Crypto Bank Silvergate Slides Further After Letter from Senator Warren

, asked crypto-friendly bank Silvergate for answers over its supposed role in facilitating transfers between bankrupt exchange FTX and its sister firm Alameda Research

Following FTX's bankruptcy, allegations have been made that CEO Sam Bankman-Fried made large transfers of customer funds from the exchange to trading firm Alameda Research, which he also owned. The Senators' letter comes alongside suspicions raised in the investment community about what role Silvergate may have played in this activity.

FTX and the related entities in Bankman-Fried's crypto empire held around 20 different accounts at Silvergate, according to a bankruptcy filing. "[There are] reports that Mr. Bankman-Fried ‘secretly transferred some $10 billion of customer funds to his trading vehicle, Alameda Research,’ to fund ‘risky bets,’ violating both U.S. securities laws and FTX’s own terms of service," said the letter."We are concerned about Silvergate’s role in these activities because of reports suggesting that Silvergate facilitated the transfer of FTX customer funds to Alameda.

Silvergate shares are adding to their roughly 50% decline since the FTX collapse, down another 6.15% and touching a new 52-week low in Tuesday morning trade.:"Like many others, Silvergate was the victim of FTX’s and Alameda Research’s apparent misuse of customer assets and other lapses of judgment and we believe our full cooperation will help set the record straight about our role in the digital asset ecosystem." The bank has until Dec. 19 to officially respond to the Senators.

Source: News Formal (newsformal.com)

JamieCrawleyCD ewarren silvergatebank FTX_Official AlamedaResearch Here's your subhead, JamieCrawleyCD

ewarren silvergatebank FTX_Official AlamedaResearch JamieCrawleyCD Can she answer deez nutz too?

ewarren silvergatebank FTX_Official AlamedaResearch JamieCrawleyCD This will go nowhere.

ewarren silvergatebank FTX_Official AlamedaResearch JamieCrawleyCD Should be interesting to see, indeed...

United States Latest News, United States Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

Silvergate CEO seeks to reassure investors over crypto contagionThe public letter comes on the heels of a class-action lawsuit against the bank alleging that it holds responsibility for FTX's move of customer funds to hedge fund Alameda Research. im reassured af now nice AlderLaneEggs Seawolfcap
Source: TheBlock__ - 🏆 464. / 53 Read more »

Litecoin, dogecoin lead declines in crypto prices, Silvergate plummets pre-marketSilvergate shares plummeted ahead of the East Coast open today, despite CEO Alan Lane's attempts to reassure shareholders on Monday.
Source: TheBlock__ - 🏆 464. / 53 Read more »

Bitcoin holds above $17,000, and FTX contagion spurs more crypto layoffs: CNBC Crypto WorldCNBC Crypto World features the latest news and daily trading updates from the digital currency markets and provides viewers with a look at what's ahead with high-profile interviews, explainers, and unique stories from the ever-changing crypto industry. On today's show, FTX customer Evan Singh Luther says he has $2 million dollars stuck on the crypto exchange and reacts to Sam Bankman-Fried's first public statements on video since its collapse. Pump it harder. Slow day at CNBC? Like saying AAPL held above $150 today until it didn't.
Source: CNBC - 🏆 12. / 72 Read more »

Australian Crypto Exchange Swyftx Cuts 90 Jobs Amid Crypto WinterAustralian crypto exchange SwyftxAU has cut 90 jobs citing the crypto market downturn. By parikshitm899 SwyftxAU parikshitm899 They might go under. SwyftxAU parikshitm899 Is Bitfinex available in Australia? SwyftxAU parikshitm899 Crypto to the moon and the jobs
Source: CoinDesk - 🏆 291. / 63 Read more »

Crypto's 'true believers' crave being all-in, all the time. Here's how they might learn to protect themselves.Bitcoin is down more than 60% this year, but the potential for stratospheric returns on cryptocurrencies can still be enticing. Temper your all-in mentality by setting goals – starting with these questions for yourself. Or avoid the pyramid scheme altogether.
Source: MarketWatch - 🏆 3. / 97 Read more »

SEBA Bank partners with HashKey for institutional crypto adoptionWen Instituitonal adoption? No one knows, but this partnership between SEBA Bank and HashKey could make it happen sooner than later. But but crypto is a scam haha 😂.. bottom is in idc what anyone says Hope you knew 🚀 Have a great day. And make sure if your hungry to get a bucket of $tendies
Source: Cointelegraph - 🏆 562. / 51 Read more »