The U.S. District Court for the Southern California filed a class action lawsuit against Silvergate Capital, operator of the Silvergate Exchange Network and parent company of Silvergate Bank, on behalf of Silvergate Securities for the period November 9, 2021 through January 5, 2023. All the purchasers of the securities allege a violation of the Securities Exchange Act of 1934. Silvergate CEO Alan Lane and Chief Financial Officer Antonio Martino are also named as defendants in the lawsuit, which claims that Silvergate's platform failed to detect money laundering incidents "in excess of $425 million," could face regulatory repercussions, and "Defendants knew that public documents and statements issued or disseminated on behalf of the Company were materially false or misleading."