Silvergate Bank $10M FTX Securities Class Action Settlement

Individuals or entities who deposited fiat currency into an FTX- or Alameda-related account at Silvergate Bank between April 1, 2019, and Nov. 11, 2022, may be eligible to claim a cash payment from a class action settlement.

Silvergate Bank, Silvergate Capital Corp. and former CEO Alan J. Lane agreed to pay $10 million to settle a class action lawsuit alleging they aided and abetted the misdirection and commingling of customer funds by FTX, Alameda and Sam Bankman-Fried.

Who can file a claim?

The settlement class includes:

• Individuals or entities who deposited or sent fiat currency into an FTX- or Alameda-related account at Silvergate Bank between April 1, 2019, and Nov. 11, 2022
• Individuals or entities who still held an FTX.com or FTX.us account on Nov. 11, 2022, and that account contained cryptocurrency, fiat currency or both
• Individuals or entities who did not have an employment or ownership relationship with Silvergate, FTX, Alameda or related entities

Additional details

• Both individuals and entities can be class members.
• Authorized representatives may submit claims on behalf of others (subject to claim form requirements).
• Executors, administrators, guardians, legal representatives or trustees may submit claims and must provide proof of authority.

How much is the Silvergate Bank payout?

The total settlement fund is $10,000,000. The amount each class member receives depends on several factors:

• The number of valid claims filed
• Each claimant’s FTX bankruptcy claim amount
• The total value of all approved claims

The settlement administrator will distribute payments on a pro rata basis according to the court-approved plan of allocation:

• The administrator will calculate each claimant’s payment by dividing their claim amount by the total approved claim amounts and multiplying it by the net settlement fund.
• It will raise payments below $5 to the $5 minimum.
• It will reduce larger payments proportionally.
• It may redistribute or direct unclaimed funds to a residual fund if redistribution is not practical.

How to claim a settlement payment

Class members can file a claim online or download, print,and complete the PDF claim form and mail it to the settlement administrator. The claim deadline is Jan. 30, 2026.

Settlement administrator’s mailing address: Silvergate Bank FTX Settlement, c/o Claims, P.O. Box 25191, Santa Ana, CA 92799

Claimants may also email a completed claim form and supporting documents to info@FTXBankSettlement.com.

Proof or documentation required to submit a claim

All class members must provide documentation proving both eligibility and claim value. This includes:

• Proof that they deposited fiat currency into an FTX- or Alameda-related account at Silvergate Bank between April 1, 2019, and Nov. 11, 2022
• Proof of their FTX bankruptcy claim amount, such as a screenshot or written communication showing the approved claim value

Claimants must provide documentation to support these items. Acceptable proof includes:

• Bank statements or transaction confirmations showing fiat deposits to an FTX- or Alameda-related Silvergate account
• Screenshots or claim records from the FTX bankruptcy portal showing the claimant’s approved bankruptcy claim amount
• Authorized statements or records from a financial institution containing the relevant transactional information
• Other documentation the settlement administrator deems adequate

Claimants must also provide documentation that clearly shows the full FTX bankruptcy claim amount.

Payout options

• Physical check (default)
• PayPal (online claims only)
• Venmo (online claims only)
• ACH (online claims only)
• Zelle (online claims only)

$10 million settlement fund

The $10,000,000 settlement fund includes:

• Settlement administration costs: Amount not specified
• Attorneys’ fees: Up to $3,300,000
• Attorneys’ expenses: Up to $175,000
• Service awards to class representatives: Up to $10,000 total
• Payments to eligible class members: Remainder of the fund

Important dates

• Deadline to opt out: Jan. 30, 2026
• Deadline to file a claim: Jan. 30, 2026
• Fairness hearing: Feb. 9, 2026

When is the Silvergate Bank FTX class action settlement payout date?

The settlement administrator will issue payments to eligible class members after it completes claim processing and the court resolves any appeals and grants final approval to the settlement.

Why did this class action settlement happen?

The class action lawsuit alleged Silvergate Bank, Silvergate Capital Corp., and former CEO Alan J. Lane aided and abetted the misdirection and commingling of FTX and Alameda customer deposits. The plaintiffs claimed this conduct allowed FTX and Alameda to misuse customer funds, which allegedly caused financial harm to account holders.

Silvergate denies all allegations of wrongdoing and liability but agreed to settle to avoid the risks, costs and delays of further litigation.

Sources

1. Class notice
2. Claim form
3. Settlement agreement
4. Settlement website FAQ