U.S. Senator demands crypto bank Silvergate to respond to its relationship with FTX and SBF

ChainCatcher news, according to CNBC, U.S. Senators Elizabeth Warren, John Kennedy, and Roger Marshall recently demanded in a letter that crypto bank Silvergate provide information regarding its relationship with FTX and SBF.

The letter states that SBF secretly transferred approximately $10 billion of customer funds to Alameda Research to fund risky bets, which violates U.S. securities laws and FTX's terms of service. "We are concerned that Silvergate played an unknown role in these activities, as reports indicate that Silvergate assisted in transferring FTX customer funds to Alameda. This suggests that Silvergate appears to have seriously failed in monitoring and reporting suspicious financial activities conducted by its clients, and Silvergate must respond to lawmakers by December 19."

It is reported that, according to bankruptcy filings, entities related to FTX and SBF hold approximately 20 different accounts at Silvergate. (CNBC)