Digital currency company Silvergate Capital, CEO Alan J. Lane and CFO Antonio Martino were hit with a securities class action on Wednesday in California Southern District Court. According to the complaint, Silvergate’s account holders transferred over $425 million to South American money launderers. The suit, brought by Glancy Prongay & Murray and Holzer & Holzer, alleges that the company’s value declined after the revelations. Counsel have not yet appeared for the defendants. The case is 3:22-cv-01936, Rosa v. Silvergate Capital Corp. et al.
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