopin: IFSG. So, Chalopin has an unusal degree of personal involvement here.<p>Deltec previously invested in a small bank for money laundering purposes, so that could have been what they were going after here, but the amounts seem small. Could have been part of a larger plan which collapsed with FTX.<p>They&#x27;re scrubbing employee Linkedin&#x27;s now.
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kyrra超过 2 年前
<a href="https:&#x2F;&#x2F;www.wsj.com&#x2F;articles&#x2F;sam-bankman-fried-ftx-team-among-top-political-donors-before-bankruptcy-11668949205" rel="nofollow">https:&#x2F;&#x2F;www.wsj.com&#x2F;articles&#x2F;sam-bankman-fried-ftx-team-amon...</a><p>FTX and it&#x27;s executives donated $70 million to politicians as well (in the last 18 months). SBF donated $40MM to Democrats, and a different executive donated $23MM to Republicans.<p>They were trying to buy all kinds of influence.
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sschueller超过 2 年前
My question is why the NY times is still running a summit where SBF is currently still scheduled to speak.
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from超过 2 年前
Interesting how almost no one commented on the actual article here. I think this ownership probably has to more do with the fact that mainstream banks don&#x27;t want to get near crypto exchanges than some kind of corrupt conspiracy. The current regulatory system relies on outsourcing AML&#x2F;KYC to banks but I guess no one ever thought about what happens if someone is rich enough to just buy a bank. Plenty of 5 employee credit unions around just waiting to be acquired!
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pr0zac超过 2 年前
&gt; The chairman of FBH is Jean Chalopin, who, along with being a co-creator of cartoon cop Inspector Gadget in the 1980s, is the chairman of Deltec Bank<p>wat
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abzolv超过 2 年前
From the article:<p>“The chairman of FBH is Jean Chalopin, who, along with being a co-creator of cartoon cop Inspector Gadget in the 1980s, is the chairman of Deltec Bank, which, like FTX, is based in the Bahamas. Deltec’s best-known client is Tether, a crypto company with $65 billion in assets offering a stablecoin that is pegged to the dollar.”<p>That tells you everything you need to know.
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meristem超过 2 年前
I&#x27;ll leave aside &quot;the transaction was fraudulently approved&quot; for the moment. I can see a possible, if naïve, thought process being &quot;It&#x27;s a tiny bank, hedge and crypto do absurd types of silly transactions, let&#x27;s let them burn their cash since they think yolo with their own money.&quot;
openthc超过 2 年前
Wow! I know folks at this bank, they are one of the few banks approved by Washington DFI for cannabis -- <a href="https:&#x2F;&#x2F;dfi.wa.gov&#x2F;cannabis&#x2F;financial-services" rel="nofollow">https:&#x2F;&#x2F;dfi.wa.gov&#x2F;cannabis&#x2F;financial-services</a> -- we were looking to move some banking there.<p>But one of our crew found info on Crunchbase about Alameda Research + Moonstone and we nope-d out of that deal. They said &quot;we don’t have any risk or exposure from Alameda Research&quot; -- but, still -- too close for comfort
siftrics超过 2 年前
Which set of supposed regulators approved this purchase?<p>Find them. Investigate them.
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robryan超过 2 年前
Similar case in Australia where they bought a company that already had a financial services license: <a href="https:&#x2F;&#x2F;www.theguardian.com&#x2F;australia-news&#x2F;2022&#x2F;nov&#x2F;23&#x2F;ftx-bypassed-regular-process-for-obtaining-australian-financial-services-licence" rel="nofollow">https:&#x2F;&#x2F;www.theguardian.com&#x2F;australia-news&#x2F;2022&#x2F;nov&#x2F;23&#x2F;ftx-b...</a>
lowbloodsugar超过 2 年前
From the wapo article, talking about real estate in the Bahamas:<p>“Literally, the day it occurred, they called and said, ‘Let me know. I will pay cash,’” Hillier said. “People see opportunity.”<p>Huh. It’s almost like how rich people buy property is:<p>1. Create a ponzu scheme or other financial shenanigans 2. Get money from peoples. 3. Spend proles’ money on ridiculous assets and property 4. Declare said scheme bankrupt 5. Step in and buy assets for pennies on dollar.<p>Ideally, step 4 happens during a financial crisis so that proles can’t get access to borrowed money, thereby reducing competition for assets.
seydor超过 2 年前
How come this FTX case is so vast and seems to encompass everything in the US? From afar, it just seems too much. For example, is Coinbase equally multifaceted ?
JaggerFoo超过 2 年前
The PR for the investment doesn&#x27;t imply nefarious intent.<p><a href="https:&#x2F;&#x2F;www.prnewswire.com&#x2F;news-releases&#x2F;fbh-corp-raises-11-5m-in-private-equity-funding-from-alameda-research-ventures-301497307.html" rel="nofollow">https:&#x2F;&#x2F;www.prnewswire.com&#x2F;news-releases&#x2F;fbh-corp-raises-11-...</a><p>Why would they post a PR announcement if they knew it was an illegal transaction?
kome超过 2 年前
&quot;The chairman of FBH is Jean Chalopin, who, along with being a co-creator of cartoon cop Inspector Gadget in the 1980s, is the chairman of Deltec Bank, which, like FTX, is based in the Bahamas.&quot;<p>ahaha, i loved Inspector Gadget. but also: what the hell.
popcalc超过 2 年前
<a href="https:&#x2F;&#x2F;web.moonstonebank.com&#x2F;login" rel="nofollow">https:&#x2F;&#x2F;web.moonstonebank.com&#x2F;login</a><p>Interesting WebAuthn demo still up on their site.
naveen99超过 2 年前
Traditional markets, central governments aren’t immune to the principal agent problem. best is to always align incentives.
fnordpiglet超过 2 年前
Touching a bank, even briefly glancing it, is a fast way straight to federal pen if you’re attached to anything nefarious.
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miked85超过 2 年前
I can&#x27;t imagine any average person trusting that bank at all, based just on its appearance.
71a54xd超过 2 年前
Finally, slightly honest less-softball coverage of this outright criminal...
toddm超过 2 年前
Looks like a Laudromat.
classified超过 2 年前
The most efficient way to rob a bank is to own it.