FTX's bank is under the early stages of a federal criminal investigation, Bloomberg reported.
FTX’s bank is under the early stages of a federal criminal investigation, Bloomberg reported.
The Justice Department’s fraud department has begun probing Silvergate’s handling of accounts for Sam Bankman-Fried’s firms, BloombergThe fraud probe is focused on potential criminal wrongdoing in allowing FTX’s deposits – including user funds – into Alameda’s accounts, according to the report. The porous relationship between the jumble of firms tied to Sam Bankman-Fried came to light amid ongoing bankruptcy proceedings. Silvergate's role as bank to the failed crypto empire has placed it under increased scrutiny.Silvergate's conduct, calling the bank’s role in managing funds related to FTX an “egregious failure.”
Silvergate has long operated in that market and is one of the biggest players providing such a bridge for dollar deposits. © 2023 The Block Crypto, Inc. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.By signing-up you agree to our
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