Financial regulators just shut down a bank in Oklahoma, marking the second US bank failure of 2024. The First National Bank of Lindsay has been shuttered by the Office of the Comptroller of the Currency. The agency says it took action after identifying false and deceptive bank records and other information that suggests fraud depleted […]
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Economist Peter Schiff has warned that restoring a real economy requires letting the “phony economy” collapse, which would result in significant financial losses for many. However, he emphasized that the alternative is worse, as it would lead to the devaluation of money itself. Schiff criticized the government and Federal Reserve policies, particularly following the 2008 […]
Stablecoins, the cryptocurrencies pegged to fiat currencies like the U.S. dollar to keep their value steady, can still face failures. Several well-known examples demonstrate that maintaining stability is more challenging than it appears. So, how does something designed to be ‘stable’ unravel? A Historical Review of Stablecoin De-Pegging Incidents There’s no doubt that these stablecoins […]
The number of US banks with major issues is on the rise, according to the Federal Deposit Insurance Corporation (FDIC). The agency’s Second Quarter 2024 Quarterly Banking Profile shows the number of lenders on its “Problem Bank List” rose quarter-on-quarter from 63 to 66. It’s the fifth consecutive quarterly increase of banks rated 4 or […]
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Acting Comptroller Michael Hsu has emphasized the importance of proactive oversight in managing crypto risks. He cited the 2022 crypto market collapse, with a $2 trillion loss, where effective supervision kept banks stable. Hsu emphasized the need for vigilant supervision as digital assets and fintech increasingly integrate with traditional banking, presenting new challenges and risks. […]
Economist and gold advocate Peter Schiff argues that bitcoin exchange-traded funds (ETFs) contradict the core principles of the cryptocurrency by undermining decentralization and peer-to-peer transactions. He criticizes recent buyers of bitcoin for focusing solely on profit, suggesting this behavior indicates an impending collapse. Schiff also slammed Senator Cynthia Lummis’ bill proposing a U.S. bitcoin reserve, […]
Banks are collapsing at an unprecedented rate in China due to a major downturn in the country’s property market, poor risk controls and other issues. In the week ending on June 24th, 40 smaller banks were sucked up by larger institutions, a vanishing act incomparable even to the savings and loan crisis of the 1980’s […]
The post 40 Banks Shut Down in Sudden ‘Vanishing Act’ – Absorbed Into Larger Lenders As Economy Teeters in China: Report appeared first on The Daily Hodl.
US regulators just announced the first bank failure of 2024. The FDIC says it has stepped in to protect $6 billion in assets and $4 billion in customer deposits at Philadelphia-based Republic Bank. The assets will be immediately handed over to Fulton Bank, a former rival that’s also located in Philadelphia. “Republic Bank’s 32 branches […]
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A total of 282 US banks with $900 billion in total assets are suffering from a “toxic combo” that could push them to the brink of failure, according to a new report. According to the consulting firm Klaros Group, the banks in question simultaneously have large levels of exposure to commercial real estate and significant […]
The post 282 US Banks Suffer ‘Toxic Combo’ That Could Trigger Collapse, With $900,000,000,000 in Total Assets at Stake: Report appeared first on The Daily Hodl.
Silvergate is losing its CEO Alan Lane and two other top executives as part of an ongoing wind-down of the once crypto-friendly bank.
Silvergate CEO Alan Lane and two other key executives are set to depart from their positions amid a wind-down of the once crypto-friendly bank.
Lane and the firm’s chief legal officer John Bonino will depart on Aug. 15, while Antonio Martino, chief financial officer of the company, will depart on Sept. 30.
In an Aug. 15 filing to the Securities and Exchange Commission, the bank’s parent company Silvergate Capital said the departures are part of its previously disclosed plan to wind down operations and voluntarily liquidate Silvergate Bank.
A story as old as time.
— Daniel Prince (@PrinceySOV) March 10, 2023
-Silvergate Bank is a California bank operating from 1988 to 2023.
-The company began providing services for CrYpTO users in 2016.
-In March 2023, the bank announced plans to wind down and liquidate.#bitcoin only.
Silvergate noted the three departing executives will not be entitled to any further compensation under their respective employment agreements but will receive severance benefits.
The departures come amid a wave of proposed lawsuits involving the bank.
Silvergate and Lane are named in multiple proposed lawsuits mostly revolving around its alleged role in the misconduct of crypto exchange FTX.
In May, the Texas-based Word of God Church also sued the bank alleging it used $25 million of church deposits to participate in FTX’s “fraudulent” scheme, adding Silvergate and Lane had "unparalleled knowledge of the rampant fraud and corporate malfeasance."
Another proposed class action alleged the bank did not perform adequate due diligence on the crypto firms it brought on as clients, such as FTX, Alameda and North Dimension.
Other customers, according to the suit, include Binance.US, Huobi Global, Nexo Capital, and Bittrex.
Related: Binance sold USDC for BTC and ETH after Silvergate Bank collapse: PoR report
In March, Silvergate announced it would be winding down its bank’s operations after suffering $1 billion worth of losses as a consequence of the FTX’s demise, one of Silvergate’s leading clients.
The bank’s collapse sent reverberations through the crypto ecosystem and the United States banking sector as it was one of the few regulated financial institutions providing banking services to crypto firms and exchanges.
Alan Lane (@SilvergateCEO) recently took Silvergate Bank public.
— Pomp (@APompliano) November 19, 2019
They have become one of the most important pieces of infrastructure in the industry.
He tells me everything in this interview, including why he believed in Bitcoin before his peers https://t.co/VKx31h2HJQ
Lane’s role will be taken over by Kathleen Fraher, the chief transition officer of the company, while Martinos’ role will be helmed by the current chief accounting officer of the bank, Andrew Surry.
Big Questions: Did the NSA create Bitcoin?
