U.S. judge rejects Silvergate Bank's request to dismiss FTX users' lawsuit against them

Judge Ruth Bermudez Montenegro of the Federal Court of San Diego rejected Silvergate's motion to dismiss from June, stating that Silvergate unfairly benefited itself at the expense of FTX users and denied the allegations. The judge stated that Silvergate has a duty of care to FTX customers because its Silvergate trading network is for the benefit of FTX customers. Silvergate's revenue comes from transaction fees and interest on deposits in exchange-related accounts. Prior to FTX, Silvergate's annual revenue was $7.6 million, but after depositing it into the exchange, that number jumped to $75.5 million.