FTX scandals are endless. The scandals got worse when the crypto money company FTX, founded by former CEO Sam Bankman-Fried, went bankrupt, gave 300 million dollars worth of houses to their relatives, and people could not withdraw their money from the platform.
Another scandal has emerged. This time the scandal really reveals that FTX is a scam platform. Earlier this year, Sam Bankman-Fried, former CEO of FTX, invested in a bank twice the value of the bank.
Sam Bankman-Fried invests $11.5 million in Farmington State Bank
So-called bankrupt former CEO Sam Bankman-Fried invested $11.5 million in Farmington State Bank in Washington (26th smallest bank in the USA), according to the scandal that emerged. You see the photo of the bank, this amount is almost twice the value of the bank.
Oddly enough, this tiny tiny bank had only 3 employees before SBF invested and only served a small town of 146 people. Over the past 10 years, the bank had deposits of $10 million and was mainly providing loans related to agriculture.
After Sam Bankman’s investment earlier this year, deposits skyrocketed to $84 million in just 4 bank accounts. The $11.5 million invested in an interview with the bank was for only 10% of the bank. The bank’s deposits were $10 million while its value was $115 million.
When all this is put together, it is thought that Sam Bankman saw what would happen months ago and started to work to secure himself. Of course, there are also those who say that this place is used as a money laundering point.
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