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SBF and FTX Fraud ‘Aided and Abetted’ by Silvergate Bank, Alleges Lawsuit

Silvergate Bank and its CEO Alan Lane have been accused of “aiding and abetting” a “multibillion-dollar fraudulent scheme orchestrated by Sam Bankman-Fried (SBF)” and two of his entities, FTX and Alameda Research, in a newly proposed class action lawsuit.

The proposed class-action lawsuit was filed in the United States District Court of the Northern District of California on Feb. 14 by lawyers representing a San Francisco-based FTX user who — just like all other FTX customers — was frozen out of around $20,000 in crypto when the exchange collapsed last year.

Plaintiff Soham Bhatia alleges that Silvergate Bank, its parent company Silvergate Capital Corporation and CEO Alan Lane were aware of the use of FTX customer funds by Alameda Research and has accused them of concealing “the true nature of FTX” from its customers.

(By FELIX NG)

Related News:

Sam Bankman-Fried, Caroline Ellison, and Other Company Insiders Subpoenaed by FTX for Documents

Sequoia Capital, Paradigm Among VCs Facing “Tricky” FTX Investor Lawsuit

Charity Tied to Former FTX Exec Made $150M From Insider Trading

Susquehanna Advisors Group Buys 7.5% Stake in Silvergate, Following Citadel Securities

Silvergate, Coinbase Extend Losses As Regulatory Specter Hangs Over Crypto

Get the latest news here: Cointime channel — https://t.me/cointime_en

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