FTX Secretly Channeled A $50 Million Loan To Its Bahamian Bank Through An Executive’s Company

FTX Secretly Channeled A $50 Million Loan To Its Bahamian Bank Through An Executive’s Company

The loan was among several deals struck with Jean Chalopin, the head of Deltec and Moonstone banks — and co-creator of Inspector Gadget — who forged a lucrative relationship with

The loan was among several deals struck with Jean Chalopin, the head of Deltec and Moonstone banks — and co-creator of Inspector Gadget — who forged a lucrative relationship with

FTX. In late 2021, Deltec was well on its way to becoming one of the world’s most consequential crypto banks — but it needed money. An obscure Bahamian bank born from private

FTX. In late 2021, Deltec was well on its way to becoming one of the world’s most consequential crypto banks — but it needed money. An obscure Bahamian bank born from private

wealth management, it had found a profitable, yet risky new role as the banker of choice for crypto giants. After signing on Tether, a wildly popular "asset-backed" stablecoin

wealth management, it had found a profitable, yet risky new role as the banker of choice for crypto giants. After signing on Tether, a wildly popular "asset-backed" stablecoin

that had been dropped by traditional financiers, Deltec amassed a roster of white hot clients, among them the $32 billion crypto exchange FTX, then one of the

that had been dropped by traditional financiers, Deltec amassed a roster of white hot clients, among them the $32 billion crypto exchange FTX, then one of the

largest. Before FTX collapsed in November, it appeared flush with cash, spending lavishly across the Bahamas, while its founder Sam Bankman-Fried was lauded as a “future

largest. Before FTX collapsed in November, it appeared flush with cash, spending lavishly across the Bahamas, while its founder Sam Bankman-Fried was lauded as a “future

trillionaire.” Amid the dollar signs surrounding his new client, Deltec chairman Jean Chalopin saw an answer to his funding woes. In October 2021, he secured a $50 million loan

trillionaire.” Amid the dollar signs surrounding his new client, Deltec chairman Jean Chalopin saw an answer to his funding woes. In October 2021, he secured a $50 million loan

from an entity connected to FTX through one of its executives; the entity’s ties to FTX and its loan to Deltec have not been previously reported. Now, as investigators sort

from an entity connected to FTX through one of its executives; the entity’s ties to FTX and its loan to Deltec have not been previously reported. Now, as investigators sort

through the rubble of the biggest financial catastrophe in recent memory, Deltec is emerging as a central figure in the scrum of lawyers, banks and unwitting associates FTX pulled

through the rubble of the biggest financial catastrophe in recent memory, Deltec is emerging as a central figure in the scrum of lawyers, banks and unwitting associates FTX pulled

into its orbit. And its fate, once hitched to the exchange’s heady ascent, is now caught in its cataclysmic downward spiral. Further complicating matters are a handful of

into its orbit. And its fate, once hitched to the exchange’s heady ascent, is now caught in its cataclysmic downward spiral. Further complicating matters are a handful of

transactions between FTX, its sister trading arm Alameda Research and Chalopin’s companies that make their interests hard to disentangle.

transactions between FTX, its sister trading arm Alameda Research and Chalopin’s companies that make their interests hard to disentangle.