{"id":562180,"date":"2023-03-10T23:45:00","date_gmt":"2023-03-10T20:45:00","guid":{"rendered":"https:\/\/en.buradabiliyorum.com\/crypto-biz-silvergate-shutting-down-alameda-suing-grayscale\/"},"modified":"2023-03-10T23:45:00","modified_gmt":"2023-03-10T20:45:00","slug":"crypto-biz-silvergate-shutting-down-alameda-suing-grayscale","status":"publish","type":"post","link":"https:\/\/buradabiliyorum.com\/en\/crypto-biz-silvergate-shutting-down-alameda-suing-grayscale\/","title":{"rendered":"# Crypto Biz: Silvergate shutting down, Alameda suing Grayscale"},"content":{"rendered":"<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_84 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-6a2712650cf59\" 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-6a2712650cf59\" 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\/crypto-biz-silvergate-shutting-down-alameda-suing-grayscale\/#%E2%80%9D_Crypto_Biz_Silvergate_shutting_down_Alameda_suing_Grayscale_%E2%80%9C\" >&#8221; Crypto Biz: Silvergate shutting down, Alameda suing Grayscale  &#8220;<\/a><ul class='ez-toc-list-level-3' ><li class='ez-toc-heading-level-3'><ul class='ez-toc-list-level-3' ><li class='ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/buradabiliyorum.com\/en\/crypto-biz-silvergate-shutting-down-alameda-suing-grayscale\/#Silvergate_Capital_Corporation_will_%E2%80%98voluntarily_liquidate_Silvergate_Bank\" >Silvergate Capital Corporation will \u2018voluntarily liquidate\u2019 Silvergate Bank<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-3\" href=\"https:\/\/buradabiliyorum.com\/en\/crypto-biz-silvergate-shutting-down-alameda-suing-grayscale\/#Alameda_Research_files_suit_against_Grayscale_over_%E2%80%98self-imposed_redemption_ban\" >Alameda Research files suit against Grayscale over \u2018self-imposed redemption ban\u2019<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-4\" href=\"https:\/\/buradabiliyorum.com\/en\/crypto-biz-silvergate-shutting-down-alameda-suing-grayscale\/#Bitcoin_ASIC_manufacturer_Canaan_saw_82_revenue_drop_in_Q4\" >Bitcoin ASIC manufacturer Canaan saw 82% revenue drop in Q4<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-5\" href=\"https:\/\/buradabiliyorum.com\/en\/crypto-biz-silvergate-shutting-down-alameda-suing-grayscale\/#Tether_strikes_at_WSJ_over_%E2%80%98stale_allegations_of_faked_documents_for_bank_accounts\" >Tether strikes at WSJ over \u2018stale allegations\u2019 of faked documents for bank accounts<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-6\" href=\"https:\/\/buradabiliyorum.com\/en\/crypto-biz-silvergate-shutting-down-alameda-suing-grayscale\/#Before_you_go_How_will_the_Silvergate_implosion_impact_crypto\" >Before you go: How will the Silvergate implosion impact crypto?<\/a><\/li><\/ul><\/li><\/ul><\/li><\/ul><\/nav><\/div>\n<h1><span class=\"ez-toc-section\" id=\"%E2%80%9D_Crypto_Biz_Silvergate_shutting_down_Alameda_suing_Grayscale_%E2%80%9C\"><\/span>&#8221; Crypto Biz: Silvergate shutting down, Alameda suing Grayscale  &#8220;<span class=\"ez-toc-section-end\"><\/span><\/h1>\n<p><img decoding=\"async\" src=\"https:\/\/images.cointelegraph.com\/images\/840_aHR0cHM6Ly9zMy5jb2ludGVsZWdyYXBoLmNvbS91cGxvYWRzLzIwMjMtMDMvNjU5ZDZkY2QtYWYzYy00NjNhLTg0ZGItNGI0MmJlZDM0YjExLmpwZw==.jpg\" \/><\/p>\n<div class=\"post-content\" data-v-48054ca8>With the Bitcoin (BTC) halving more than a year away, don\u2019t expect crypto industry narratives to change anytime soon. Nay, crypto winter is still in full force, and the nasty headlines show no signs of abating.\u00a0<\/p>\n<p>This week, Silvergate Bank\u2019s parent company announced it would shut down and liquidate the crypto bank \u201cin light of recent industry and regulatory developments.\u201d This hardly comes as a surprise after most of Silvergate\u2019s high-profile partners abandoned the company when the regulators came knocking. <\/p>\n<p>The latest Crypto Biz <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/news\/\" data-internallinksmanager029f6b8e52c=\"2\" title=\"News\" target=\"_blank\" rel=\"noopener\">news<\/a>letter documents the voluntary liquidation of Silvergate, a new lawsuit from Alameda Research targeting the Digital Currency Group (DCG), and \u201cstale\u201d Tether allegations from The Wall Street Journal.<\/p>\n<h3><span class=\"ez-toc-section\" id=\"Silvergate_Capital_Corporation_will_%E2%80%98voluntarily_liquidate_Silvergate_Bank\"><\/span>Silvergate Capital Corporation will \u2018voluntarily liquidate\u2019 Silvergate Bank<span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p>After months of uncertainty, Silvergate Bank\u2019s parent company announced on March 8 that it would unwind its operations and liquidate its remaining assets. While this marked another blow to the crypto industry, the writing was already on the wall for Silvergate Bank. According to reports, Silvergate Bank had been negotiating with the Federal Deposit Insurance Corporation (FDIC) to avoid a shutdown. <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>arently, those talks went nowhere. Like other crypto firms, Silvergate\u2019s troubles began with the meltdown of FTX and ended with regulators investigating the bank\u2019s alleged involvement in Sam Bankman-Fried\u2019s doomed empire. By the time Silvergate went under, companies like Coinbase, Paxos, Gemini, Galaxy Digital and BitStamp had already cut ties.<\/p>\n<h3><span class=\"ez-toc-section\" id=\"Alameda_Research_files_suit_against_Grayscale_over_%E2%80%98self-imposed_redemption_ban\"><\/span>Alameda Research files suit against Grayscale over \u2018self-imposed redemption ban\u2019<span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p>Here\u2019s a headline you probably weren\u2019t expecting: Bankrupt Alameda Research is suing Grayscale Investments and its owner, the Digital Currency Group, for its exorbitant fees and refusal to unlock shareholder redemptions. The lawsuit, filed in Delaware, alleges that Grayscale charged over $1.3 billion in management fees, supposedly violating trust agreements. The company also \u201ccontrived excuses\u201d to prevent shareholders from redeeming their shares. The lawsuit seeks to \u201cunlock $9 billion or more in value for shareholders of the Grayscale Bitcoin and Ethereum Trusts [\u2026] and realize over a quarter billion dollars in asset value for the FTX Debtors\u2019 customers and creditors.\u201d These sorts of allegations against DCG and Grayscale are nothing new. In January, Bitcoin billionaire Cameron Winklevoss accused DCG CEO Barry Silbert of orchestrating \u201ca carefully crafted campaign of lies\u201d to hide a hole in an associated company\u2019s balance sheet. <\/p>\n<blockquote class=\"twitter-tweet\">\n<p lang=\"en\" dir=\"ltr\">1\/ FTX CEO John Ray enters the ring. <\/p>\n<p>FTX filed a lawsuit against Grayscale and its parent company.<\/p>\n<p>This is a surprise.<\/p>\n<p>John Ray is turning over every rock &#8211; including legal challenges to Grayscale&#8217;s model &#8211; to maximize recoveries for FTX creditors.<a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/t.co\/x1xl89B0cP\">https:\/\/t.co\/x1xl89B0cP<\/a><\/p>\n<p>\u2014 Ram Ahluwalia, crypto CFA (@ramahluwalia) <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/ramahluwalia\/status\/1632845915521204233?ref_src=twsrc%5Etfw\">March 6, 2023<\/a><\/p><\/blockquote>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<h3><span class=\"ez-toc-section\" id=\"Bitcoin_ASIC_manufacturer_Canaan_saw_82_revenue_drop_in_Q4\"><\/span>Bitcoin ASIC manufacturer Canaan saw 82% revenue drop in Q4<span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p>In another sign of the times, Chinese Bitcoin miner and manufacturer Canaan reported a massive drop in revenue during the fourth quarter. The company\u2019s sales plummeted 82.1% year-over-year to $56.8 million. During the quarter, Canaan sold 1.9 million terahashes per second worth of computer power for Bitcoin miners, down 75.8% compared to a year ago. Regarding profitability, Canaan was deeply in the red for the quarter \u2014 reporting a loss of $63.6 million. Overall, Canaan appears healthy enough to withstand a crypto winter that could last for the rest of the year. The company currently has $706 million in total assets against $67 million in liabilities. <\/p>\n<h3><span class=\"ez-toc-section\" id=\"Tether_strikes_at_WSJ_over_%E2%80%98stale_allegations_of_faked_documents_for_bank_accounts\"><\/span>Tether strikes at WSJ over \u2018stale allegations\u2019 of faked documents for bank accounts<span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p>Here\u2019s how you know the bear market isn\u2019t over: Mainstream <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/social-mediaa\/\" data-internallinksmanager029f6b8e52c=\"1\" title=\"Social Media\" target=\"_blank\" rel=\"noopener\">media<\/a>\u2019s attacks against stablecoin issuer Tether show no signs of letting up. If you\u2019ve been in crypto long enough, you know that Tether is the industry\u2019s favorite conspiracy theory because people love to doubt the company\u2019s collateral, the make-up of its reserve holdings and its association with crypto exchange Bitfinex. This week, a familiar Tether foe alleged that the stablecoin issuer faked documents and used shell companies to access the banking system. According to The Wall Street Journal, Tether and Bitfinex faked sales invoices and transactions as part of a ploy to open bank accounts. On the same day the report was released, Tether fired back, claiming the story was based on \u201cstale allegations from long ago,\u201d and \u201cwholly inaccurate and misleading.\u201d<\/p>\n<blockquote class=\"twitter-tweet\">\n<p lang=\"en\" dir=\"ltr\">I&#8217;m at the PlanB anniversary in <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/hashtag\/lugano?src=hash&amp;ref_src=twsrc%5Etfw\">#lugano<\/a><br \/>So much energy and people excited to talk about <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/hashtag\/Bitcoin?src=hash&amp;ref_src=twsrc%5Etfw\">#Bitcoin<\/a> <br \/>While I was on on stage I heard some clown honks, pretty sure was WSJ.<br \/>As always ton of misinformation and inaccuracies. Poor guys, must be difficult be them but need better media.<\/p>\n<p>\u2014 Paolo Ardoino  (@paoloardoino) <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/paoloardoino\/status\/1631736554686148608?ref_src=twsrc%5Etfw\">March 3, 2023<\/a><\/p><\/blockquote>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<h3><span class=\"ez-toc-section\" id=\"Before_you_go_How_will_the_Silvergate_implosion_impact_crypto\"><\/span>Before you go: How will the Silvergate implosion impact crypto?<span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p>The fallout from the FTX collapse continues to impact crypto markets. Now, crypto-friendly lender Silvergate Bank is on the brink of insolvency after reporting a $1 billion net loss in the fourth quarter. That\u2019s not the worst of it, though. Several major crypto companies, including Coinbase, Circle, Paxos, Galaxy Digital, MicroStrategy and Tether, have distanced themselves from the company as the United States Department of Justice investigates its involvement in the FTX debacle. On this week\u2019s Market Report, I sat down with fellow analysts Marcel Pechman and Joe Hall to discuss how Silvergate could impact crypto sentiment. You can watch the full replay below.<\/p>\n<p><iframe loading=\"lazy\" title=\"Impact of the Silvergate collapse on crypto\" width=\"640\" height=\"360\" src=\"https:\/\/www.youtube.com\/embed\/iYkS_xHzCeg?feature=oembed\" frameborder=\"0\" allow=\"accelerometer; autoplay; clipboard-write; encrypted-media; gyroscope; picture-in-picture; web-share\" referrerpolicy=\"strict-origin-when-cross-origin\" allowfullscreen><\/iframe><\/p>\n<p><em>Crypto Biz is your weekly pulse of the business behind blockchain and crypto, delivered directly to your inbox every Thursday.<\/em><\/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 News 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\/crypto-biz-silvergate-shutting-down-alameda-suing-grayscale\" target=\"_blank\" rel=\"noopener\">Source<\/a><\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>&#8221; Crypto Biz: Silvergate shutting down, Alameda suing Grayscale &#8220; With the Bitcoin (BTC) halving more than a year away, don\u2019t expect crypto industry narratives to change anytime soon. Nay, crypto winter is still in full force, and the nasty headlines show no signs of abating.\u00a0 This week, Silvergate Bank\u2019s parent company announced it would&#8230;<\/p>\n","protected":false},"author":1,"featured_media":562181,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"fifu_image_url":"https:\/\/images.cointelegraph.com\/cdn-cgi\/image\/format=auto,onerror=redirect,quality=90,width=1200\/https:\/\/s3.cointelegraph.com\/uploads\/2023-03\/659d6dcd-af3c-463a-84db-4b42bed34b11.jpg","fifu_image_alt":"","footnotes":""},"categories":[1],"tags":[74989,90192,76550,4978,117],"class_list":["post-562180","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-general","tag-bitcoin-mining","tag-digital-currency-group","tag-grayscale","tag-bankruptcy","tag-business"],"_links":{"self":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/562180","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=562180"}],"version-history":[{"count":0,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/562180\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media\/562181"}],"wp:attachment":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media?parent=562180"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/categories?post=562180"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/tags?post=562180"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}