Bloomberg Tax
Dec. 6, 2022, 12:55 PM

Silvergate Shares Slide as Questions Over FTX Relationship Swirl

Matt Turner
Matt Turner
Bloomberg News

Silvergate Capital shares slump as much as 14% in premarket trading Tuesday after NBC News reported that Senators including Elizabeth Warren, John Kennedy and Roger Marshall sent a request for information to CEO Alan Lane about the crypto bank’s dealings with Sam Bankman-Fried’s FTX exchange.

  • Lane said in a public letter on Monday that it “conducted significant due diligence” on FTX both before and during its relationship with the firm and its related entities including Alameda Research
    • He added that customer deposits remain safe and that the bank has “a resilient balance sheet and ample liquidity”
    • READ: Silvergate Has ...