Reported by: NICHOLAS SAY

The United States Department of Justice (DoJ) are scrutinizing Silvergate’s relationship with embattled crypto firms FTX and Alameda Research.

The DoJ fraud unit is looking into Silvergate’s hosting of accounts connected to FTX and Alameda Research, according to a source familiar with the matter quoted by Bloomberg.

The crypto-friendly bank plays a crucial role in the industry as its services are used by some of the prominent names such as FTX, Bitstamp, Kraken, Gemini, Circle, Coinbase, Paxos, and Crypto.com.

The bank reportedly processed billions of dollars each month. Deposits with FTX and multiple companies under founder Sam Bankman-Fried allegedly account for $1 billion of Silvergate’s value.

Read full report: https://blockonomi.com/silvergate-bank-faces-doj-probe-into-ftx-connections/