silvergate

Cựu CEO của Silvergate Bank, Alan Lane, đã viết trên Substack rằng áp lực chính trị và quản lý từ chính quyền Biden đã dẫn đến việc ngân hàng này tự nguyện thanh lý vào năm 2023. Ông cho biết, Silvergate vẫn có thể tiếp tục hoạt động sau khi đáp ứng khoảng 70% yêu cầu rút tiền từ các khoản tiền gửi không kỳ hạn trong quý 4 năm 2022, nhưng đã chọn thanh lý "do phải đối mặt với áp lực chính trị". Văn phòng Tổng thanh tra của Cục Dự trữ Liên bang vào tháng 9 năm 2023 đã cho rằng việc thanh lý xuất phát từ sự phụ thuộc vào các khoản tiền gửi tiền điện tử, rủi ro tài chính và các thiếu sót trong quản trị và tuân thủ. SEC đã cáo buộc Silvergate, Lane và cựu Giám đốc rủi ro Kathleen Fraher đã gây hiểu lầm cho các nhà đầu tư trong kế hoạch chống rửa tiền, Lane đã đồng ý với khoản phạt 1 triệu đô la và lệnh cấm làm giám đốc trong 5 năm, trong khi Cục Dự trữ Liên bang cũng đã phạt Silvergate 43 triệu đô la. Lane còn trích dẫn tuyên bố về rủi ro tiền điện tử được phát hành bởi nhiều cơ quan vào đầu năm 2023 như là bằng chứng cho thấy ngành này đang chịu áp lực, tuyên bố liên quan đã bị thu hồi vào tháng 4 năm 2025.

According to Cointelegraph, a class action lawsuit against the U.S. crypto-friendly bank Silvergate is calling for investors with accounts linked to FTX or Alameda Research to submit claims. The lawsuit involves a $10 million settlement to address allegations of whether "Silvergate Bank, Silvergate Capital Corporation, and Alan J. Lane assisted and abetted the tortious conduct of FTX, Alameda, and Sam Bankman-Fried."According to court documents, investors wishing to participate in the settlement must submit claims or opt out by January 30, 2024. Judge Ruth Bermudez Montenegro has scheduled a final hearing for February 9. The FTX bankruptcy case has contacted over 46,000 potential claimants by mail, who may receive a proportional share of the settlement.Silvergate was one of the few crypto-friendly banks in the U.S. that had business dealings with the FTX exchange, which collapsed in November 2022. The bank voluntarily ceased operations in March 2023.

ChainCatcher news, former FOX business reporter Eleanor Terrett posted on X: "Federal Reserve Governor Michelle Bowman expressed hope for an independent review of the bank failures in March 2023 (SVB, Silvergate, Signature), although she did not directly name these banks."

ChainCatcher news, the crypto custodian BitGo has announced the hiring of former Silvergate Bank President Ben Reynolds as Managing Director and Head of US Dollar Standards. Ben will be responsible for overseeing the development of BitGo's US Dollar stablecoin, USDS, which is set to launch next year.Ben has over 25 years of experience in fintech, software, banking, and asset management. Most recently, Ben served as President of Silvergate Bank, where he oversaw the company's revenue growth and was a member of the executive team that expanded Silvergate into a publicly traded company in 2019.

ChainCatcher news, Castle Island Ventures partner Nic Carter stated that the intervention of U.S. regulators forced Silvergate Bank to voluntarily liquidate, otherwise the bank could have survived. Carter pointed out that the Biden administration had previously required Silvergate to limit cryptocurrency deposits to 15%, or face severe consequences. This move is seen as "Kill Switch 2.0," which aims to undermine banks that support cryptocurrency through covert rules, weakening the industry's development.Carter also noted that Silvergate's decision to voluntarily liquidate instead of entering the FDIC receivership process is "questionable," a situation that has occurred only a few times in the past 30 years.Carter believes that Silvergate's collapse is more due to regulatory pressure than a liquidity crisis.

ChainCatcher news, according to Financefeeds, the parent company of crypto-friendly bank Silvergate, Silvergate Capital, has filed for Chapter 11 bankruptcy protection in the U.S. Bankruptcy Court for Delaware. The bankruptcy filing shows that the company's assets are between $100 million and $500 million, with liabilities between $10 million and $50 million. In March 2023, Silvergate Capital announced it would voluntarily liquidate its subsidiary Silvergate Bank, citing challenges in the banking industry due to rising interest rates and regulatory scrutiny following the bankruptcy of crypto exchange FTX in November 2022. Silvergate Bank was known for its close ties to the crypto industry, and its reputation and confidence among clients plummeted after the FTX collapse. In July of this year, Silvergate Capital reached a settlement with the U.S. SEC, the Federal Reserve, and the California Department of Financial Protection and Innovation (DFPI), agreeing to pay $63 million. The Federal Reserve stated that it has ended its enforcement action against Silvergate Capital after Silvergate Bank completed its liquidation plan, repaid deposits, and ceased banking operations.Previous news, the U.S. SEC has sued Silvergate Capital in a federal court, accusing it of securities fraud. The SEC stated that Silvergate misled investors about its banking secrecy policies, anti-money laundering compliance program, and poor financial condition following the collapse of FTX in 2022.

ChainCatcher news, according to an official announcement, the Federal Reserve Board announced on Friday the termination of enforcement actions against Silvergate Bank located in California and its holding company Silvergate Capital Corporation.Since May 2023, the Board's enforcement actions ensured that Silvergate Bank was liquidated and ceased operations in a manner that protected depositors. Since then, Silvergate Bank has completed its liquidation and shutdown plan, repaid all customer deposits, and is no longer operating as a bank.

According to CoinDesk, crypto-friendly bank Silvergate Bank's parent company Silvergate Capital Corp. has agreed to pay $63 million to settle with the U.S. SEC, the Federal Reserve, and the California Department of Financial Protection and Innovation (DFPI).It is reported that Silvergate was fined $43 million by the Federal Reserve and $20 million by California regulators. The SEC also imposed a $50 million fine, but it is expected that the total fines will not increase. The settlement agreement is still subject to court approval.

ChainCatcher news, according to Reuters, the U.S. Securities and Exchange Commission (SEC) has sued the crypto bank Silvergate Capital in a federal court, accusing it of securities fraud.The SEC stated that after the collapse of FTX in 2022, Silvergate misled investors regarding its banking confidentiality practices, anti-money laundering compliance program, and poor financial condition. Meanwhile, the bank failed to monitor nearly $9 billion in suspicious transfers related to FTX and its affiliated entities.It is reported that in March 2023, Silvergate, which entered the cryptocurrency space in 2013, decided to cease operations and voluntarily liquidate due to losses caused by the panic following the collapse of FTX.

ChainCatcher news, according to Cointelegraph, U.S. District Judge Ruth Bermudez Montenegro in San Diego has denied a motion to dismiss filed by Silvergate. Silvergate had previously sought to dismiss a class action lawsuit from FTX users, which claims that Silvergate was fully aware of FTX's fraudulent activities but benefited from them, unfairly profiting at the expense of FTX users. Silvergate has denied these allegations.

ChainCatcher news, according to Reuters, crypto bank Silvergate Capital has fully repaid all remaining deposits. According to the statement, Silvergate currently holds less than $10,000 and will "continue to focus on bank liquidation." 1Previous news, in March of this year, Silvergate Capital announced it would cease operations and voluntarily liquidate the bank. Silvergate was once one of the most popular banks in the cryptocurrency industry. In the fourth quarter of last year, Silvergate lost $1 billion due to a massive outflow of funds following the collapse of FTX.

ChainCatcher news, according to The Block, three executives from Silvergate Bank will leave before September 30. According to documents submitted to the U.S. Securities and Exchange Commission (SEC), CEO and President Alan Lane and Chief Legal Officer John Bonino left on August 15, while Chief Financial Officer Antonio Martino will step down on September 30. These three executives will receive severance pay but will no longer receive compensation from the company. Additionally, Silvergate stated that, in light of the bank's liquidation plan, the company will not currently appoint a president, CEO, or CFO.Previous news, Silvergate announced in March this year that it would cease operations and voluntarily liquidate the bank.

ChainCatcher news, according to Cointelegraph, Binance's latest proof of reserves (PoR) shows that Binance's USDC balance decreased from $3.4 billion on March 1 to $23.9 million on May 1.On-chain analyst Aleksandar Djakovic pointed out that after the collapse of Silvergate and Signature banks, Binance purchased approximately 100,000 BTC and 550,000 ETH between March 12 and May 1, totaling about $3.5 billion, which is equivalent to the surplus amount of USDC they held.

ChainCatcher message reveals that, according to new details disclosed in the documents, from 2019 to this year, Binance and related entities transferred approximately $70 billion through accounts at Silvergate Bank and Signature Bank. Among them, Silvergate provided over $50 billion in deposits for Binance-related parties, while Signature handled over $19 billion. Some of the funds have flowed to foreign entities associated with Binance. (Bloomberg)

ChainCatcher news, the crypto-friendly bank Silvergate Bank has agreed to the Federal Reserve's order and will submit a self-liquidation plan to California financial regulators within 10 days.ChainCatcher previously reported that in March, Silvergate Bank stated it would orderly wind down operations and voluntarily liquidate in accordance with applicable regulatory procedures, including fully repaying all deposits, and is also considering how best to address claims and protect the remaining value of its assets, including its proprietary technology and tax assets. Additionally, Silvergate Bank has decided to cease the Silvergate Exchange Network (SEN). (source link)

ChainCatcher news, according to MarketWatch, the New York Stock Exchange (NYSE) announced the delisting process for Silvergate stock due to delayed financial reports.ChainCatcher previously reported that Silvergate announced it would lay off approximately 230 employees, with an expected total cost of about $13.6 million, and has completed the sale of all debt securities. (source link)

ChainCatcher news, the New York Stock Exchange will suspend trading of crypto-friendly bank Silvergate (SI.N) and initiate delisting procedures. (Source link)

ChainCatcher news shows that according to the quarterly financial report, MicroStrategy recorded a Bitcoin impairment loss of $18.9 million in the first quarter, down from $197.6 million in the fourth quarter and $170.1 million in the same period last year.The company also purchased more Bitcoin in the first quarter, bringing its total Bitcoin holdings to 140,000 coins, and repaid its loan from Silvergate early.MicroStrategy's Chief Financial Officer Andrew Kang stated, "We have strengthened our capital structure by reducing leverage through the full repayment of Bitcoin-backed loans. We strategically managed our balance sheet by increasing our holdings by 7,500 Bitcoin this quarter. As the digital asset environment continues to mature, we remain confident in our Bitcoin strategy."After announcing its quarterly results, MicroStrategy's stock price rose about 2% in after-hours trading on Monday. (CoinDesk)

ChainCatcher news, Microstrategy co-founder Michael Saylor tweeted that MicroStrategy repaid its $205 million Silvergate loan at a 22% discount. The company borrowed $205 million from Silvergate Bank last March. As part of the loan repayment, 34,619 Bitcoins held as collateral were returned to MicroStrategy for safekeeping.As of March 23, 2023, MicroStrategy, along with its subsidiaries, holds approximately 138,955 Bitcoins, with a total acquisition cost of about $4.14 billion and an average purchase price of approximately $29,817. (source link)