Silicon Valley’s dearest bank in major trouble: Silvergate
Join Our Telegram channel to stay up to date on breaking news coverage The good news about Sam Bankman Fried’s bitcoin empire’s demise is that it did not cause a contagion or send shockwaves through the whole financial system. The major ity of banks’ refusal to work with cryptocurrency was a major factor. Recently, American financial officials even advised them against it. However, a tiny bank in California allegedly determined that it was preferable to take the chance of having to ask for forgiveness than to wait. Silvergate, situated in La Jolla, invested heavily in cryptocurrencies in recent years, building connections with more than 1,600 industry participants, including hedge funds, exchanges, and token initiatives. This includes accused scammers like Bankman-Fried as well as a number of other dubious businesses and people who used Silvergate to move a trillion dollars into — and out of — cryptocurrency exchanges all around the world. After t...