Silvergate Bank must now confront a class-action lawsuit. This legal action stems from accusations that the bank played a pivotal role in facilitating fraudulent activities associated with the now-defunct cryptocurrency exchange FTX and its affiliate, Alameda Research. The federal court’s decision came after Silvergate Bank attempted to have the lawsuit dismissed in June, a motion that Judge Ruth Bermudez Montenegro denied on March 20.
The legal action launched by the FTX customers boils down to the idea that Silvergate Bank was part of the deception; this is because the bank was conscious of its role in the failing of FTX and Alameda Research, as it gave these entities essential banking services. This type of the service is charged by the involved partners, who subsequently divert customers’ funds.
The court denied the assertions of the bank and opined that those allegations were grave and among the reasons for the continuation of the case. The bank’s defense claimed that no dut
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