Silvergate Bank became a key on‑ramp between traditional banking and the crypto ecosystem during the FTX boom, providing accounts that helped FTX and its affiliated trading firm Alameda Research move U.S. dollar deposits. After FTX collapsed in November 2022, investigators and bankruptcy proceedings spotlighted how customer money was allegedly routed and mixed with other funds rather than being kept segregated as customers expected. This class action targets that banking link: it covers people and entities who sent fiat currency into FTX- or Alameda-related Silvergate accounts between April 1, 2019, and Nov. 11, 2022, and who still held an FTX.com or FTX.us account with assets on Nov. 11, 2022. The lawsuit was filed on the theory that Silvergate, its parent, and former CEO Alan J. Lane “aided and abetted” the misdirection and commingling of customer deposits—claims the defendants deny—by allegedly providing banking services that facilitated the flow and use of funds. The $10 million settlement is significant not because it makes customers whole (payments will be prorated and depend on valid claims and approved FTX bankruptcy claim amounts), but because it reflects a growing strategy by victims to pursue not only failed crypto firms but also the financial intermediaries that serviced them. It also underscores how costly “know your customer,” anti‑money‑laundering oversight, and transaction monitoring failures can become even without an admission of liability, with a court-supervised process setting deadlines, documentation requirements, and a fairness hearing before payouts can occur. More broadly, the case fits into a wider wave of litigation and enforcement after major crypto failures, where plaintiffs and regulators probe whether banks, payment processors, auditors, promoters, and exchanges ignored red flags or enabled misuse of customer property. It also lands amid tightening industry expectations: U.S. banks must operate under the Bank Secrecy Act/AML rules, maintain effective compliance programs, and manage third‑party and concentration risks, while banking regulators have increasingly warned institutions about crypto-related exposures and the need for stronger controls. As similar disputes play out across the sector, this settlement highlights a central lesson of the FTX era—when crypto platforms depend on traditional banks to handle customer cash, the legal and compliance standards of conventional finance can become a major battleground after things go wrong.