In latest Silvergate Bank news, the fallen bank now faces a class-action lawsuit filed by FTX users, alleging the bank’s involvement in aiding fraud at the now-defunct digital asset exchange and its associated trading firm, Alameda Research.

Involvement With FTX

San Diego federal court Judge Ruth Bermudez Montenegro, in an order dated March 20, denied Silvergate’s motion for dismissal. It cites claims by the class group that the bank was aware of FTX’s fraudulent activities and unjustly profited from them at the expense of exchange’s users. It is important to note that soon after the collapse of the digital asset exchange in November 2022, Silvergate Bank faced financial troubles…

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