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San Diego's Silvergate Capital faces questions from lawmakers amid FTX crypto exchange collapse

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The bank provides deposit, payment and security services to the digital currency industry, which has been reeling from high-profile bankruptcies

Potential losses for investors are unclear but could be in the billions.U.S. prosecutors charged Bankman-Fried

Already, at least two lawsuits have been filed by Silvergate shareholders alleging the bank made misleading statements to its investors. Both seek class-action status. “Alameda Research is a large crypto hedge fund and FTX is a large crypto exchange,” he said, “so it’s natural for Silvergate to provide payment services to each.”

Silvergate doesn’t own or trade cryptocurrency itself. It provides many traditional banking services — including deposit services, fund transfers, 24/7 U.S. dollar transaction facilitation, customer account controls and security — needed to enable digital currency trading.

 

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San Diego's Silvergate Capital faces questions from lawmakers amid FTX crypto exchange collapseThe bank provides deposit, payment and security infrastructure to the digital currency industry, which has been reeling from high-profile bankruptcies
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