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Banking

Mar. 27, 2024

Silvergate Bank and CEO to face claims of aiding FTX fraud

A judge denied the bank’s motion to dismiss the plaintiffs claim that Silvergate accepted customer deposits into non-FTX accounts controlled by FTX’s founder, Sam Bankman-Fried, who was found to have misappropriated the funds.

Silvergate Bank and CEO to face claims of aiding FTX fraud
Sam Bankman-Fried, the disgraced founder of the cryptocurrency firm FTX, leaves Manhattan Federal District court in New York on Feb. 9, 2023. (New York Times News Service)

Silvergate Bank and its CEO must face aiding and abetting claims that were brought by a putative class of former customers of the bankrupt cryptocurrency exchange FTX.

In bringing the lawsuit against the now-defunct Silvergate Bank last year, the plaintiffs claimed their money was lost because Silvergate, FTX’s bank, accepted customer deposits into non-FTX accounts that were controlled by its founder and convicted felon who was found to ha...

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