A class action settlement has been proposed regarding former customers of FTX who deposited money into accounts associated with Alameda at Silvergate Bank. This significant development was announced on December 3, 2025, by Simpluris, Inc., the appointed settlement administrator.
The lawsuit alleges that the defendants, including Silvergate Bank, were involved in unlawful activities connected to FTX and its founder, Sam Bankman-Fried. While the defendants deny any wrongdoing, the settlement aims to address the claims made by the plaintiffs.
Former FTX customers could be included in the settlement if they meet specific criteria. To qualify, individuals must have sent or deposited fiat currency into an FTX or Alameda-related account at Silvergate Bank between April 1, 2019, and November 11, 2022. Additionally, they must have maintained an account on FTX.com or FTX.us as of November 11, 2022, that contained either cryptocurrency, fiat currency, or both. Importantly, claimants must not have any prior employment or ownership ties to Silvergate, FTX, Alameda, or their affiliates.
The total settlement amount has been set at $10 million, which will be shared among the eligible claimants following the deduction of litigation fees and related costs. Those interested in receiving a benefit must file a valid claim by January 30, 2026, either online at www.FTXBankSettlement.com or by requesting a paper claim through a dedicated phone line.
For individuals who prefer not to participate in the settlement, there is an option to exclude themselves, provided they do so by January 30, 2026. Failure to exclude oneself will prevent any future claims against the defendants regarding the issues raised in this lawsuit. Alternatively, individuals may file an objection to the settlement by the same deadline. Detailed instructions on how to exclude oneself or file an objection can be found in the Settlement Agreement available at www.FTXBankSettlement.com.
A court hearing regarding the approval of this settlement is scheduled for February 9, 2026. During this hearing, the court will also review the plaintiffs” request for attorney fees that could reach up to $3.3 million, along with reimbursement of expenses and service payments for the plaintiffs involved. Interested parties can attend the hearing at their own expense, although attendance is not mandatory.
