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Crypto Bank Silvergate Says Its BlockFi Digital-Asset Deposit Exposure Totals Less Than $20M
The bank's shares closed down 11% to $25.90 on Monday, after BlockFi bankruptcy filing.
Updated May 9, 2023, 4:03 a.m. Published Nov 29, 2022, 12:25 a.m.
Silvergate Capital (SI) said in a press release late Monday that its digital-asset deposit relationship with BlockFi, which filed for Chapter 11 bankruptcy protection earlier in the day, was less than $20 million of its total deposits from all of its digital-asset customers as of Nov. 28.
Read more: BlockFi Files for Bankruptcy as FTX Contagion Spreads
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"BlockFi is not a custodian for Silvergate’s bitcoin-collateralized SEN Leverage loans, which to date have continued to perform as expected with zero losses and no forced liquidations. Silvergate has no investments in BlockFi," Silvergate said in the statement.
Silvergate said it recently "has been the subject of false and misleading statements," and urged people to go directly to its website for accurate information.
Shares of the bank closed down 11% at $25.90 on Monday. They are down about 80% this year.
Read more: Founder of EOS Developer Block.One Buys 9.3% of Crypto Bank Silvergate
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