U.S. judge rejects Silvergate Bank's request to dismiss FTX users' lawsuit against them
Judge Ruth Bermudez Montenegro of the Federal Court of San Diego rejected Silvergate's motion to dismiss from June, stating that Silvergate unfairly benefited itself at the expense of FTX users and denied the allegations. The judge stated that Silvergate has a duty of care to FTX customers because its Silvergate trading network is for the benefit of FTX customers. Silvergate's revenue comes from transaction fees and interest on deposits in exchange-related accounts. Prior to FTX, Silvergate's annual revenue was $7.6 million, but after depositing it into the exchange, that number jumped to $75.5 million.
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
You may also like
Snake year zero fees: Buy crypto with local payment methods via Alchemy Pay!
New Fiat user exclusive: Enjoy 100% transaction fee rebates in BGB!
New Fiat user exclusive: Enjoy 100% transaction fee rebates in BGB!
Injecting 50,000 ETH, Ethereum Foundation Makes First DeFi Yield Farming Move
An allocation of 50,000 ETH will provide strong support for the Ethereum DeFi ecosystem, widely interpreted by the community as a positive signal with the potential to reshape community trust.