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Deltec Bank and Trust has reportedly sold its lines of business to Britannia Bank and Trust; both banks have served Tether and operate in the Bahamas.  According to the Nassau Guardian’s interview with Britannia’s chairman Julian Francis, it is not acquiring Deltec, just Deltec Bank’s business lines. Deltec Bank CEO Odetta Morton repeatedly noted that she believes this “will result in an optimal path for continuing to deliver best-in-class service, technology, and access to global markets.” The curious case of FTX and Farmington State Bank, aka Moonstone Read more: Executive texts claim Deltec moved customer funds from FTX to Alameda At one point, Deltec Bank was one of the most important banks in the crypto ecosystem, providing Tether a link to the banking system after most banks refused to do business. It also provided a convenient service to many other cryptocurrency entities. Indeed, it was Deltec executives and leaders who collaborated with F...

Bankrupt crypto exchange FTX has been given the go-ahead to sell its portfolio of pricey Bahamas real estate, including former chief Sam Bankman-Fried’s $40 million penthouse that once housed him and his inner circle. On Tuesday, a Delaware judge approved the sale of $222 million worth of upscale properties in the Bahamas bought by senior staff during FTX ’s heyday — partly with customer funds. Among them is Bankman-Fried’s infamous Orchid Penthouse, which served as FTX and Alameda Research’s headquarters. Bankman-Fried also notoriously gifted a $16 million apartment in the Bahamas to his parents as an attempt to appease his father, who was unhappy with a $200,000 salary at FTX. That property is now also cleared for sale. Photos of the Orchid Penthouse, via the Department of Justice. Read more: FTX -funded charity Effective Ventures agrees to return donations According to court filings, the proposals to sell the real estate are reasonable and ...

Former FTX boss Sam Bankman-Fried will not be facing a charge of illegal campaign financing due to an extradition treaty between the US and the Bahamas.  A court filing was published on July 26 by US Attorney for the Southern District of New York (SDNY) Damian Williams. US government has no plans to proceed with charge s accusing Sam Bankman-Fried of conspiracy to make unlawful campaign donations. It was the eighth count in the original indictment unsealed in December 2022.  “Accordingly, in keeping with its Treaty Obligations to The Bahamas, the Government does not intend to proceed to trial on the campaign contributions count.” Excerpt from court filing The decision came after the US sought clarification from The Bahamas authorities regarding whether the charge was included in Bankman-Fried’s extradition.  In response, The Bahamas government informed the US that “it did not intend to extradite the defendant on the campaign contributions count....