In a recently proposed class action lawsuit, Silvergate Bank and its CEO Alan Lane have been accused of “aiding and abetting” a “multi-billion dollar fraud scheme orchestrated by Sam Bankman-Fried (SBF)” and two of Sam Bankman’s entities, Fried’s FTX and Alameda Research. This allegation comes in the context of a “multi-million dollar fraud scheme orchestrated by Sam Bankman-Fried (SBF).”

On February 14, 2019, attorneys representing a San Francisco-based FTX user who had approximately $20,000 worth of cryptocurrency frozen after the exchange went off the market filed a proposed class action lawsuit with the United States District Court. States for the Northern District of California. business the previous year.

Plaintiff Soham Bhatia asserts that Silvergate Bank, its parent company Silvergate Capital Corporation, and CEO Alan Lane were aware of Alameda Research’s use of FTX client funds, and accused them of concealing “the true nature of FTX” to its clients. Bhatia is suing Silvergate Bank, Silvergate Capital Corporation and CEO Alan Lane.

According to the lawsuit, “At all relevant times, Silvergate, Bankman-Fried, and Lane were each co-conspirators of the other,” with the following addition: “The lawsuit alleges that Silvergate and Lane aided, abetted, encouraged, and substantially aided Bankman-Fried to jointly perpetrate a fraudulent scheme against Plaintiff and the class.”

“By aiding, abetting, abetting, and substantially assisting in the wrongful acts, omissions, and other wrongful conduct alleged above, Defendants acted mindfully of their wrongdoing and realized that their conduct would substantially assist in achieving their unlawful design,” the judgment states. complaint. . “Furthermore, Defendants acted in the knowledge that their actions would substantially assist the realization of their illegal design.”

The lawsuit seeks a variety of remedies, including damages, restitution, and a pro rata share of the defendant’s earnings, with the precise amount decided at trial.

However, the lawsuit has yet to be certified as a class action by the district court, which is an essential step that must be completed before the case can move forward.

The latest potential legal action against Silvergate is another class action lawsuit that has been filed against the company over the past two months.

Plaintiff Joewy Gonzalez filed a similar class action lawsuit against Silvergate on December 14 in the United States District Court for the Southern District of California, charging Silvergate with its alleged role in “promoting FTX investment fraud” by assisting and instigate the cryptocurrency exchange when he placed FTX user deposits into Alameda’s bank accounts. Gonzalez’s lawsuit alleges that Silvergate played a role in “promoting FTX investment fraud” by placing FT

A class action lawsuit was filed against Silvergate Capital Corporation in the United States District Court for the Southern District of California on January 10, alleging that Silvergate’s platform failed to detect instances of money laundering “in amounts greater than $425 million.” ” involving South American money launderers. The lawsuit was filed against Silvergate Capital Corporation.

There have been allegations against other companies that are similar in nature.

Algorithmic trading business Statistica Capital has filed an alleged class action lawsuit against New York-based Signature Bank, saying Signature Bank “actually knew of and materially supported the now infamous FTX scam.” The case was filed on February 6 of last week.

The report said in its writing that “in particular, Signature was aware of and allowed the mixing of FTX customer money within its proprietary blockchain-based payment network, Signet.”