Crypto Bank Silvergate Announced Shutdown

Yugocean · Mar 9, 2023

For those who are old users of crypto, Silvergate Bank does not need any introduction. This bank has now announced its closure.

Founded in 1988 in California, this bank accepted crypto very quickly but kept so little transparency that it got caught in the FTX scandal.

Although the bank tried hard to save itself, all efforts went in vain, and now Silvergate has announced that it will liquidate the bank.

riberet19 · Mar 9, 2023

Yes, this news since March 3 where they delayed their report and the words they said it was known that it would come, their shares fell within 1 month as 80% this entity was seen for judgment, many things are alleged as withdrawal of deposits the fall of FTX among others, but well I am no longer surprised by anything in the crypto world xD.

Yugocean · Mar 9, 2023

@riberet19 No, the March 3 news was before Shutdown, that time the bank was trying to save itself, it was requesting authorities too, however none helped Silvergate, so it decided to wind up , and News was available on March 8-9.

riberet19 · Mar 10, 2023

Yugocean said:
@riberet19 No, the March 3 news was before Shutdown, that time the bank was trying to save itself, it was requesting authorities too, however none helped Silvergate, so it decided to wind up , and News was available on March 8-9.

ah okay, thanks for the clarification, everything is a bit murky with this matter still, the market is red hot today I guess this news has made a dent in the market along with the speech of the Fed the other day.

Yugocean · Mar 10, 2023

riberet19 said:
ah okay, thanks for the clarification, everything is a bit murky with this matter still, the market is red hot today I guess this news has made a dent in the market along with the speech of the Fed the other day.

Market got affected by Silvergate, cannot deny, then there was NYAG sueing KuCoin, and HT Flash Crash. Everything played the part, but only Silvergate cannot help, because none toce to save it

jetsaints30 · Mar 10, 2023

Yugocean said:
For those who are old users of crypto, Silvergate Bank does not need any introduction. This bank has now announced its closure.

Founded in 1988 in California, this bank accepted crypto very quickly but kept so little transparency that it got caught in the FTX scandal.

Although the bank tried hard to save itself, all efforts went in vain, and now Silvergate has announced that it will liquidate the bank.

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@Yugocean This is terrible news for the crypto industry and its customers. Silvergate was one of the few banks that supported crypto businesses and offered them banking services. I wonder what will happen to their assets and liabilities.

Yugocean · Mar 11, 2023

jetsaints30 said:
@Yugocean This is terrible news for the crypto industry and its customers. Silvergate was one of the few banks that supported crypto businesses and offered them banking services. I wonder what will happen to their assets and liabilities.

Silvergate did not find any support from crypto industry, while other platforms were ready to buy scam turned platforms, nobody tried to buy/ bailout Silvergate. Now Silvergate has no other option after being isolated.

Magnus2022 · Mar 11, 2023

It have been a very difficult time for cryptocurrency. After the pandemic, the economic crisis that followed have actually destabilize the crypto economy. The fall of FTX have disrupt and put a lot of crypto companies in deep economic crisis.

Reedex · Mar 17, 2023

That a lot of failed project in the cryptocurrency arena presently.

Stardom22 · Mar 18, 2023

I still have no idea about the impact on the crypto-currency industry following a significantly fall of the silvergate bank that supported crypto currency so much. I think this is a major blow to the crypto at large.

Crypto Bank Silvergate Announced Shutdown

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