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Morgan Stanley’s analysts downgraded Silvergate stock from “equal weight” to “underweight” last week.Silvergate Capital Corporation (NYSE: SI) stock closed Monday trading at $17.61, down 7.59 percent from the day’s opening price. The dip extended during the after-hours trading session following a lawsuit filed against Silvergate’s role in the FTX collapse.
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Plaintiff Joewy Gonzalez has filed the lawsuit on behalf of himself and others who lost money with FTX. The lawsuit accuses Silvergate Bank of transferring FTX user deposits into the bank accounts of Alameda Research.The contagion of FTX collapse has spread all across the crypto market with several other firms
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A class-action lawsuit against Silvergate Bank, Silvergate Capital Corporation and Silvergate CEO Alan Lane was filed at the California Southern District Court concerning accounts held by embattled crypto companies FTX and Alameda Research.The suit aims to hold Silvergate accountable for its alleged roles in placing FTX user deposits into the
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“Traders don't want to hold Silvergate Capital this week as fears that any testimony from FTX could be damning,” said Edward Moya, senior market analyst of the Americas at OANDA. “Lawmakers are trying to find out everything that went wrong with FTX and some of that could spill over to
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"[There are] reports that Mr. Bankman-Fried ‘secretly transferred some $10 billion of customer funds to his trading vehicle, Alameda Research,’ to fund ‘risky bets,’ violating both U.S. securities laws and FTX’s own terms of service," said the letter. "We are concerned about Silvergate’s role in these activities because of reports
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Three members of the United States Senate have reportedly penned a letter to Silvergate Bank requesting information about any relationship with FTX and business entities under former CEO Sam Bankman-Fried.According to a Dec. 6 report from NBC News, Senators Elizabeth Warren, John Kennedy, and Roger Marshall sent a letter to
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Silvergate Capital CEO Alan Lane has slammed “short sellers” and “other opportunists” for spreading misinformation over the last few weeks — just to score themselves a quick buck. In a Dec. 5 public letter, Lane said there was “plenty of speculation – and misinformation” being spread by these parties to “capitalize
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Led by analyst Manan Gosalia, the team from the Wall Street bank downgraded its rating on Silvergate's shares to underweight from equal weight, but kept its price target at $24. The stock was lower by 3% to $25.69 in premarket trading, adding to a decline of more than 50% since
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"Silvergate conducted significant due diligence on FTX and its related entities including Alameda Research, both during the onboarding process and through ongoing monitoring," said Lane, noting the lender followed all relevant regulatory procedures when receiving wires directed to Alameda. As is required by both the bank's own systems and regulations,
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"BlockFi is not a custodian for Silvergate’s bitcoin-collateralized SEN Leverage loans, which to date have continued to perform as expected with zero losses and no forced liquidations. Silvergate has no investments in BlockFi," Silvergate said in the statement. Original Source
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