An American judge rejected Silvergate Bank's motion to dismiss the lawsuit filed by FTX users against it

Golden Finance reported that Judge Ruth Bermudez Montenegro of the Federal Court in San Diego rejected Silvergate's motion to dismiss in June, stating that Silvergate unfairly profited at the expense of FTX users and denied this accusation. The judge stated that Silvergate has a duty of care towards FTX customers as its trading network is for the benefit of FTX clients. Silvergate's revenue comes from transaction fees and interest on funds deposited into exchange-related accounts. Prior to FTX, Silvergate had an annual income of $7.6 million, which soared to $75.5 million after depositing it into exchanges.