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Crypto-friendly Silvergate Bank ultimately collapsed this year due to over-dependence on risky crypto deposits and nepotism that led to ineffective management, according to inspectors at the Federal Reserve.In a Sept. 27 executive summary of its review into the collapse of Silvergate Bank, the Federal Reserve Board’s Office of Inspector General
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“Examiners should have taken more aggressive and decisive supervisory action to escalate several issues in light of the bank’s unchecked growth; its volatile funding and deposit concentrations; and its significant, pervasive, and persistent weaknesses in key control functions,” the report found. Source
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Silvergate CEO Alan Lane and two other key executives are set to depart from their positions amid a wind-down of the once crypto-friendly bank.Lane and the firm’s chief legal officer John Bonino will depart on Aug. 15, while Antonio Martino, chief financial officer of the company, will depart on Sept.
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Cryptocurrency exchange Binance released its latest proof-of-reserves (PoR) on Aug. 1, offering transparency into its crypto reserves. However, the movement of its USDC reserves at the time of Silvergte's collapse caught many people’s attention and became a topic of discussion on X.The latest reserve audit suggests Binance holds more than
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Share Share on Twitter Share on LinkedIn Share on Telegram Copy Link Link copied California-based Silvergate Capital and Bank have been ordered to cease their operations by the board of governors of the Federal Reserve System and the Department of financial protection and innovation of California. The Federal Reserve Bank of
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The Federal Reserve Board of the United States has issued a consent order to Silvergate Bank and its parent company as part of the institution’s plans to “wind down operations” and liquidate.In a June 1 notice, the Fed said Silvergate Capital Corporation and the bank will have 10 days to
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The parent company of the collapsed Silvergate Bank will be delisted from the New York Stock Exchange (NYSE) and 230 staff will be let go, Silvergate Capital has disclosed.In a May 11 filing to the Securities and Exchange Commission (SEC), Silvergate Capital said 230 staff will be “separated” starting May
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A California judge has combined three investor lawsuits against defunct crypto bank Silvergate Bank involving the bankrupt crypto exchange FTX.On April 19, United States District Judge Jacqueline Scott Corley of the Northern District of California ruled that the three lawsuits would be consolidated. Each accuses Silvergate of helping to facilitate
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Summary: MicroStrategy bolstered its Bitcoin bag with a 6,455 BTC purchase worth around 150 million at today’s prices.Former CEO Michael Saylor noted that the company also repaid its $205 million Bitcoin-collateralized loan at a 25% discount.Saylor’s digital asset firm now holds around 138,955 BTC worth approximately $4.14 billion. Digital asset powerhouse
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MicroStrategy has bought over 6,000 more Bitcoin after fully satisfying its sizable Silvergate debt obligations. MicroStrategy Incorporated (NASDAQ: MSTR) recently increased its Bitcoin (BTC) holdings following a recent Silvergate Bank (NYSE: SI) loan repayment. According to reports, the BTC-loving business intelligence firm has bought an additional 6,455 Bitcoin for $150 million.
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