The bank provides deposit, payment and security services to the digital currency industry, which has been reeling from high-profile bankruptcies
Potential losses for investors are unclear but could be in the billions.U.S. prosecutors charged Bankman-Fried
Already, at least two lawsuits have been filed by Silvergate shareholders alleging the bank made misleading statements to its investors. Both seek class-action status. “Alameda Research is a large crypto hedge fund and FTX is a large crypto exchange,” he said, “so it’s natural for Silvergate to provide payment services to each.”
Silvergate doesn’t own or trade cryptocurrency itself. It provides many traditional banking services — including deposit services, fund transfers, 24/7 U.S. dollar transaction facilitation, customer account controls and security — needed to enable digital currency trading.
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