Crypto Critics' Corner

YUM YUM MONEY TIME: Deltec Bank moved customer funds from FTX to Alameda Research

Mar 16, 2024

Discussion on Deltec Bank's involvement in moving funds from FTX to Alameda Research, class action lawsuit, insolvency coverage, MUFG seizure affidavit, and the intricate web of cryptocurrency transactions involving Tether, Bitfinex, and Farmington State Bank.

26:18

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Episode notes

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Quick takeaways

Deltec Bank played a pivotal role in Tether USDT's growth by fostering essential partnerships.

Allegations of money laundering and fraud surfaced against Deltec Bank, leading to legal actions and asset seizures.

Deep dives

History and Importance of Deltec Bank

Deltec Bank and Trust, located in the Bahamas, has a rich history entwined with significant companies throughout the Caribbean. John Chalopin, known for Inspector Gadget, transitioned from the entertainment industry to banking by purchasing this bank in the 1990s. Deltec's association with Tether USDT became pivotal in 2018 when other banking partners cut ties, establishing a crucial relationship. Deltec continued serving as Tether's primary bank, facilitating their significant growth to a hundred billion dollar size.

Introduction

2min

Inside Look at Deltec Bank's Cryptocurrency Connections

14min

Unpacking the Complex Financial Dealings of Tether and Related Entities

2min

Transition of Tether's Banking Partners and Legal Implications Discussed

2min

Unraveling the Banking Web

6min

Bennett and Cas discuss a class action lawsuit against Deltec Bank and Trust in the Bahamas that alleges that it was instrumental in moving customer funds from FTX to Alameda Research.

Coverage of the lawsuit

the lawsuit

Farmington State response

Coindesk coverage of Alameda Research insolvency

Affidavit in support of MUFG seizure

This episode was recorded on March 6th, 2024.