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Class action lawsuit against Silvergate

Photo by Tingey Injury Law Firm / Unsplash

A class action lawsuit against Silvergate Capital, operator of the Silvergate exchange network of Silvergate parent company Silvergate Bank was filed on 10 January. The lawsuit is filed on behalf of all purchasers of Silvergate securities between 9 November 2021 and 5 January 2023. The plaintiffs allege that the platform failed to detect more than $425 million in money laundering. The company's management also knowingly misled investors and artificially inflated share prices. Defendants in the lawsuit include CEO Alan Lane and CFO Antonio Martino. And as for money laundering - bank records show that money was transferred from cryptocurrency accounts to South American money launderers.

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