Documents: besides FTX, US bank Silvergate has been used by 12+ crypto companies that were fined, closed, bankrupt, or under investigation, including Binance
The good news about the collapse of Sam Bankman-Fried's cryptocurrency empire is that its failure did not send shock waves through … Tweets: @smdiehl , @theraheelhasan , @mikulaja , @intelligencer , @cohenluc , @johnreedstark , and @ivanthek Tweets: Stephen Diehl / @smdiehl : The run on crypto bank Silvergate's deposits is worse than any seen since the Great Depression https://nymag.com/... Raheel Hasan / @theraheelhasan : Most banks refuse crypto companies' business for mundane tasks such as handling payroll. Silvergate was an exception, and their troubles will make this even harder. https://nymag.com/... Jason Mikula / @mikulaja : Even New York magazine is dragging Silvergate: https://nymag.com/... @intelligencer : Sam Bankman-Fried once lauded the tiny Silvergate Bank for being a key part of the crypto revolution. Now, critics of the bank's practices believe regulatory scrutiny will leave it in an unsustainable situation. @mcelarier reports https://nymag.com/... Luc Cohen / @cohenluc : “This run on Silvergate's deposits is worse than any seen in the Great Depression, according to a Federal Reserve study.” https://nymag.com/... John Reed Stark / @johnreedstark : To me, Silvergate Bank, a US Federal Reserve Member Bank, is BCCI Redux. It's a hornets nest of risk/greed/grift, brazenly profiting from, and enabling, a menacing crypto-cartel. US regulators must act, before Silvergate's toxic crypto-contagion spreads. https://nymag.com/... @ivanthek : “Intelligencer has obtained documents showing that, in addition to FTX, Silvergate has been the go-to bank for more than a dozen crypto companies that ended up under investigation, shut down, fined, or in bankruptcy.” https://nymag.com/...