Crypto News

Signature Bank Sued for “Significantly Contributing” to FTX’s Mixing of Funds

Signature Bank Faces Legal Action for Role in FTX Fund Comingling.

Signature Bank is facing a class-action lawsuit for its role in the operations of cryptocurrency exchange FTX, which has since filed for bankruptcy.

The algorithmic trading firm, Statistica Capital, and Statistica Ltd., claim in a court filing that Signature Bank “had actual knowledge of and substantially facilitated the now-infamous FTX fraud.”

The claimants assert that the bank allowed FTX customer funds to be transferred to accounts controlled by Alameda Research, which is owned by FTX founder Sam Bankman-Fried.

FTX was considered one of Signature Bank’s clients, although its deposits with the bank accounted for less than 0.1% of the bank’s overall deposits.

It remains to be seen whether the bank’s relationship with the cryptocurrency industry will change after the FTX incident. Signature Bank did not immediately respond to a request for comment.


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