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Silvergate Bank didn’t adequately monitor $1 trillion in crypto transactions, SEC says
Silvergate didn’t notice fraudulent transactions by FTX.
Silvergate said it had an effective anti-money laundering (AML) program tailored specifically to crypto but actually didn’t adequately monitor “approximately $1 trillion” in transactions, the complaint says. When FTX collapsed, the crypto industry panicked, leading to a run on Silvergate and a liquidity crisis. That earnings release understated Silvergate’s losses from its securities sales, the SEC complaint alleges.
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