Did Silvergate let FTX and Alameda share funds and bank accounts? Isn’t that illegal? Also, if one of the objectives of KYC and AML procedures is to stop money laundering, why didn’t Sam Bankman-Fried and company’s actions trigger alarms? They were allegedly doing egregious activities out in the open. Of course, the answer is that the rules are different for the rich and famous. However, after the FTX collapse, Silvergate might have to answer some questions.
Let’s start at the beginning, though. Credit where credit’s due, a pseudonymous Twitter user that goes by the name of EventLongShort made the case.
What Is Silvergate And How Did They Serve FTX And Alameda?
The vast majority of Silvergate clients are in the crypto business, from “exchanges (i.e. FTX), institutional investors (crypto hedge funds), and stablecoin issuers (Circle/USDC).” Their main product is the SEN network, “which allows these customers 24/7 access (important in crypto) to send money between their
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