FTX Bankruptcy Lawsuit Update: Silvergate Bank $10 million Settlement Plan, 46,000 Victims Eligible to Claim

【Crypto World】The FTX bankruptcy storm is still brewing. The California court has initiated a class action settlement process against the crypto-friendly bank Silvergate Bank, involving up to $10 million.

If you deposited USD into accounts related to FTX or Alameda through Silvergate Bank between 2019 and 2022, you now have the opportunity to file a claim. The court has notified over 46,000 potential claimants via email, and the settlement fund will be distributed proportionally to eligible victims—providing additional compensation outside of the FTX bankruptcy proceedings.

Timing is critical. Investors need to submit their choices to the U.S. District Court for the Southern District of California by January 30: either opt out of the lawsuit or formally file a claim. The court also requires all parties to attend the final hearing on February 9, presided over by Judge Ruth Bermudez Montenegro.

The core issue of this lawsuit is whether Silvergate Bank, Silvergate Capital Corporation, and executive Alan J. Lane knowingly or should have known assisted and conspired in the misconduct of FTX, Alameda, and Sam Bankman-Fried. While FTX’s main bankruptcy process is ongoing, this separate settlement provides an additional avenue for affected users to seek recovery.