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Bitcoin Bitcoin (BTC) $118,788.68 ↑ 0.49%
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Hedera Hedera (HBAR) $0.28 ↓ -1.96%
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Ethena Ethena (ENA) $0.66 ↑ 6.36%
Bittensor Bittensor (TAO) $420.90 ↓ -1.49%
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Pi Pi (PI) $0.45 ↑ 0.85%
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Internet Computer Internet Computer (ICP) $5.79 ↑ 1.63%
Aptos Aptos (APT) $4.85 ↑ 0.57%
OKB OKB (OKB) $49.05 ↑ 1.76%
Bonk Bonk (BONK) $0.00 ↑ 4.33%
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Mantle Mantle (MNT) $0.80 ↓ -2.14%
Pudgy Penguins Pudgy Penguins (PENGU) $0.04 ↓ -1.51%
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Theta Network Theta Network (THETA) $0.92 ↑ 1.09%
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Nexo Nexo (NEXO) $1.32 ↑ 0.41%
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Pyth Network Pyth Network (PYTH) $0.14 ↑ 3.17%
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Pendle Pendle (PENDLE) $4.58 ↑ 4.25%
Jito Jito (JTO) $2.06 ↑ 2.67%
Bitcoin Bitcoin (BTC) $118,788.68 ↑ 0.49%
Ethereum Ethereum (ETH) $3,853.41 ↑ 0.96%
XRP XRP (XRP) $3.20 ↓ -0.19%
Tether USDt Tether USDt (USDT) $1.00 ↓ -0.03%
BNB BNB (BNB) $845.75 ↑ 6.38%
Solana Solana (SOL) $190.75 ↑ 2.40%
USDC USDC (USDC) $1.00 ↓ -0.02%
Dogecoin Dogecoin (DOGE) $0.24 ↑ 0.11%
TRON TRON (TRX) $0.32 ↑ 0.88%
Cardano Cardano (ADA) $0.82 ↑ 0.06%
Hyperliquid Hyperliquid (HYPE) $45.01 ↑ 5.79%
Sui Sui (SUI) $4.21 ↓ -2.57%
Stellar Stellar (XLM) $0.43 ↓ -1.29%
Chainlink Chainlink (LINK) $18.84 ↑ 0.08%
Hedera Hedera (HBAR) $0.28 ↓ -1.96%
Bitcoin Cash Bitcoin Cash (BCH) $584.00 ↓ -2.11%
Avalanche Avalanche (AVAX) $27.15 ↑ 8.21%
Litecoin Litecoin (LTC) $112.28 ↓ -1.20%
Toncoin Toncoin (TON) $3.35 ↑ 0.54%
UNUS SED LEO UNUS SED LEO (LEO) $8.97 ↓ -0.15%
Shiba Inu Shiba Inu (SHIB) $0.00 ↓ -0.50%
Ethena USDe Ethena USDe (USDe) $1.00 ↓ -0.05%
Uniswap Uniswap (UNI) $10.75 ↑ 0.51%
Polkadot Polkadot (DOT) $4.17 ↑ 0.26%
Monero Monero (XMR) $326.28 ↑ 0.76%
Bitget Token Bitget Token (BGB) $4.66 ↑ 1.43%
Dai Dai (DAI) $1.00 ↓ -0.02%
Pepe Pepe (PEPE) $0.00 ↑ 0.30%
Cronos Cronos (CRO) $0.14 ↑ 2.13%
Aave Aave (AAVE) $299.22 ↑ 1.08%
Ethena Ethena (ENA) $0.66 ↑ 6.36%
Bittensor Bittensor (TAO) $420.90 ↓ -1.49%
NEAR Protocol NEAR Protocol (NEAR) $2.91 ↓ -0.19%
Ethereum Classic Ethereum Classic (ETC) $22.61 ↓ -1.23%
Pi Pi (PI) $0.45 ↑ 0.85%
Ondo Ondo (ONDO) $1.04 ↓ -1.19%
Internet Computer Internet Computer (ICP) $5.79 ↑ 1.63%
Aptos Aptos (APT) $4.85 ↑ 0.57%
OKB OKB (OKB) $49.05 ↑ 1.76%
Bonk Bonk (BONK) $0.00 ↑ 4.33%
Kaspa Kaspa (KAS) $0.10 ↓ -3.31%
Mantle Mantle (MNT) $0.80 ↓ -2.14%
Pudgy Penguins Pudgy Penguins (PENGU) $0.04 ↓ -1.51%
POL (prev. MATIC) POL (prev. MATIC) (POL) $0.24 ↓ -0.61%
Algorand Algorand (ALGO) $0.28 ↓ -2.11%
Arbitrum Arbitrum (ARB) $0.46 ↑ 1.80%
GateToken GateToken (GT) $18.14 ↑ 1.57%
Render Render (RENDER) $4.28 ↑ 0.02%
VeChain VeChain (VET) $0.03 ↓ -0.48%
World Liberty Financial USD World Liberty Financial USD (USD1) $1.00 ↓ -0.03%
Worldcoin Worldcoin (WLD) $1.19 ↑ 1.54%
SPX6900 SPX6900 (SPX) $2.25 ↑ 8.71%
OFFICIAL TRUMP OFFICIAL TRUMP (TRUMP) $10.17 ↓ -0.16%
Sky Sky (SKY) $0.09 ↓ -0.95%
Sei Sei (SEI) $0.34 ↓ -1.00%
Cosmos Cosmos (ATOM) $4.92 ↑ 2.65%
Filecoin Filecoin (FIL) $2.73 ↑ 1.13%
Jupiter Jupiter (JUP) $0.60 ↑ 3.26%
Artificial Superintelligence Alliance Artificial Superintelligence Alliance (FET) $0.75 ↑ 1.50%
Flare Flare (FLR) $0.02 ↑ 0.03%
Story Story (IP) $5.68 ↑ 4.69%
Injective Injective (INJ) $15.80 ↑ 3.62%
Quant Quant (QNT) $126.22 ↓ -0.51%
XDC Network XDC Network (XDC) $0.09 ↑ 1.94%
KuCoin Token KuCoin Token (KCS) $11.55 ↑ 0.32%
Celestia Celestia (TIA) $2.02 ↑ 1.04%
First Digital USD First Digital USD (FDUSD) $1.00 ↓ -0.04%
Optimism Optimism (OP) $0.81 ↑ 11.06%
Fartcoin Fartcoin (FARTCOIN) $1.37 ↑ 2.28%
Curve DAO Token Curve DAO Token (CRV) $1.00 ↓ -6.15%
Four Four (FORM) $3.48 ↓ -0.86%
Stacks Stacks (STX) $0.83 ↓ -0.03%
FLOKI FLOKI (FLOKI) $0.00 ↓ -0.53%
dogwifhat dogwifhat (WIF) $1.12 ↑ 4.21%
Immutable Immutable (IMX) $0.59 ↑ 0.15%
Ethereum Name Service Ethereum Name Service (ENS) $29.91 ↓ -3.15%
The Graph The Graph (GRT) $0.11 ↑ 1.37%
PancakeSwap PancakeSwap (CAKE) $3.06 ↑ 9.40%
Lido DAO Lido DAO (LDO) $1.14 ↑ 3.08%
Kaia Kaia (KAIA) $0.17 ↑ 0.53%
Virtuals Protocol Virtuals Protocol (VIRTUAL) $1.55 ↓ -2.37%
Pump.fun Pump.fun (PUMP) $0.00 ↑ 1.79%
Sonic Sonic (S) $0.34 ↑ 0.42%
Conflux Conflux (CFX) $0.19 ↑ 2.35%
PAX Gold PAX Gold (PAXG) $3,331.95 ↓ -0.74%
Tezos Tezos (XTZ) $0.89 ↑ 0.52%
Theta Network Theta Network (THETA) $0.92 ↑ 1.09%
Vaulta Vaulta (A) $0.57 ↓ -1.19%
PayPal USD PayPal USD (PYUSD) $1.00 ↑ 0.00%
Raydium Raydium (RAY) $3.29 ↑ 7.05%
Nexo Nexo (NEXO) $1.32 ↑ 0.41%
JasmyCoin JasmyCoin (JASMY) $0.02 ↓ -1.52%
IOTA IOTA (IOTA) $0.21 ↓ -1.30%
Gala Gala (GALA) $0.02 ↑ 1.43%
Tether Gold Tether Gold (XAUt) $3,330.46 ↓ -0.54%
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Pyth Network Pyth Network (PYTH) $0.14 ↑ 3.17%
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Jito Jito (JTO) $2.06 ↑ 2.67%
Home Cryptocurrency

Crypto Bank Silvergate Reveals the Real Reason Behind Its Collapse

Gezim Osmani by Gezim Osmani
23 September 2024
in Cryptocurrency, News
Reading Time: 2 mins read
0
collapsed crypto company The scene shows a digital building with a cryptocurrency symbol such as Bitcoin cracked and c

Elaine Hetrick, Chief Administrative Officer of Silvergate Capital Corporation, recently filed for bankruptcy, attributing Silvergate Bank’s downfall to a “sudden regulatory shift” that forced the institution to close in March 2023.

Silvergate Bank, which primarily served digital asset customers, was the first major institution to fall during the 2023 U.S. banking crisis, alongside First Republic Bank, Silicon Valley Bank, and Signature Bank. These collapses were some of the largest since 2008, shaking the financial industry.

Table of Contents

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    • YOU MAY BE INTERESTED
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    • Bitwise CIO Says Bitcoin Rally Coming in 2026, Halving Cycle No Longer Relevant
  • The Rise and Fall of Silvergate Bank
  • Regulatory Pressure and Silvergate’s Ultimate Decision

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The Rise and Fall of Silvergate Bank

Often referred to as a “crypto bank,” Silvergate had a significant position in the cryptocurrency sector. Despite facing challenges due to the shrinking crypto market and rising interest rates, Hetrick’s filing suggests the bank was still stable and meeting regulatory capital requirements. The bank continued to serve its customers holding deposits at Silvergate.

However, the regulatory environment shifted in early 2023. According to Hetrick, coordinated actions by federal regulators, including the Federal Reserve (FED), the FDIC, and the Office of the Comptroller of the Currency (OCC), signaled that banks with significant exposure to digital assets would no longer be tolerated. This regulatory stance forced Silvergate to reconsider its crypto-focused business model, ultimately leading to its closure.

revelation of the true reason behind a companys collapse The scene shows a cracked digital vault or safe with light shinin

In her filing, Hetrick detailed how Silvergate grew rapidly by serving the digital asset sector, with deposits skyrocketing from $1.8 billion at the end of 2019 to $14.3 billion by the end of 2021. However, the collapse of major crypto firms like FTX and Three Arrows Capital in 2022 led to a sharp decline in deposits and triggered a bank run. Silvergate was forced to sell long-term bond investments at a loss, managing the situation but still reporting a net loss of $948.7 million in 2022 compared to $75.5 million in net income in 2021.

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Regulatory Pressure and Silvergate’s Ultimate Decision

Despite its financial struggles, the filing noted that Silvergate still had assets exceeding its deposits and continued to meet capital requirements in early 2023. However, increasing regulatory scrutiny around the risks of serving crypto-focused customers made it clear that Silvergate’s business model was no longer viable. Federal banking authorities raised “significant safety and soundness concerns” over institutions heavily exposed to the crypto sector, citing liquidity risks as a key issue.

Facing growing regulatory pressure, Silvergate management had three options: distance itself from crypto clients, sell the bank, or shut down operations. After careful consideration, Silvergate chose to close rather than pursue costly alternatives, making it the first mid-sized bank to collapse in 2023.

For more updates on the banking crisis and the crypto industry, follow Turkish NY Radio.

Tags: banking crisiscrypto bankdigital assetsregulatory pressureSilvergate Bank
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Gezim Osmani

Gezim Osmani

Senior Journalist, Content editor Hi there! My name is Gezim, and I'm a Senior Journalist covering crypto and fintech. I have a passion for technology and finance, and I've spent years following the latest trends in the industry. My goal is to make complex financial concepts accessible to my readers. I strive to provide insightful analysis and explain the latest developments in the world of crypto and fintech in a way that is easy to understand. I believe that knowledge is power, and I want to empower my readers to make informed decisions about their finances. In addition to my professional pursuits, I also love to take photos. I find that photography allows me to capture moments and emotions in a way that words cannot. Whether I'm traveling to a new city or exploring the great outdoors, I always have my camera with me. Photography is a way for me to express my creativity and connect with the world around me. When I'm not working or taking photos, I also enjoy hiking and spending time in nature. There's something about being outside and surrounded by natural beauty that brings me peace and clarity. I also love to read, and I'm always seeking out new books and articles to expand my knowledge. Overall, I'm driven by a desire to help people understand the complex world of finance and technology. Through my writing, photography, and other pursuits, I'm committed to creating content that inspires and informs my readers. I believe that everyone has the potential to achieve financial success, and I'm here to help them along the way. I would love to connect and see how we can work together to shape the future of crypto anf fintech. Let's connect and see where our shared interests and expertise can take us!

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