Silvergate Bank lawsuit calls for FTX and Alameda investors to submit claims

According to Cointelegraph, a class action lawsuit against the U.S. crypto-friendly bank Silvergate is calling for investors with accounts linked to FTX or Alameda Research to submit claims. The lawsuit involves a $10 million settlement to address allegations of whether "Silvergate Bank, Silvergate Capital Corporation, and Alan J. Lane assisted and abetted the tortious conduct of FTX, Alameda, and Sam Bankman-Fried."

According to court documents, investors wishing to participate in the settlement must submit claims or opt out by January 30, 2024. Judge Ruth Bermudez Montenegro has scheduled a final hearing for February 9. The FTX bankruptcy case has contacted over 46,000 potential claimants by mail, who may receive a proportional share of the settlement.

Silvergate was one of the few crypto-friendly banks in the U.S. that had business dealings with the FTX exchange, which collapsed in November 2022. The bank voluntarily ceased operations in March 2023.