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Bahamas Bank Deltec Accused of Providing "Secret" Credit to SBF to Purchase USDT

CointimeCointime2024/02/18 01:50
By:Cointime

Bloomberg reported that a lawsuit filed in a federal court in Florida last Friday alleges that Deltec Bank Trust Ltd, a Bahamian bank, provided "secret" loans to SBF to purchase Tether (USDT). The filing is part of a case brought by lawyers for SBF fraud victims seeking to recover losses from participants including Deltec.

The documents show that hedge fund Alameda Research partially utilized Deltec's secret short-term credit line worth billions of dollars to increase its holdings of USDT, and Tether was not sued in this case. In addition, it claims that Deltec helped SBF embezzle customer funds by transferring funds between FTX and Alameda accounts. The lawsuit alleges that Deltec had sufficient reason to suspect these transfers.

Desiree Moore, Deltec's lawyer at Venable LLP in Chicago, said that Deltec and its chairman, Jean Chalopin, were unaware of FTX's misconduct before it was made public: "The new allegations rely heavily on unverified statements by individuals, and as far as we know, these people are settling with the plaintiffs in exchange for providing information."

Lawyers in the filing said that Caroline Ellison, CEO of Alameda Research, worked with them in settlement negotiations and handed over 7,000 pages of Telegram chat records.

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