Silvergate's ties to FTX and Sam Bankman-Fried entities draw Senate scrutiny [MSNBC.com]
Silvergate Capital Corporation Class A (SI)
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Source: MSNBC.com
When it came to pitching banking services to the crypto community, Silvergate Bank held an ace card: an endorsement from none other thanSam Bankman-Fried“Life as a crypto firm can be divided up into before Silvergate and after Silvergate,” Bankman-Fried gushed in a testimonial featured recently, and prominently, on Silvergate Bank’s website. “It’s hard to overstate how much it revolutionized banking for blockchain companies.”Now, withbillions of dollars missing from a bankrupt FTX’s coffersLate Monday, Elizabeth Warren, the Massachusetts Democrat and member of the Senate banking committee, and two Republican colleagues sent Lane and Silvergate a request for information about the bank’s relationship with FTX and the Bankman-Fried entities.“In the weeks since FTX’s shocking collapse, new and disturbing allegations aboutthe company’s business practicesThe letter, co-signed by Republican Sens. John Kennedy of Louisiana and Roger Marshall of Kansas, also questioned Silvergate’s vigilance i
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