Moonstone Bank, a rural Washington state bank that received an estimated $11.5 million investment from FTX’s sister company, Alameda Research, says that it will be exiting the crypto space and returning to its “original mission” as a community bank.

In a Jan. 18 statement, the bank said that the change in strategy comes as a result of “recent events in the crypto assets industry and the changing regulatory environment surrounding crypto asset businesses.”

As part of the bank’s initiative to “return to its roots,” it said that it will no longer use the name Moonstone Bank and will be rebranding and re-adopting the Farmington State Bank name, known in the local community for 135 years.

Moonstone Bank was reportedly acquired in 2020 by Jean Chalopin, the Bahamas-based chairman of Deltec, which is another FTX banking partner. Chalopin reportedly secured an $11.5 million investment from Alameda Research in January 2022 to transform Moonstone into a crypto-focused financial services firm.

On Jan. 5, Cointelegraph reported that the FTX debacle has triggered a bank run on Silvergate, causing the company to sell off its assets at a loss and cut staff by 40% to cover $8.1 billion worth of customer withdrawals. As a result of this, Silvergate dismissed around 200 employees, which was 40% of its total personnel. Additionally, the bank canceled its plan to launch its own digital currency project.