Feb 16, 2023
Silvergate Bank Accused of “Aiding and Abetting” Fraudulent Scheme
A proposed class-action lawsuit has been filed in the United States District Court for the Northern District of California against Silvergate Bank, its parent company Silvergate Capital Corporation, and CEO Alan Lane. The lawsuit was filed by lawyers representing a San Francisco-based FTX user who was frozen out of around $20,000 in crypto when the exchange collapsed last year.
The plaintiff, Soham Bhatia, accuses Silvergate Bank, Silvergate Capital Corporation, and CEO Alan Lane of “aiding and abetting” a “multibillion-dollar fraudulent scheme orchestrated by Sam Bankman-Fried (SBF)” and two of his entities, FTX and Alameda Research. The lawsuit alleges that Silvergate and Lane were aware of the use of FTX customer funds by Alameda Research and has accused them of concealing “the true nature of FTX” from its customers.
The suit seeks a combination of damages, restitution, and disgorgement of profits with the amount to be determined in trial. However, the lawsuit is yet to be certified by the district court, which is a necessary step before it can proceed as a class action.
This is not the first class-action complaint against Silvergate. On Dec. 14, plaintiff Joewy Gonzalez filed a similar class-action suit in the U.S. District Court for the Southern District of California, accusing Silvergate of its alleged role in “furthering FTX’s investment fraud” by aiding and abetting the crypto exchange when it placed FTX user deposits into the bank accounts of Alameda. On Jan. 10, a class-action suit was filed against Silvergate Capital Corporation in the United States District Court of Southern California alleging that Silvergate’s platform failed to detect occurrences of money laundering “in amounts exceeding $425 million” involving South American money launderers.
The crypto space is seeing a rising trend in NFTs and their promotion. NFTs are digital assets that are unique and cannot be replicated. They are used to represent a variety of digital assets such as art, music, and video. They are becoming increasingly popular as a way to monetize digital content.
The demand for NFTs has grown exponentially in the last year, and many businesses are now turning to NFT marketing agencies to help them promote their NFTs. These agencies specialize in creating campaigns to increase the visibility of an NFT, as well as helping to build relationships with potential buyers.
One of the most popular methods of NFT promotion is through Twitter. Twitter is a great platform for NFT promotion because it allows users to reach a large audience quickly. Twitter NFT marketing agencies can create campaigns to increase the visibility of an NFT and help to build relationships with potential buyers.
NFT promotion agencies can also help businesses to create and manage NFTs. They can provide advice on how to design and market an NFT, as well as helping businesses to find the right platform to sell their NFTs.
Web3 agencies are also becoming increasingly popular. These agencies specialize in providing services related to blockchain technology, such as developing decentralized applications, creating smart contracts, and providing consulting services. They can help businesses to create and manage their own blockchain-based projects, as well as providing advice on how to maximize returns from selling NFTs.
Silvergate Bank and its CEO Alan Lane have yet to comment on the proposed class-action lawsuit. However, the lawsuit is yet to be certified by the district court, which is a necessary step before it can proceed as a class action.
It is clear that NFTs are becoming increasingly popular in the crypto space. Businesses need to be aware of the potential risks associated with NFT promotion and should consider working with a web3 agency or NFT marketing agency to ensure that their NFTs are properly promoted and managed.
Disclaimer: All investment or financial opinions expressed by MoonLanding Media are not recommendations and are intended for entertainment purposes only. Do your own research prior to making any kind of investment. This article has been generated based on trending topics, has not been fact checked and may contain incorrect information. Please verify all information before relying on it.
