Silvergate Bank FTX Claim Lawsuit Progress: $10 million Settlement Pending Ruling, Investors Must Decide by January 30

YieldWhisperer · 2025-12-18T00:20:12+00:00

Silvergate Bank is sued for its partnership with FTX and faces a $10 million settlement plan. Investors can file claims before January 30, and a hearing will be held on February 9 to confirm the fairness of the plan. This is additional compensation for users harmed in the FTX incident.

YieldWhisperer

2025-12-18 00:20:12

Abstract generation in progress

【ChainNews】Silvergate Bank faces a class-action lawsuit in California due to its partnership with FTX. The latest update is that the court is convening victims to participate in a $10 million settlement plan.

The core issue of the lawsuit is straightforward: Did Silvergate know and assist FTX, Alameda, and founder Sam Bankman-Fried in illegal activities? If investors transferred fiat currency to “accounts related to FTX or Alameda” through Silvergate between 2019 and 2022, they now have the opportunity to file a claim.

The timeline is critical—investors must submit their applications to the U.S. District Court for the Southern District of California before January 30 to decide whether to opt out or participate in the claim. The court has notified over 46,000 potential claimants via email, and the $10 million will be distributed proportionally to eligible victims.

However, this is not the final decision. Judge Ruth Bermudez Montenegro is scheduled to hold a hearing on February 9 to confirm whether this settlement is truly fair and reasonable. According to court documents, this compensation is considered additional relief outside of the FTX bankruptcy proceedings—that is, even if you received a payout in the FTX bankruptcy liquidation, this money might be an extra.

In simple terms, this is Silvergate paying the price for its role in the FTX turmoil, while also opening a window for affected users to seek compensation.

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SleepyArbCat

· 2025-12-21 00:12

It's that damn thing again... 10 million divided among 46,000 people, how much can each person get? Less than 1% return, and it's not even as fast as running a script to farm profits.

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UncommonNPC

· 2025-12-20 23:59

10 million distributed to 46,000 people, with an average of less than $2,500 per person. This settlement plan is indeed a bit disappointing.

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quiet_lurker

· 2025-12-20 15:43

How can 10 million be divided among 46,000 people? That's only a few hundred bucks per person, haha.

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P2ENotWorking

· 2025-12-18 00:47

10 million divided among 46,000 people? When you do the math, each person can't get many shares.

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LiquiditySurfer

· 2025-12-18 00:47

$10 million distributed to 46,000 people? Let's do the math.

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fomo_fighter

· 2025-12-18 00:46

Another $10 million settlement... How can this amount be divided among 46,000 people? --- Deadline January 30? I need to check my account records to see if I fell for this trap back then. --- Honestly, Silvergate should have explained this long ago. Did they really not see it coming despite knowing? --- Oh my God, another legal process. This mess still isn't over. --- Wait, does this mean I might actually get something back?

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CountdownToBroke

· 2025-12-18 00:38

Bankruptcy countdown, this account name is brilliant. Now there's another $10 million worth of Bitcoin to split. --- January 30th? Time is tight. Those who have been scammed, hurry up and submit your claims. --- I’m not sure if Silvergate knew what was going on, but anyway, SBF is already in custody. Recovering this $10 million would be pretty good. --- Another settlement plan... It feels like the lawsuits related to FTX have been endless these past few years. --- 40,000 people sharing $10 million, that’s only a few thousand dollars each on average? --- What kind of mindset did those who transferred funds there have? Now they’re coming to claim compensation. --- Banks helping to launder money and then pretending to be innocent—this tactic is a bit shady.

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MultiSigFailMaster

· 2025-12-18 00:37

10 million USD? Divided among 46,000 people? Did you do the math, buddy? That's hilarious. --- It's Silvergate again. This bank should have gone bankrupt long ago. Why is it still dragging on now? --- The deadline is January 30th. Can anyone really get the money? I don't believe it. --- That guy Sam is really something. He's involved with a bunch of innocent intermediary agencies. --- The problem is, how to prove you've transferred the money? The on-chain data is all there, but the legal process... so annoying. --- 46,000 people dividing 10 million, how much on average? It's even more expensive than the transaction fee. --- Silvergate is really going to take the fall this time. Weren't there so many red flags back then?

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