A class-action lawsuit against the now-bankrupt Silvergate Bank is calling for FTX and Alameda Research clients to participate in a proposed $10 million settlement. The lawsuit, filed in the U.S. District Court for the Southern District of California, alleges that Silvergate aided and abetted tortious conduct on the part of FTX, Alameda, and Sam Bankman-Fried.

The suit is inviting Silvergate users who deposited fiat currency into FTX- or Alameda-related accounts between 2019 and 2022 to submit claims. Investors have until January 30, 2026, to either opt out of the settlement or file a claim.

The plaintiffs in the case accuse the defendants of participating in unlawful conduct by FTX, Alameda, and Sam Bankman-Fried. The defendants deny any wrongdoing. According to court documents, by mail, the FTX bankruptcy case has reached over 46,000 potential claimants, which could result in proportional payments from the $10 million settlement.

The court has scheduled a hearing on February 9, 2026, to determine whether to approve the settlement. The court will also consider the plaintiffs’ request for attorneys’ fees of up to $3.3 million, reimbursement of expenses up to $150,000, and service payments up to $10,000 for each of the three plaintiffs.

Silvergate, known for being a crypto-friendly bank, had close ties to the FTX exchange at the time of its collapse in November 2022. The bank voluntarily ceased operations in March 2023. The investors in the class action lawsuit claim that Silvergate did not appropriately monitor its clients who participated in the Silvergate Exchange Network (SEN). SEN allowed Silvergate customers to send U.S. dollars and euros between eligible counterparty SEN accounts at any time of day using the bank's programming interface. Participants on the SEN Network included FTX, Alameda, Binance.US, and Huobi Global.

The lawsuit states that Silvergate failed to disclose that the company's platform lacked sufficient controls and procedures to detect instances of money laundering. Investors claimed they incurred significant losses beginning in November 2022 as the truth emerged about the bank's lax customer vetting and monitoring program. Silvergate allegedly made materially false and misleading statements about the integrity of the bank's compliance framework, particularly its customer monitoring and anti-money laundering assurance programs.