His company's stock price down more than 50% in wake of the FTX collapse, Silvergate Capital CEO Alan Lane cites misinformation being spread by short-sellers and other opportunists. $SI SteveAlpher reports
"Silvergate conducted significant due diligence on FTX and its related entities including Alameda Research, both during the onboarding process and through ongoing monitoring," said Lane, noting the lender followed all relevant regulatory procedures when receiving wires directed to Alameda. As is required by both the bank's own systems and regulations, said Lane, any possible untoward activity was investigated and – if necessary – reported as such.
While Silvergate does not appear to be a creditor to FTX, it did have a sizable deposit relationship with the now-failed exchange. The bank disclosed one month agoadded to short-seller concerns"We have a resilient balance sheet and ample liquidity," concluded Lane, adding that the lender"intentionally [carries] cash and securities in excess of our digital asset related deposit liabilities.
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