Executive texts claim Deltec moved customer funds from FTX to Alameda
Deltec Bank and Trust, the Bahamian bank that services the crypto industry, has been accused of knowingly aiding in the diversion of FTX customer deposits to Alameda Research and extending Alameda Research billions of dollars in credit to facilitate its issuance of popular stablecoin Tether. This is according to a motion filed in a class action lawsuit. The allegations are based on messages and testimony from former Alameda Research chief exec Caroline Ellison who agreed to share these messages and testimony to settle the lawsuit against her. Deltec has served for years as one of the known banking partners for Tether, even publicly asserting the value of the stablecoin’s reserves. Alameda Research was a trading firm that misappropriated billions in customer assets from FTX, a cryptocurrency exchange with significant overlapping leadership. The lawsuit specifically alleges that “ Deltec …individually identified incoming FTX customer deposits and manually transf...