Class Action Settlement Notification for Former FTX Customers at Silvergate Bank
On December 2, 2025, Simpluris, Inc., the court-appointed administrator for a significant class action lawsuit settlement, unveiled important information for former customers of FTX who engaged with Silvergate Bank. This proposed settlement may alter the rights of those who sent or deposited funds into an FTX-related account at Silvergate Bank, offering them the possibility of receiving benefits, including a cash payment.
The class action stems from accusations against Silvergate Bank and other defendants (collectively termed as "Defendants") of involvement in unlawful activities linked to FTX, Alameda Research, and its CEO, Sam Bankman-Fried. While the plaintiffs allege wrongdoing, the Defendants have denied these charges, and the court has not yet ruled in favor of either party.
To ascertain eligibility for participation in this class action settlement, individuals must meet all five of the following conditions:
1. You deposited or sent fiat currency into an account on FTX or Alameda that was linked to Silvergate Bank.
2. This transaction occurred between April 1, 2019, and November 11, 2022.
3. As of November 11, 2022, you maintained an account at either FTX.com or FTX.us.
4. Your account held cryptocurrencies, fiat currencies, or both.
5. You had no prior employment or ownership stake in Silvergate, FTX, Alameda, or their related entities.
To resolve the suit, the Defendants will contribute $10 million, which will be distributed among class members who complete and submit a valid claim. After covering litigation fees and associated costs, the remaining funds will be divided fairly among participants.
Former customers can submit their claims through the dedicated website www.FTXBankSettlement.com. In case of needing a paper claim, individuals can reach out by phone at 1-833-417-4936. Ensure to file your claims online or postmark them by January 30, 2026.
If you choose not to participate in the settlement, options are available to exclude yourself before January 30, 2026. However, it's crucial to note that if you opt-out, you’ll forfeit any potential benefits from this settlement. If you wish to voice objections regarding the settlement terms, submissions can be made until the same date. A comprehensive explanation of the exclusion and objection processes is provided in the Settlement Agreement available at the same website.
The court is scheduled to review and potentially approve the settlement on February 9, 2026. During this hearing, the court will also evaluate the plaintiffs' attorneys' request for fees, which could total up to $3.3 million, alongside up to $150,000 for expenses and service payments not exceeding $10,000 for each of the three named plaintiffs. Attending the hearing is optional and at your expense.
In summary, if you are a former FTX customer who made relevant transactions through Silvergate Bank during the specified timeframe, this class action settlement could offer you potential benefits. To ensure you don't miss this opportunity, please check your eligibility and file a claim accordingly. More details and ongoing updates can be found at FTXBankSettlement.com.
Understanding the Class Action
The class action stems from accusations against Silvergate Bank and other defendants (collectively termed as "Defendants") of involvement in unlawful activities linked to FTX, Alameda Research, and its CEO, Sam Bankman-Fried. While the plaintiffs allege wrongdoing, the Defendants have denied these charges, and the court has not yet ruled in favor of either party.
Eligibility Criteria
To ascertain eligibility for participation in this class action settlement, individuals must meet all five of the following conditions:
1. You deposited or sent fiat currency into an account on FTX or Alameda that was linked to Silvergate Bank.
2. This transaction occurred between April 1, 2019, and November 11, 2022.
3. As of November 11, 2022, you maintained an account at either FTX.com or FTX.us.
4. Your account held cryptocurrencies, fiat currencies, or both.
5. You had no prior employment or ownership stake in Silvergate, FTX, Alameda, or their related entities.
Settlement Benefits
To resolve the suit, the Defendants will contribute $10 million, which will be distributed among class members who complete and submit a valid claim. After covering litigation fees and associated costs, the remaining funds will be divided fairly among participants.
Filing a Claim
Former customers can submit their claims through the dedicated website www.FTXBankSettlement.com. In case of needing a paper claim, individuals can reach out by phone at 1-833-417-4936. Ensure to file your claims online or postmark them by January 30, 2026.
Opting Out
If you choose not to participate in the settlement, options are available to exclude yourself before January 30, 2026. However, it's crucial to note that if you opt-out, you’ll forfeit any potential benefits from this settlement. If you wish to voice objections regarding the settlement terms, submissions can be made until the same date. A comprehensive explanation of the exclusion and objection processes is provided in the Settlement Agreement available at the same website.
Upcoming Court Hearing
The court is scheduled to review and potentially approve the settlement on February 9, 2026. During this hearing, the court will also evaluate the plaintiffs' attorneys' request for fees, which could total up to $3.3 million, alongside up to $150,000 for expenses and service payments not exceeding $10,000 for each of the three named plaintiffs. Attending the hearing is optional and at your expense.
In summary, if you are a former FTX customer who made relevant transactions through Silvergate Bank during the specified timeframe, this class action settlement could offer you potential benefits. To ensure you don't miss this opportunity, please check your eligibility and file a claim accordingly. More details and ongoing updates can be found at FTXBankSettlement.com.
Topics Financial Services & Investing）
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