About destruction of Silvergate Bank

[Yugocean]

Silvergate Now: Coming to an End; It is not available for sale.

Beginning of Silvergate: Silvergate Bank was established in 1988 in California. It started as a small finance company. It became a member of the Federal Reserve and a real bank.

Alan Lane Era :- Bitcoin investor Alan Lane in 2013, after taking over as CEO of Silvergate, started various cryptocurrency-related services for the bank's customers. Crypto was a new phenomenon these days, so the government didn't care, but the customers did. It became very popular among Americans, causing Silvergate to become a huge financial services company as well.

Partnership with SBF and the beginning of the collapse :- Silvergate partnered with the FTX empire to recover from the recession that followed the collapse of Luna, a scam empire that collapsed. With this, all the companies associated with the FTX empire went bankrupt.

Rescue effort: Until March 2023, Silvergate tried to get help from other companies and authorities, but far from help, no one was even ready to buy it. Ultimately, on March 8, 2023, Silvergate Bank announced liquidation.

The picture is yet to come. Silvergate is also the bank of the Huobi exchange. Justin Sun's mismanagement could bankrupt Huobi as well, and with that, the Commonwealth of Dominica.​

 

[roseberry]

this collapse of Silicon Valley Bank will cause significant disruption in the cryptocurrency market
these bankruptcy will overall affect trading system

 

[Yugocean]

this collapse of Silicon Valley Bank will cause significant disruption in the cryptocurrency market
these bankruptcy will overall affect trading system

Silvergate Bank and Silicon Valley Bank are different, but they, including another one named Signature is also collapsed. HSBC acquired UK branch of Silicon Valley Bank. Rest they are going to lequid station.

 

[cmoneyspinner]

When I first heard the news regarding this bank collapse, I was disgusted. The fact that we put a law in place to prevent this and former POTUS Donald Trump reversed it, made me even more disgusted. Then POTUS Biden says the taxpayers won't pay to bail out the bank. Who does he think he's fooling?

 

[Yugocean]

When I first heard the news regarding this bank collapse, I was disgusted. The fact that we put a law in place to prevent this and former POTUS Donald Trump reversed it, made me even more disgusted. Then POTUS Biden says the taxpayers won't pay to bail out the bank. Who does he think he's fooling?

Politics is something that people do not understand; they vote for that person, by whose work they either get the possibility of fulfilling their selfishness or the destruction of their enemy. They do not worry about the effect on the country and society. They continue to suffer, and sensible people also have to suffer along with them.