The US Securities and Exchange Commission (SEC) filed a lawsuit against Silvergate Capital Corporation, the parent company of crypto-focused bank Silvergate, accusing it of violating the Bank Secrecy Act and anti-fraud regulations. The SEC also filed a lawsuit against former CEO Alan Lane and former COOs Kathleen Fraher and Antonio Martino.

The lawsuit alleges that Silvergate failed to detect nearly $9 billion in suspicious transfers from FTX, which filed for bankruptcy in November 2022.

Silvergate, which had been the main bank for large crypto businesses, voluntarily folded under pressure from the sector and became the first of three tech lenders to shut down during the so-called crypto winter.