SI:NYSE Class Action Lawsuit (Silvergate Capital) was filed on December 7, 2022 on behalf of the shareholders. n November 15, 2022, Marcus Aurelius Research tweeted that “Recently subpoenaed Silvergate bank records reveal $425 million in transfers from $SI crypto bank accounts to South American money launderers.
Affadavit from investigation into crypto crime ring linked to smugglers/drug traffickers.” The tweet contained a link to an August 2022 forfeiture application for probable cause filed in Broward County, Florida.
The forfeiture application connected Silvergate to a money laundering operation and stated, in relevant part: …
On this news, the Company’s Class A common stock price fell $6.13, or 17%, to close at $29.36 per share on November 15, 2022, on unusually heavy trading volume.
On November 17, 2022, The Bear Cave newsletter released an article about several companies with potential exposures to recently collapsed cryptocurrency exchange FTX, including Silvergate.
In addition to the money laundering operation linked to Silvergate that transferred $425 million off cryptocurrency trading platforms, it drew attention to potential violations of Silvergate’s anti-nepotism policy:…
On this news, the Company’s Class A common stock price fell $3.00, or 10.7%, to close at $24.90 per share on November 18, 2022, on unusually heavy trading volume.