The pressure on crypto bank Silvergate continues to mount

A fraud case involving Silvergate's FTX and Alameda trades may soon be filed. But there has yet to be an indictment.

Prosecutors from the fraud division of the US Department of Justice have reportedly already started their initial investigations, according to information from the news portal Bloomberg. We'll look at the organization's contribution to the FTX and Alameda Research case.

The measurement primarily concentrates on Silvergate accounts connected to Sam Bankman-Fried's business. Millions of dollars in client funds are allegedly missing from FTX and Alameda management.

The sudden bankruptcy of FTX had a particularly negative impact on Silvergate among the lenders. In the most recent quarter, the bank reported a $1 billion loss and let go of about 40% of its staff.

Earlier this week, a cross-partisan group of U. S. Senators demanded more information from the business regarding the bankrupt cryptocurrency exchange FTX in an open letter to the company.

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