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?
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Amid the collapse of the second, third, and fourth largest banks in American history, U.S. president Joe Biden reassured the public that the country’s banking system remains sturdy. However, the president also acknowledged the “threat by the speaker of the House to default on the national debt.” Biden Expresses Confidence in American Banking System Despite […]
According to unnamed sources, the home of Ryan Salame, the former co-chief executive of FTX Digital Markets, was searched by the U.S. Federal Bureau of Investigation (FBI) on Thursday. The grounds for the raid remain unknown, and neither Salame nor his legal representative have offered any statement concerning the situation. FBI Conducts Mysterious Search on […]
Prosecutors investigating failed blockchain firm Terraform Labs have found out that its Singapore office sent millions of U.S. dollars to lawyers just before the crash of its cryptocurrencies. According to Korean media, the transfers suggest that co-founder Do Kwon was aware of the imminent collapse. Terraform Labs Transferred Large Amounts of Money to South Korean […]
The banking industry in the United States is still struggling after the collapse of three major banks. According to statistics, bank lending in the U.S. has dropped by close to $105 billion in the last two weeks of March, which is the largest decline on record. Additionally, Elon Musk, a Tesla executive and owner of […]
Egon von Greyerz, market analyst and founder of Matterhorn Asset Management, is predicting the collapse of the central bank system in the next few years due to an increasing issuance of currency and debt. Von Greyerz states that in the face of an economy with no buyers, the only hedge will be tangible assets, including […]
Before extradition, Terraform Labs founder Do Kwon will first have to stand trial in Montenegro for traveling on a fake passport, according to his lawyer in the country. The fugitive crypto entrepreneur may also have to serve time in prison before he is extradited from the Balkan nation, its justice minister indicated. Alleged South Korean […]