Deltec Bank & Trust, one of Tether's key partners, provided Alameda Research with a short-term credit line of up to $2 billion.
According to the publication, a lawsuit was filed against the organization by affected clients of the FTX exchange. They claim that Alameda Research and Deltec Bank worked closely together.
In particular, in 2021, the bank opened a short-term credit line for the company in the amount of up to $2 billion, the documents indicate. Alameda Research used these funds to issue USDT stablecoins.
This allowed the company to trade at a premium because the asset was repeatedly worth more than $1, the plaintiffs say. Alameda Research used borrowed funds, issued USDT, sold them and only then deposited the money into Tether accounts, the documents say.
The credit line was unofficial in nature, which is confirmed by some evidence in the papers. In particular, the bank recommended Alameda Research not to talk about loans.
The plaintiffs also allege that Deltec Bank intentionally sent FTX deposits to Alameda Research with full knowledge that they were funds from the exchange's customers.
It is noteworthy that this bank previously appeared in an investigation by American authorities. He was accused of money laundering. As a result, the US Secret Service confiscated the organization's assets worth $58 million.
The Chairman of Deltec Bank is Jean Jacques Pierre Chalopin, owner of FBH Corporation. She also owns Farmington State Bank. In August 2023, the Fed issued an order of enforcement action against the organization, accusing it of having ties to crypto companies.
