The bank’s collapse is a direct result of its exposure to FTX and the alleged fraud perpetuated by former Chief Executive Sam Bankman-Fried. The bank’s wind-down and liquidation plan includes the full payment of all deposits, with Silvergate adding that it’s considering how to resolve claims and preserve the residual value of its assets, including its proprietary technology and tax assets. Silvergate said that in light of recent industry and regulatory developments, it believes that “an orderly wind-down of bank operations and a voluntary liquidation of the Bank is the best path forward.” made the announcement today, saying that it intends to wind down operations and voluntarily liquidate the bank in accordance with applicable regulatory processes. Troubled cryptocurrency financial services provider Silvergate Bank will shut down and its assets will be liquidated following months of ongoing drama in the market following the collapse of crypto exchange FTX Trading Ltd.
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