As FTX's bankruptcy unfolds, more and more wild stories related to the company are being unveiled.
New York Times reports that the collapsed crypto giant owned an $11.5 million stake in Farmington State Bank, which is a bank based in the small rural town of Farmington, WA.
The investment is catching people's attention as FTX's investment amount was more than double the bank's previous net worth.
The bank has one branch and a total of three employees; it does not offer online banking or credit cards.
Banking professionals are asking such questions as, How did they get the approval to buy its stake in Farmington? and stated it was hard to believe regulators would have knowingly allowed the crypto firm to do so.
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