{"id":517720,"date":"2022-11-29T07:33:37","date_gmt":"2022-11-29T04:33:37","guid":{"rendered":"https:\/\/en.buradabiliyorum.com\/silvergate-denies-recent-fud-confirms-minimal-exposure-to-blockfi\/"},"modified":"2022-11-29T07:33:37","modified_gmt":"2022-11-29T04:33:37","slug":"silvergate-denies-recent-fud-confirms-minimal-exposure-to-blockfi","status":"publish","type":"post","link":"https:\/\/buradabiliyorum.com\/en\/silvergate-denies-recent-fud-confirms-minimal-exposure-to-blockfi\/","title":{"rendered":"# Silvergate denies recent FUD, confirms minimal exposure to BlockFi"},"content":{"rendered":"<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_85 counter-hierarchy ez-toc-counter ez-toc-custom ez-toc-container-direction\">\n<p class=\"ez-toc-title\" style=\"cursor:inherit\">Table of Contents<\/p>\n<label for=\"ez-toc-cssicon-toggle-item-6a3bc22c1515a\" class=\"ez-toc-cssicon-toggle-label\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #dd3333;color:#dd3333\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #dd3333;color:#dd3333\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/label><input type=\"checkbox\"  id=\"ez-toc-cssicon-toggle-item-6a3bc22c1515a\" checked aria-label=\"Toggle\" \/><nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-1'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/buradabiliyorum.com\/en\/silvergate-denies-recent-fud-confirms-minimal-exposure-to-blockfi\/#%E2%80%9D_Silvergate_denies_recent_FUD_confirms_minimal_exposure_to_BlockFi_%E2%80%9C\" >&#8221; Silvergate denies recent FUD, confirms minimal exposure to BlockFi &#8220;<\/a><\/li><\/ul><\/nav><\/div>\n<h1><span class=\"ez-toc-section\" id=\"%E2%80%9D_Silvergate_denies_recent_FUD_confirms_minimal_exposure_to_BlockFi_%E2%80%9C\"><\/span>&#8221; Silvergate denies recent FUD, confirms minimal exposure to BlockFi &#8220;<span class=\"ez-toc-section-end\"><\/span><\/h1>\n<p><img decoding=\"async\" src=\"https:\/\/images.cointelegraph.com\/images\/840_aHR0cHM6Ly9zMy5jb2ludGVsZWdyYXBoLmNvbS91cGxvYWRzLzIwMjItMTEvNDBlZjAzNzEtMTdjOC00NjVhLWIwMzYtZDkwMjFmZWUwNWZkLmpwZw==.jpg\" \/><\/p>\n<div class=\"post-content\" data-v-b8b12140>Institutional crypto services provider Silvergate Capital has confirmed its minimal exposure to the embattled BlockFi crypto lending firm.<\/p>\n<p>On Nov. 28, Silvergate<a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/ir.silvergate.com\/news\/news-details\/2022\/Silvergate-Provides-Statement-on-Minimal-Exposure-to-BlockFi\/default.aspx\"> announced<\/a> that its deposit relationship with BlockFi is \u201climited to less than $20 million of its total deposits from all digital asset customers.\u201d Those deposits totaled $13.2 billion in Q3 according to the firm\u2019s revenue report. <\/p>\n<p>It added that BlockFi was not a custodian for its Bitcoin-collateralized leverage loans and the firm has no investments in BlockFi.<\/p>\n<p>To quell investor jitters, Silvergate CEO Alan Lane said, \u201cas the digital asset industry continues to transform, I want to reiterate that Silvergate\u2019s platform was purpose-built to manage stress and volatility.\u201d <\/p>\n<blockquote class=\"twitter-tweet\">\n<p lang=\"en\" dir=\"ltr\">Silvergate Provides Statement on Minimal Exposure to BlockFi <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/t.co\/FoBqzylpr6\">https:\/\/t.co\/FoBqzylpr6<\/a><\/p>\n<p>\u2014 Silvergate Bank (@silvergatebank) <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/silvergatebank\/status\/1597364236896079872?ref_src=twsrc%5Etfw\">November 28, 2022<\/a><\/p><\/blockquote>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script>Silvergate has been the subject of a lot of FUD (fear, uncertainty, and doubt), or \u201cfalse and misleading statements,\u201d in its words.<\/p>\n<p>On Nov. 29, technical analyst and Swiss investor Walter Bloomberg\u00a0<a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/deitaone\/status\/1597289490246209537\">told<\/a> his 622K <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/social-mediaa\/\" data-internallinksmanager029f6b8e52c=\"1\" title=\"Social Media\" target=\"_blank\" rel=\"noopener\">Twitter<\/a> followers \u201cSilvergate Capital said to have lent money to BlockFi,\u201d but failed to provide any evidence. <\/p>\n<p>Others have added to the FUD fest with several <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/WallStreetSilv\/status\/1592849969794408450\">Tweets<\/a> over the past week, however, most of them were lacking specifics. <\/p>\n<p>On Nov. 28 Cointelegraph reported that BlockFi had become the latest victim of the FTX contagion to file for Chapter 11 bankruptcy. <\/p>\n<p>The filing stated that BlockFi has more than 100,000 creditors, assets between $1 billion and $10 billion, and similar liabilities. The latest high-profile crypto bankruptcy <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/download-scripts-themes-apps\/\" data-internallinksmanager029f6b8e52c=\"9\" title=\"Download Scripts &amp; Themes &amp; Apps\" target=\"_blank\" rel=\"noopener\">app<\/a>ears to have fuelled this recent round of FUD, which Silvergate has seen fit to refute.<\/p>\n<p><strong><em>Related:<\/em><\/strong><strong><em> <\/em><\/strong><strong><em>Silvergate Capital&#8217;s crypto-to-fiat transfers decrease by $50B compared with Q3 2021<\/em><\/strong><\/p>\n<p>Earlier this month, the WSJ ran an<a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/www.wsj.com\/articles\/crypto-bank-silvergate-battles-ftx-contagion-fears-11668910608\"> article<\/a> on Silvergate claiming that the company was battling the contagion fears. The crypto bank has seen its stock prices plunge this year but that has been the case for most publically listed crypto companies.<\/p>\n<p>SI prices declined 11.1% on the day to finish at $24.45 in after-hours trading according to<a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/www.marketwatch.com\/investing\/stock\/SI\"> Market Watch<\/a>. Silvergate stock has slumped 83.6% since the beginning of the year.<\/p>\n<p>On Nov. 23, Cointelegraph reported that Block.one CEO, Brendan Blumer, had purchased a stake in Silvergate Capital. <\/p>\n<p><template data-name=\"subscription_form\" data-type=\"crypto_biz\"><\/template><\/div>\n<blockquote><p><strong><span style=\"color: #ff6600;\">If you liked the article, do not forget to share it with your friends. Follow us on\u00a0<span style=\"color: #ff0000;\"><a style=\"color: #ff0000;\" href=\"https:\/\/news.google.com\/publications\/CAAqBwgKMLG0nwswvr63Aw\" target=\"_blank\" rel=\"nofollow noopener noreferrer\">Google News<\/a><\/span>\u00a0too, click on the star and choose us from your favorites.<\/span><\/strong><\/p><\/blockquote>\n<blockquote>\n<p style=\"text-align: center;\">For forums sites go to <span style=\"color: #ff9900;\"><a style=\"color: #ff9900;\" href=\"https:\/\/forum.buradabiliyorum.com\/\" target=\"_blank\" rel=\"noopener\">Forum.BuradaBiliyorum.Com<\/a><\/span><\/strong>\n<\/p><\/blockquote>\n<blockquote>\n<p style=\"text-align: center;\"><strong>If you want to read more <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/news\/\" data-internallinksmanager029f6b8e52c=\"2\" title=\"News\" target=\"_blank\" rel=\"noopener\">News<\/a> articles, you can visit our <span style=\"color: #ff9900;\"><a style=\"color: #ff9900;\" href=\"https:\/\/en.buradabiliyorum.com\/general\/\" target=\"_blank\" rel=\"noopener\">General category.<\/a><\/span><\/strong><\/p>\n<\/blockquote>\n<p><span style=\"color: black;\"><a style=\"color: #ff9900;\" href=\"https:\/\/cointelegraph.com\/news\/silvergate-denies-recent-fud-confirms-minimal-exposure-to-blockfi\" target=\"_blank\" rel=\"noopener\">Source<\/a><\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>&#8221; Silvergate denies recent FUD, confirms minimal exposure to BlockFi &#8220; Institutional crypto services provider Silvergate Capital has confirmed its minimal exposure to the embattled BlockFi crypto lending firm. On Nov. 28, Silvergate announced that its deposit relationship with BlockFi is \u201climited to less than $20 million of its total deposits from all digital asset&#8230;<\/p>\n","protected":false},"author":1,"featured_media":517721,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"fifu_image_url":"https:\/\/images.cointelegraph.com\/images\/1200_aHR0cHM6Ly9zMy5jb2ludGVsZWdyYXBoLmNvbS91cGxvYWRzLzIwMjItMTEvNDBlZjAzNzEtMTdjOC00NjVhLWIwMzYtZDkwMjFmZWUwNWZkLmpwZw==.jpg","fifu_image_alt":"","footnotes":""},"categories":[1],"tags":[131770,4978,117],"class_list":["post-517720","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-general","tag-fud","tag-bankruptcy","tag-business"],"_links":{"self":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/517720","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/comments?post=517720"}],"version-history":[{"count":0,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/517720\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media\/517721"}],"wp:attachment":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media?parent=517720"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/categories?post=517720"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/tags?post=517720"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}