Silvergate previously announced that it would delay the results of its K-10 report by several weeks, which caused concern among investors.
The warning signs continued to emerge last week when Silvergate announced it was shutting down its crypto payments network, one of the bank's main selling points for cryptocurrency exchanges.
At that time, it was not yet clear whether the bank was simply switching to another clientele or was curtailing its activities.
But according to a company press release issued today, Silvergate intends to enter into voluntary liquidation. And these are no longer investors’ experiences and rumors, but official information from their press release, here’s the link.
At the time this statement was released, Silvergate was already facing investigations. They were started by members of Congress, as well as the Federal Reserve and the California Department of Financial Protection and Innovation.
It is quite possible that this triggered the collapse of FTX, as investigations show that Silvergate Bank knew quite a bit about the business dealings of the FTX Group. Well, you yourself understand what this could mean...