The Ghost Of FTX Back To Haunt Bankrupt Silvergate Bank With New SEC Lawsuit 

In the ongoing aftermath of FTX’s catastrophic collapse, Silvergate faces renewed legal challenges. The Securities and Exchange Commission (SEC) filed a lawsuit against the now-bankrupt platform and its former executives, alleging securities fraud.

As investors seek a safe haven from the wreckage, ETFSwap (ETFS) has emerged as a potential solution, offering a secure and potentially profitable alternative for those seeking to recoup losses and rebuild their portfolios.

ETFSwap (ETFS): Safest Trading Platform In The Crypto Market

ETFSwap (ETFS), a revolutionary DeFi and trading platform, is emerging as a financial revolution for crypto investors. By offering permissionless access to the global ETF market, ETFSwap (ETFS) provides a comprehensive investment solution covering a diverse range of industries, including healthcare, energy, technology, commodities, and more. 

This innovative platform empowers investors to confidently navigate the market, providing a much-needed alternative in the wake of Silvergate’s legal challenges. The tokenized ETFs on ETFSwap (ETFS), backed by real-world assets, will facilitate quick settlements, seamless ETF-to-crypto swaps, staking opportunities, lower trading costs, and more. 

These assets are managed by financial investment banks that comply with MiCa regulations and trade securities and cryptocurrencies. By leveraging blockchain technology, ETFSwap (ETFS) provides traders with anonymity and does not impose KYC checks before trading ETFs. Its traders also get access to advanced AI-powered trading tools like the ETF Screener and ETF Tracker on its beta platform, which is scheduled to launch within 30 days. 

These AI-powered ETF tools utilize optimized algorithms to provide users with top trading recommendations based on comprehensive data analysis. As such, users can customize their trading strategies based on personal needs and preferences.

ETFSwap’s novel features have influenced the worth of its native token, ETFS, which has shown impressive results since the presale started. With its unique utilities and presale performance, experts predict that the demand for ETFSwap (ETFS) tokens will surge even higher, especially when it launches on major exchanges.

FTX Collapse: SEC Lawsuit Claims Alleged Securities Fraud By Silvergate

On January 5, 2023, Silvergate revealed that the collapse of its client, FTX, had triggered a massive withdrawal of $8.1 billion, or 68%, in the three months ending December 2022, leading to a run on Silvergate Bank. 

As a result, Silvergate failed to meet customer withdrawal demands and announced its intention to wind down operations and liquidate in March 2023, becoming one of the first casualties in the 2023 US banking crisis and the consequent FTX collapse. On July 2, The SEC subsequently filed a lawsuit against Silvergate, alleging securities fraud between November 2022 and January 2023. 

The lawsuit claims that Silvergate and its executives Alan Lane and Kathleen Fraher deceived investors by falsely representing a robust Bank Secrecy Act/Anti-Money Laundering (BSA/AML) compliance program and active monitoring of high-risk crypto clients, including FTX. By concealing severe flaws in their compliance programs, they failed to detect nearly $9 billion in suspicious transfers involving FTX. 

This led to a drastic decline in Silvergate’s stock value and erased billions in market value. According to Gurbir S. Grewal, director of the SEC’s Division of Enforcement, Silvergate and its executives fraudulently neglected their duties, misleading FTX investors and ultimately contributing to the bank’s downfall.

Join The Future of Finance, The ETFSwap Presale

The financial revolution, ETFSwap (ETFS), is experiencing a solid presale performance. Silvergate investors, aiming to recoup losses, have snapped up millions of ETFS tokens, driving sales to over 350 million. Furthermore, the platform’s Ethereum token, ETFS, currently priced at $0.01831, has already delivered a compelling 200% return on investment (ROI) for early investors.

Given the project’s growing popularity, analysts suggest a high chance of a complete presale sell-out before the deadline. The next stage will offer tokens at a higher price of $0.03846, potentially translating to another 200% ROI for early investors before the exchange listing. 

For more information about the ETFS Presale:

Visit ETFSwap Presale

Join The ETFSwap Community

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