COSTA MESA, Calif., December 3, 2025 /PRNewswire/ — A significant development has emerged regarding the class action lawsuit involving former customers of FTX and Alameda. A proposed settlement has been reached with Silvergate Bank and other defendants, which may impact the rights of individuals who deposited funds into relevant accounts.
The lawsuit alleges that the defendants engaged in unlawful conduct associated with FTX, Alameda, and their founder, Sam Bankman-Fried. While the defendants deny any wrongdoing, the settlement offers a path for affected customers to potentially recover some losses. The court has appointed attorneys to represent the class, and details of the settlement can be found at www.FTXBankSettlement.com.
To qualify as a class member and file a claim, individuals must meet five criteria: they 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; they must still have an active account as of November 11, 2022, that contained either cryptocurrency, fiat currency, or both; and they must not have had any employment or ownership ties to Silvergate, FTX, Alameda, or their affiliates.
The total settlement amount is set at $10 million, which will be distributed among eligible class members who file valid claims, following the deduction of litigation fees and costs. Those interested in submitting a claim can do so online at www.FTXBankSettlement.com or by requesting a paper claim form at 1-833-417-4936. Claims must be submitted or postmarked by January 30, 2026.
If individuals choose not to participate in the settlement, they must exclude themselves by January 30, 2026, to preserve their right to pursue individual claims against the defendants. Excluding oneself means forfeiting any potential benefits from this settlement. Additionally, objections to the settlement can be filed by the same deadline. The details on how to exclude oneself or file an objection are also available at www.FTXBankSettlement.com.
A court hearing is scheduled for February 9, 2026, to evaluate the approval of the settlement. During this hearing, the court will also consider requests for attorneys” fees up to $3.3 million, reimbursement of expenses up to $150,000, and service payments of up to $10,000 for each of the three plaintiffs involved.
