Crypto Bank Silvergate CEO Tries to Alleviate Concerns: FTX and Alameda Statement

Digital asset-focused investment bank Silvergate has sought to reassure its investors and clients that assets are safe following the bankruptcy of FTX and Alameda Research.

CEO of crypto bank Silvergate Alan Lane, In a recent briefing letter to customers, the bankruptcies of FTX and Alameda, which has close business relations with it, not affecting tried to reassure him. When Lane learned of the bankruptcy of his clients, FTX and Alameda, that you follow legal procedures underlined. The bank’s assets safe Suspicious transactions trying to take advantage of illegal means after the events, while stating that what you watched reported.

Lane underlined that the digital deposits held by the bank have more cash equivalents than liabilities. The CEO states that the company keeps its services open at all times and Silvergate Exchange Network (SEN) He also stated in his letter that he continues to work uninterruptedly.

Allegations of allowing the illegal transfer of assets between the CEO, Alameda and FTX, both during the operation and during and after the bankruptcy legal procedures are not violated replied to. In addition, if they detect any suspicious activity on any account, to share it with the authorities. they are filing expressed.

On the other hand, although Silvergate did not have a creditor status against FTX, it had a sizable deposit agreement with FTX. Silvergate’s take from FTX11.9 billion approximately dollar deposits of total deposits 10% of forming.

Known for his short positions Marc Cohodes Silvergate alone of FTX bankruptcy can’t topple However, by claiming that the company may be in a difficult situation as a result of the domino effect and other parties demanding their deposits back, He said he took a short position. It is said that this situation encourages investors to sell short, considering that the company is in a risky position against a possible bankruptcy situation. Company shares earlier this week 8.5% value compared to last month 53% trades at a lower price.

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