crypto bank Silvergate CapitalWith less than $20 million in total deposits from crypto clients, the lender BlockFiand stated that he was minimally affected by the company, which is currently in bankruptcy proceedings.
Silvergate Capital Reports Risk of Bankrupt BlockFi Deposit Less Than $20M
early on Monday Chapter 11 bankruptcy protection BlockFi announced that it has more than 100,000 creditors and between $1 billion and $10 billion in assets and liabilities.
BlockFi announced it was suspending withdrawals on November 10, a day before crypto exchange FTX filed for Chapter 11, and said last week that it would delay customer loans.
Silvergate said in a statement, “BlockFi is not a custodian for Silvergate’s Bitcoin-backed leverage loans.
“To date, it has continued to perform as expected with zero losses and no forced liquidation.” Silvergate has no investment in BlockFi, he added.
Silvergate previously said that its exposure to bankrupt crypto exchange FTX was limited to deposits, representing less than 10% of FTX’s total deposits as of September 30.
“As the digital asset industry continues to transform, I want to reiterate that Silvergate’s platform is specifically designed to manage stress and volatility,” Silvergate chief executive Alan Lane said in a statement.
“SEN (Silvergate Exchange Network) continues to operate as designed and our support teams are available 24 hours a day, 7 days a week to assist our customers during this challenging time.”
*Not investment advice.
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