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    Sonal Shridhar Shinde in Crypto News

    06-Dec-2022 08:58 AM


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    Silvergate CEO calls out 'short sellers' spreading misinformation

    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 on market uncertainty” caused in part to FTX’s catastrophic collapse in November.
    “Silvergate conducted significant due diligence on FTX and its related entities, including Alameda Research, both during the onboarding process and through ongoing monitoring, in accordance with our risk management policies and procedures.”
    Roch-Decter was also concerned with Silvergate’s Bitcoin-collateralized loan position, which could impact the firm’s balance sheet if Bitcoin’s (BTC) price continues to fall.
    The Silvergate Exchange Network enables the bank’s digital currency and institutional investor clients to send U.S. dollars and euros between their Silvergate accounts and the accounts of other Silvergate clients.
    Silvergate’s stock is now down 52.43% over the last thirty days and decreased 85.34% over the last 12 months.
    Source: Cointelegraph