TechFlow, December 18 — According to Cointelegraph, a class-action lawsuit involving Silvergate, a crypto-friendly U.S. bank, is calling on investors with accounts linked to FTX or Alameda Research to submit claims. The lawsuit involves a $10 million settlement resolving allegations that "Silvergate Bank, Silvergate Capital Corporation, and Alan J. Lane aided and abetted the wrongdoing of FTX, Alameda, and Sam Bankman-Fried."
Per court documents, investors wishing to participate in the settlement must file claims or opt out by January 30, 2024. Judge Ruth Bermudez Montenegro has scheduled a final hearing for February 9. The FTX bankruptcy team has contacted over 46,000 potential claimants via email, who may receive proportional distributions from the settlement fund.
Silvergate was one of the few U.S. crypto-friendly banks that conducted business with FTX, the exchange that collapsed in November 2022. The bank voluntarily ceased operations in March 2023.
