Silvergate records reveal $425M in transfers to South American money launderers

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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: November 16, 2022 at 10:37 pm

Silvergate records reveal $425M in transfers to South American money launderers

Cover art/illustration via CryptoSlate

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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