Discussion

• @senwarren Elizabeth Warren on x

  As the bank of choice for crypto, Silvergate Bank's failure is disappointing, but predictable. I warned of Silvergate's risky, if not illegal, activity—and identified severe due diligence failures. Now, customers must be made whole & regulators should step up against crypto risk.

• @cz_binance @cz_binance on x

  Sad to see this happening. But at least, it seems they will return all deposits in full. Protect users. #Binance do not have asset losses at Silvergate. Funds are #SAFU. https://coinmarketcap.com/...

• @caitlinlong_ @caitlinlong_ on x

  .@SenSherrodBrown, you're wrong that #crypto triggered Silvergate's issue. What did it was $13.3bn in demand deposits that depositors cld withdraw in minutes, but only $1.4bn of cash. Had $SI held $13.3bn of cash, the bank run wouldn't have impaired its capital. Not a crypto... h…

• @twobitidiot @twobitidiot on x

  A sitting Senator sparked a $12 billion “bank run” over 90 days and that crypto bank went to zero and DID NOT FAIL, instead liquidating orderly. Remember when that happened in 2008 and no one lost money and no taxpayers were on the hook for the losses?

• @coinbase @coinbase on x

  Update: We're sorry to see Silvergate make the tough decision to wind down their operations. They were a partner & contributors to the growth of the cryptoeconomy. Coinbase has no client or corporate cash at Silvergate. Client funds continue to be safe, accessible & available. ht…

• @marathondh @marathondh on x

  Marathon Digital Holdings has repaid its term loan and terminated its credit facilities with Silvergate Bank, reducing Marathon's debt by $50 million and increasing the Company's unrestricted bitcoin holdings by 3,132 BTC. Read our full update here: https://ir.marathondh.com/...

• @ap_abacus Andrew on x

  Crypto denialists and short sellers directly assisted that Senator in crafting and executing said “bank run”. They claimed fraud and arrests were imminent. Instead, withdrawals were orderly/honored and $SI is following a rules based FDIC liquidation and charter return. https://tw…

• @brian_armstrong Brian Armstrong on x

  Hosted a great “build back better” dinner in NY with some crypto company founders. This crypto industry has plenty of strong and compliant companies (even if the headlines would make one think otherwise). Doing the work year after year isn't always sexy, but it's important.... ht…

• @dylanleclair_ Dylan LeClair on x

  Silvergate Capital to shut down operations and liquidate the bank. $SI https://twitter.com/...

• @paxosglobal @paxosglobal on x

  1/ Statement from Paxos on Silvergate Bank: Paxos has virtually no exposure to Silvergate. Last week we discontinued SEN connectivity and wires into our Silvergate account and have continued processing outgoing withdrawals.

• @nic__carter @nic__carter on x

  The politicians are now telling us that because a single bank, peaking at $16b in assets, wound down - in an orderly manner, making depositors whole, affecting no one but shareholders, causing no knock on effects - that crypto firms must be shut out of the banking system

• @northrocklp Hal Press on x

  Guess Silvergate isn't going to be salvaged. At least we can get this over with now. [DB] Silvergate Capital to Voluntarily Liquidate Silvergate Bank: BBG

• @twobitidiot @twobitidiot on x

  We are losing now. But we will win.

• @ceterispar1bus @ceterispar1bus on x

  now that fed funds rate is ~5%, ironically the best time to launch a crypto bank. 1. replace si's $10b deposits 2. pay no interest on deposits 3. highly restrict crypto loans 4. take no duration risk 5. generate $0.5B nim 6. add high fees for other stuff (ppl will pay it) https:/…

• @matt_hougan Matt Hougan on x

  Attempting to wall off crypto from the banking industry will raise the risks to consumers. Smart regulation that cares about investor protection would find effective and if-need-be limited ways for traditional banks to serve crypto companies.

• @himgajria @himgajria on x

  When I first set up my fund, Silvergate rejected our request for a bank account multiple times. We were forced to go on-chain, scrapping a formal structure - Ethereum didn't reject us. Today, our tiny fund is still here while Silvergate is winding down. On-chain for the win.

• @lopp Jameson Lopp on x

  Thankfully, Paul Krugman was able to get his Venmo account unlocked by faxing a request to their customer support number.

• @jp_koning John Paul Koning on x

  One of the crypto industry's favorite narratives has always been that it would overwhelm traditional banks by providing superior services. Well, crypto has finally overwhelmed its first bank - not because crypto was superior, but because it was unsafe. https://twitter.com/...

• @cryptodonalt DonAlt on x

  I'd argue shitty regulatory work is what is hurting crypto investors If there were clear guidelines and easy ways to access crypto using American/European regulated companies people would But thanks to poorly managed regulation they get scammed offshore https://twitter.com/...

• @prestonjbyrne Preston Byrne on x

  > Federal scaremongering and Choke Point 3.0 causes collapse of major crypto bank “We warned you of Silvergate's risky behavior!” https://twitter.com/...

• @scottmelker @scottmelker on x

  Credit Suisse has been experiencing a bank run and is about to go bankrupt. Not a “crypto bank,” last time I checked. https://twitter.com/...

• @caitlinlong_ @caitlinlong_ on x

  When a bank w/ highly volatile deposits makes a levered investment in 10-year bonds into a Fed tightening cycle, what happens when a bank run hits is predictable—liquidate those bonds at a loss, impairing the bank's capital. It's an indictment against fractional-reserve banking

• @ramahluwalia @ramahluwalia on x

  Silvergate, the first crypto bank, faced a bank run that led to its downfall. Despite facing allegations around AML, it was not these issues that ultimately caused the demise of $SI. The responsibility for bank supervision lies with the Executive Branch, but this process was... h…

• @bondhack Robert Smith on x

  “This was a tiny real estate lender that went all-in on crypto,” said one former employee. “It was completely weird.” If you're looking to get up to speed on Silvergate, here's a great @Tabby_Kinder read from a few months back https://www.ft.com/...

• @scottmelker @scottmelker on x

  Silvergate's collapse is exactly the ammo the government needs to try to cut the crypto industry off from the banking system. https://twitter.com/...

• @carnage4life Dare Obasanjo on x

  Silvergate bank, key in bridging the crypto industry and traditional finance has failed. The bank plans to shut down and return deposits. The bank faced a run on deposits with customers withdrawing $8.1B in a quarter. Crypto winter is getting colder. https://www.businesswire.com/…

• @hfangca Hong on x

  Very sad to see this happening with Silvergate. It will now take a longer time for crypto to reach more people. Our corporate and customer funds are safe. Team have done a great job of managing risk and minimizing exposure. https://ir.silvergate.com/...

• @leomschwartz Leo Schwartz on x

  .@SenSherrodBrown on Silvergate's failure: https://twitter.com/...

• @ap_abacus Andrew on x

  UPDATE: Employees at Silvergate $SI have been told to prepare for liquidation and shutdown imminently. **Source: “we've been told that an orderly liquidation will be announced and our charter will be handed over to the FDIC.” **employees have been given their WARN Act... https://…

• @coindesk @coindesk on x

  Marathon Digital terminated its credit facilities with Silvergate Bank, which said Wednesday it will wind down operations and liquidate its assets. By @Aoyon_A https://www.coindesk.com/...

• @business @business on x

  THREAD: 🧵Silvergate Bank announced its intent to wind down operations and enter voluntary liquidation after the crypto industry's meltdown prompted the firm to evaluate its status. But, how did we get here? https://www.bloomberg.com/...

• @smdiehl Stephen Diehl on x

  This is your bank. 🥚 This is your bank on crypto. 🍳 Any questions? https://www.bloomberg.com/...

• @akston_capital Dr. Hugh Akston on x

  It will be interesting to see if the FDIC tries to claw back some of this $125m windfall from Silvergate insiders... $SI https://twitter.com/...

• @bitfinexed @bitfinexed on x

  Crypto Bank Silvergate goes under. Don't worry everyone, Crypto Bank Signature is up next. Who knew that providing banking services to Ponzi schemes, frauds, companies trading tokens issued by companies laundering money for US designated terrorists, would be a bad idea? https://t…

• @dataarocks @dataarocks on x

  Aaaand here it ends. Silvergate $SI is closing shop now. Bottom is not in. Next up @DCGco? Not ideal but it is what it is. https://twitter.com/...

• @tbr90 Tyler Reynolds on x

  Crypto becomes ever more reliant on Signature Bank This specifically isn't an attack on crypto fiat ramps, but that's what's coming next https://twitter.com/...

• @autismcapital @autismcapital on x

  We would not keep our funds on *any* exchanges right now. We've warned against this multiple times. Now more than ever. Do not fuck around and find out.

• @business @business on x

  On Wednesday, the bank released a statement outlining plans to shut down and liquidate its bank “in light of recent industry and regulatory developments.” The news sent shares down as much as 50% in after-hours trading https://www.bloomberg.com/...

• @stockjabber Edwin Dorsey on x

  Silvergate Bank just announced plans to liquidate and shares are now ~$3 after hours After legal liabilities, I believe shares are worth $0 https://twitter.com/...

• @johnedeaton1 John E Deaton on x

  FTX & Silvergate will 💯 be conflated by @GaryGensler @ewarren & others to push their anti-crypto agenda. Warren has already made a despicable comment regarding Silvergate and she isn't letting the truth get in the way of her narrative. Standby to 🤮 as they ⛽️ 💡 the 🇺🇸 people. htt…

• @sindap Sujeet Indap on x

  stunning afternoon in California regional banks: 1) Silicon Valley Bank liquidates its $21bn AFS portfolio and raises $2bn in new equity: https://ir.svb.com/... 2) Silvergate says it will wind down and liquidate: https://ir.silvergate.com/...

• @caspiancey Cas Piancey on x

  I believe the MicroStrategy loan at Silvergate will get sold, but I'm just a simple country podcaster

• @bloombergtv @bloombergtv on x

  Silvergate plans to wind down operations and liquidate its bank after the crypto industry's meltdown sapped the company's financial strength. The bank's ties to FTX are still being looked at by regulators https://www.bloomberg.com/... https://twitter.com/...

• @dylanleclair_ Dylan LeClair on x

  Well, it seems like this will be one of the final tweets of this thread. Silvergate is liquidating all remaining assets and shutting down operations. https://twitter.com/...

• @martypartymusic @martypartymusic on x

  Silvergate had nothing to do with crypto. They were a fractional reserve traditional bank that loaned too much money they never had. Look past this all. It's all traditional bankers trying to take advantage of a trending industry.

• @astrocryptoguru Crypto Damus on x

  Don't underestimate how Bearish this is for #Crypto Silvergate Capital plans to wind down operations and liquidate its bank after the crypto industry's meltdown sapped the company's financial strength https://www.bloomberg.com/... via @crypto

• @tier10k @tier10k on x

  [DB] Silvergate Capital to Voluntarily Liquidate Silvergate Bank: BBG

• @reporterev Evan Weinberger on x

  Uh, just in from the California Department of Financial Protection and Innovation: Silvergate Bank “has voluntarily begun the process of liquidation” https://twitter.com/...

• @melt_dem Meltem Demirors on x

  truly the end of an era sad to see our friends at @silvergatebank winding down - for nearly a decade, they've been amazing partners to crypto companies and were willing to bank the industry when no one else would what a ride 🎢 https://www.businesswire.com/ ...

• @frances_coppola Frances ‘Cassandra’ Coppola on x

  Update: Silvergate Bank has announced it is going into voluntary liquidation. https://twitter.com/... https://twitter.com/...

• @tier10k @tier10k on x

  Just a few more liquidations then up only https://twitter.com/...

• @stackhodler @stackhodler on x

  Silvergate was founded in 1988. The CEO bought #Bitcoin in 2013. Then he started shitcoining. Now the bank is rekt. Lesson in there. https://twitter.com/...

• @ameliajpollard Amelia Pollard on x

  FYI Silvergate is the biggest bank to fail since 2009 https://www.bloomberg.com/...

• @silvermanjacob Jacob Silverman on x

  Any sense of how many crypto companies were using the Silvergate Exchange Network before today? https://twitter.com/...

• @andy8052 Andy on x

  Guys this is not what we meant when we said we wanted to take down the banks https://twitter.com/...

• @johnedeaton1 John E Deaton on x

  I just tweeted a few minutes ago how these anti-crypto incumbent protecting regulatory thugs were never going to let the truth get in the way of the BS narrative they intend to promote. All we can do is keep hitting them with facts and the truth as Caitlin does here. https://twit…

• @vernmckinley Vern McKinley on x

  @SenWarren It actually did not “fail,” Senator. It is self-liquidating and there is a difference. Unless something goes awry as part of the self-liquidation, the FDIC will not be directly involved and there will be no cost to the FDIC insurance fund.

• @ivanthek @ivanthek on x

  One takeaway from the Silvergate failure: You don't need to own any crypto assets for crypto to ruin your livelihood.

• @shaig Shai Goldman on x

  web3 folks always said they would take down the legacy financial institutions... https://twitter.com/...

• @mindaoyang @mindaoyang on x

  Everything in crypto is fast forward at 10x, Silvergate melting like ice in an oven https://www.businesswire.com/ ...

• @johnreedstark John Reed Stark on x

  The beginning of the end of crypto continues. Silvergate's shareholders and investors learned the hard way that when you lie down with dogs, you will wake up with fleas. https://www.bloomberg.com/...

• @adamscochran Adam Cochran on x

  Yeah if you have “cash” sitting on any exchange that isn't on Coinbase - or, stablecoins that aren't USDC (or DAI), I would just move it to stables and get it off exchange. With Silvergate liquidating and only Coinbase being able to confidently point to a US bank for assets, its.…

• @daancrypto @daancrypto on x

  The past week: 🔸Mt Gox payments delayed by another month 🔸ETH Shanghai Upgrade delayed 🔸Silvergate Rekt 🔸Voyager deal with Binance finally got through 🔸Grayscale & $GBTC

• @thetranscript_ @thetranscript_ on x

  Silvergate Capital, one of the crypto's top banks, is set to wind down operations & voluntarily liquidate: “The Bank's wind down and liquidation plan includes full repayment of all deposits” $SI -35% AH https://twitter.com/... https://twitter.com/...

• @schuldensuehner Holger Zschaepitz on x

  Short sellers have loaded up on struggling Silvergate and made a $780 million fortune in the process. George Soros had also disclosed a short position in the most recent 13F filing. https://www.bloomberg.com/... https://twitter.com/...

• @scottmelker @scottmelker on x

  Cryptos number 1 bank (Silvergate) goes down. Forbes puts out an unsubstantiated FUD article on Binance. WSJ releases a negative piece on tether. All in a week!? Fair to say we are in the “then they fight you” phase.