It is reported that the data encryption bank Silvergate is conducting an investigation into the fraud unit of the US Department of Justice, mainly because of its involvement with the failed FTX trading center and its subsidiaries.
The investigation has investigated Silvergate escrow accounts related to the project of former FTX CEO Nick Bankman-Fried, Bloomberg News reported on February 3, citing people familiar with the matter.
The company's California-based login password bank has not been charged with all crimes, but investigators are trying to discover how deep the deal with FTX and Alameda is.
In November last year, Yinmen was badly damaged by the collapse of FTX, reporting a loss of $1 billion last quarter. The bank laid off 40 per cent of its staff and announced billions of dollars in loans to avoid a liquidity crisis and bank crowding out after the collapse of the SBF kingdom.
Federal investigators have tried to determine whether Silvergate and other companies that have signed contracts with FTX are aware of this.
According to Silvergate, Alameda opened an account with the bank in 2018, just before FTX was released. According to the report, the company claimed that it had launched a dedicated investigation and continuous testing at that time.
This week, a bank meant that the company "has a comprehensive compliance and risk management plan."
Josh Reg, a login password trader, commented on how the latest criminal investigation might affect the trading of login passwords linked to Silvergate.
On January 27, the bank suspended dividend distribution due to "recent fluctuations in the field of digital assets". At that time, the company said, its cash trading position exceeded its digital assets related to customer savings.
Silvergate's shares fell 13% on the day to $17.14 in after-hours trading, according to MarketWatch. In addition, SI prices are down 92% from their all-time high of $220 in November 2021.
Cointelegraph contacted Silvergate for comment but did not receive a text message at the time of the release.
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