In the wake of FTX's catastrophic collapse, Washington’s Moonstone bank, which received an $11.5 million investment from the exchange’s Alameda Research arm, is winding down some customer crypto accounts.
A Washington state bank that held tens of millions of dollars in FTX deposits has begun notifying crypto clients that it plans to close their accounts, signaling a dim future for another crypto-focused bank affected by the FTX implosion.
Moonstone Bank, located in the rural town of Farmington, issued letters to a number of its crypto industry customers this week, asking them to cease transactions and transfer their holdings to another financial institution., Moonstone did not explain why it was closing these accounts, and it’s unclear whether the changes are linked to the collapse of FTX.
confirming that it is “returning to its original mission as a community bank and is discontinuing its pursuit of an innovation-driven business model to develop banking services for industries such as crypto assets.” The bank did not name FTX but stated that the development reflects recent changes in the crypto industry and regulatory environment.
The move makes Moonstone the latest FTX-linked bank to abruptly adjust operations amid ongoing investigations into the exchange and its founder, Sam Bankman-Fried, whoEarlier this month, customers of Silvergate Capital — which also held
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