Silvergate records reveal $425M in transfers to South American money launderers Silvergate records reveal $425M in transfers to South American money launderers
Detective Benjamin Dusenbery subpoenaed Silvergate for multiple digital cryptocurrency trading platforms' bank account records and found 10 companies transferring illicit funds.
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Updated: Nov. 16, 2022 at 10:37 pm UTC
Cover art/illustration via CryptoSlate. Image includes combined content which may include AI-generated content.
Silvergate Bank, a provider of financial services to the digital currency industry, was recently subpoenaed and found to have $425 million in transfers among its crypto bank accounts to South American money launderers.
$SI Recently subpoenaed Silvergate bank records reveal $425 million in transfers from $SI crypto bank accounts to South American money launderers. Affadavit from investigation into crypto crime ring linked to smugglers/drug traffickers (we are short):https://t.co/8Cyz5QiXei pic.twitter.com/qa2IaeKFGa
— M. Aurelius (@AureliusValue) November 15, 2022
Detective Benjamin Dusenbery subpoenaed Silvergate for multiple digital cryptocurrency trading platforms’ bank account records.
Following examination of the subpoenaed bank records, Dusenbery found that between Sept 2021 and June 2022, 10 companies had transferred a total over $425 million dollars out of the cryptocurrency trading platforms into accounts held at different United States (US) banks.
Records included accounts held in the names of:
- OSL Digital LTD
- OSL SG PTE LTD,
- Paxos Global PTE LTD
- Paxos Trust Company LLC
Within the records, wire transfer payment details were observed from the various operating accounts which represented the funds being transferred off the respective cryptocurrency trading platforms and into the US financial system.
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Josh O'Sullivan
Josh has been writing for a decade and is passionate about mainstream crypto adoption, bringing positive financial change to the masses through crypto and decentralized finance as a whole.
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Silvergate
Silvergate is a Federal Reserve member bank and the leading provider of innovative financial infrastructure solutions and services for the growing digital currency industry, based in La Jolla, California.