Inside EQIBank’s $84M seizure
EQIBank, used by Tether, had 80% of its assets frozen as part of a seizure targeting Capstone Limited, according to reporting from the Financial Times . According to the reporting, the relationship between Tether and EQIBank was related to Marlin Capital Partners. This reporting further claims that Marlin Capital, which has been serving as an investment advisor for Tether, has invested in EQIBank. It also reportedly promised additional investment in EQIBank if it could successfully help Tether open an account at Singapore-based DBS. EQIBank did claim in a filing that it had a relationship with a firm called Clarency “that provided correspondent banking through DBS Singapore.” The bank was apparently relying on a firm called Capstone Limited to help it place deposits in the US and maintain relationships with US-based banks. According to a complaint for forfeiture filed in July, Capstone was allegedly misrepresenting the nature of its business to ban...