Reported 12 months ago
The U.S. Securities and Exchange Commission has filed a lawsuit against Silvergate Capital Corp, a crypto-focused bank, for securities fraud. The SEC alleged that Silvergate misled investors about its bank secrecy and anti-money laundering programs and its financial condition after the collapse of FTX exchange. The SEC also claimed that Silvergate failed to detect nearly $9 billion in suspicious transfers by FTX. In response to the court filing, Silvergate has not provided any comment yet. Silvergate decided to wind down operations and liquidate voluntarily in March 2023 after suffering losses following the FTX collapse.
Source: YAHOO