EQIBank loses 80% of assets in $84M seizure tied to Capstone case
- —About 80% of EQIBank's monetary assets were frozen; the bank is under enhanced supervision
- —Capstone Limited is accused of misrepresenting its business to Wells Fargo, JPMorgan and Citibank
- —Of $337 million withdrawn from a Wells Fargo account, nearly two-thirds went to hundreds of parties on behalf of a crypto company
- —EQIBank is linked to Tether via Marlin Capital Partners, which invested in the bank
Why it matters: The case touches Tether's banking infrastructure and could intensify scrutiny of reserve transparency at the largest stablecoin.
Source: Protos