Feb 16, 2023

Silvergate Bank, CEO Accused of “Aiding and Abetting” Fraudulent Scheme

Silvergate Bank and its CEO Alan Lane have been accused of “aiding and abetting” a “multibillion-dollar fraudulent scheme orchestrated by Sam Bankman-Fried (SBF)” and two of his entities, FTX and Alameda Research, in a recently proposed class-action lawsuit. The suit was filed in the United States District Court for the Northern District of California on Feb. 14 by lawyers for 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, accused Silvergate Bank, its parent company Silvergate Capital Corporation, and CEO Alan Lane of being aware of the use of FTX customer funds by Alameda Research, and of concealing “the true nature of FTX” from its customers. The suit seeks damages, restitution, and disgorgement of profits, with the amount to be determined in trial.

This is the third class-action suit against Silvergate in two months. On Dec. 14, Joewy Gonzalez filed a similar suit in the U.S. District Court for the Southern District of California, and on Jan. 10, a class-action suit was filed against Silvergate Capital Corporation in the United States District Court of Southern California.

Last week, algorithmic trading firm Statistica Capital filed a putative class-action lawsuit against New York-based Signature Bank, alleging it had “actual knowledge of and substantially facilitated the now-infamous FTX fraud.”

The proposed class-action lawsuit against Silvergate Bank is the latest example of how the crypto and web3 space is rapidly changing, and how companies in the space are increasingly being held accountable for their actions. It is also a reminder of the importance of financial transparency and of the need for companies to be mindful of their obligations to customers.

The rise of Non-Fungible Tokens (NFTs) and the emergence of web3 has created a new wave of marketing opportunities, and many companies are now turning to NFT marketing agencies to help them promote their products and services. NFT marketing agencies specialize in creating and executing campaigns that leverage the power of NFTs to reach new audiences and drive sales.

Twitter NFT marketing is one of the most popular strategies for NFT promotion, as it allows companies to reach a large, engaged audience quickly and easily. Companies looking to promote their NFTs on Twitter can work with a NFT marketing agency to develop a comprehensive strategy that includes creating content, engaging with influencers, and leveraging NFTs to drive sales.

As the crypto and web3 space continues to grow, it is important for companies to ensure that they are compliant with all applicable regulations and laws. Silvergate Bank and its CEO Alan Lane have been accused of failing to do so, and the proposed class-action lawsuit is a reminder of the potential consequences of failing to adhere to the law. Companies should take the necessary steps to ensure they are compliant, and should also consider working with a web3 agency to ensure that their NFT marketing campaigns are effective and successful.

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.