Things Are Going Bad At The Crypto-Friendly Bank Shaken By FTX’s Bankruptcy!

Cryptocurrency well-known bank Silvergate Bank Sam Bankman-Fried of your FTX It is investigating whether it has a chance of still operating after its collapse and is reviewing its financial controls.

The Negativity Continues at Silvergate Bank, Which Has Been Hurt With The Collapse Of The Cryptocurrency Exchange FTX

“The company is currently analyzing some ongoing regulatory and other investigations and investigations into the company,” said Silvergate, based in La Jolla, California, on Wednesday, and also explained that it was unable to submit its annual report in a timely manner.

“The company’s independent registered public accounting firm also requests detailed information on these matters, and the company responds to these requests.”

Silvergate said it sold additional debt securities in January and February, and that losses related to its securities portfolio, among other factors, could hurt the company’s ability to operate as a going concern.

The company also stated that it is being investigated by the US Department of Justice. Short sellers send letters to the firm’s auditors and US regulators detailing what the bank and its customers consider abusive, including allegations of money laundering.

The Justice Department’s fraud division is investigating Silvergate for its ties to FTX and Bankman-Fried’s cryptocurrency hedge fund Alameda Research, Bloomberg News reported last month, citing experts on the matter.

After all that news, the stock fell as low as $10.15 in expanded New York trading.

Meanwhile, US lawmakers, including Senator Elizabeth Warren, sent many questions to the bank about FTX relations, describing the firm’s previous answers as evasive and incomplete.

It is not investment advice.

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