COSTA MESA, Calif., Dec. 3, 2025 /PRNewswire/ -- The following statement is being issued by Simpluris, Inc., the court-appointed settlement administrator, regarding the Silvergate Bank class action settlement.

What is this case about?

A Settlement on behalf of former FTX customers has been reached with Silvergate Bank and other defendants (the "Defendants") in a class action lawsuit. The people who brought the case accuse the Defendants of participating in unlawful conduct by FTX, Alameda, and Sam Bankman-Fried. The Defendants deny that they did anything wrong, and no court has decided which side is right.

The Court has appointed the plaintiffs' attorneys to represent the Class.

A copy of the Settlement is available at www.FTXBankSettlement.com.

Who is included in the Settlement?

You are a Class Member, and eligible to file a claim if all five of the following are true: (1) you sent or deposited fiat currency (such as US dollars) into an FTX- or Alameda-related account at Silvergate Bank; (2) between April 1, 2019, and November 11, 2022; (3) as of November 11, 2022, you still had an FTX.com or FTX.us account; (4) that account contained cryptocurrency, fiat currency, or both; and (5) you had no previous employment relationship or ownership interest in Silvergate, FTX, Alameda or any of their related entities.

What are the Settlement benefits?

Defendants will pay $10 million to settle this case. This money will be divided among the class members who file a valid claim form after payment of litigation fees and costs.

How do I receive a benefit?

Visit www.FTXBankSettlement.com to submit your claim. You can request a paper claim by calling 1-833-417-4936. Claims must be submitted online or postmarked by January 30, 2026.

What if I don't want to participate in the Settlement?

If you do not want to be part of the Settlement, you must exclude yourself by January 30, 2026, or you will not be able to sue Defendants for the claims made in this lawsuit. If you exclude yourself, you cannot get benefits from this Settlement. If you want to object to the Settlement, you may file an objection by January 30, 2026. The Settlement Agreement, available at www.FTXBankSettlement.com, explains how to exclude yourself or object.

When will the Court approve the Settlement?

The Court will hold a hearing in this case on February 9, 2026, to consider whether to approve the Settlement. The Court will also consider the plaintiffs' request for attorneys' fees of up to $3.3 million, reimbursement of expenses up to $150,000, and service payments up to $10,000 for each of the three Plaintiffs. You may attend the hearing at your own expense, but you do not have to.