Share this article
Silvergate CEO Attempts to Address Concerns in Public Letter
Shares of the crypto-focused bank have been reeling in part due to links with failed crypto exchange FTX and sister company Alameda Research.
Updated May 9, 2023, 4:04 a.m. Published Dec 5, 2022, 10:42 p.m.
Citing "speculation – and misinformation – being spread by short sellers and other opportunists trying to capitalize on market uncertainty," Silvergate Capital (SI) CEO Alan Lane in a public letter attempts "to set the record straight."
"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, said Lane, any possible untoward activity was investigated and – if necessary – reported as such.
STORY CONTINUES BELOW
Don't miss another story.Subscribe to the Crypto Daybook Americas Newsletter today. See all newsletters
While Silvergate does not appear to be a creditor to FTX, it did have a sizable deposit relationship with the now-failed exchange. The bank disclosed one month ago that FTX deposits made up nearly 10% of its $11.9 billion in deposits from digital asset customers.
That news only added to short-seller concerns, with the stock – down another 8.5% in Monday's regular session – now off 53% over the past month.
"We have a resilient balance sheet and ample liquidity," concluded Lane, adding that the lender "intentionally [carries] cash and securities in excess of our digital asset related deposit liabilities."
Silvergate stock is little changed in after-hours trade on Monday evening.
Read more: Crypto Bank Silvergate Cut to Underweight at Morgan Stanley Following FTX Collapse
More For You
What to know:
- As of October 2025, GoPlus has generated $4.7M in total revenue across its product lines. The GoPlus App is the primary revenue driver, contributing $2.5M (approx. 53%), followed by the SafeToken Protocol at $1.7M.
- GoPlus Intelligence's Token Security API averaged 717 million monthly calls year-to-date in 2025 , with a peak of nearly 1 billion calls in February 2025. Total blockchain-level requests, including transaction simulations, averaged an additional 350 million per month.
- Since its January 2025 launch , the $GPS token has registered over $5B in total spot volume and $10B in derivatives volume in 2025. Monthly spot volume peaked in March 2025 at over $1.1B , while derivatives volume peaked the same month at over $4B.
Mais para você
French Banking Giant BPCE to Roll Out Crypto Trading for 2M Retail Clients
The service will allow customers to buy and sell BTC, ETH, SOL, and USDC through a separate digital asset account managed by Hexarq.
O que saber:
- French banking group BPCE will start offering crypto trading services to 2 million retail customers through its Banque Populaire and Caisse d’Épargne apps, with plans to expand to 12 million customers by 2026.
- The service will allow customers to buy and sell BTC, ETH, SOL, and USDC through a separate digital asset account managed by Hexarq, with a €2.99 monthly fee and 1.5% transaction commission.
- The move follows similar initiatives by other European banks, such as BBVA, Santander, and Raiffeisen Bank, which have already started offering crypto trading services to their customers.
Top Stories
