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.
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
You may also like
Boeing (BA.US) Max 10 certification expected to be announced next week, adding new leverage for debt relief
The Boeing 737 Max 10 has completed key certification meetings and could be approved as early as next week. As Boeing's largest variant to rival Airbus, this model will help airlines replace aging 757s and is expected to become a cash cow for Boeing to reduce its debt.
Foreign holdings of US Treasuries rebounded in August, with UK holdings surpassing $1 trillion for the first time
In August, foreign holdings of U.S. Treasury bonds increased by over 83 billions USD, with Canada and Belgium leading the increase; meanwhile, holdings by Japan and China continued to decline to multi-year lows, and for the first time, the UK's holdings surpassed 1 trillion USD.
Strive's bitcoin holdings increased to 35,595, and TD Cowen raised its target price to $56.
New York Federal Reserve Survey: Service Sector Price Increases Hit Fastest Pace Since 2022, Business Activity Index Drops to Lowest Since March
A survey released by the New York Fed on Friday shows that in October, sales prices for service sector firms increased at the fastest pace since 2022, with input costs remaining robust and supply conditions continuing to deteriorate. Businesses’ pessimism about the commercial outlook has significantly intensified, with the overall business activity index falling by 12 points from the previous month to minus 20.7, marking the weakest reading since March.
Crypto prices
More
