Reports are circulating on niggles at another crypto institution. Niggles in the sense that FTX had niggles.
- delayed its 10-K filing
- stock price plunged by around a third (yeah correlation is not causation and all that, but a 30 odd precent collapse is not a random event)
Via a Silvergate filing on Wednesday, US time (the firm is based in California :
- “The company is currently analyzing certain regulatory and other inquiries and investigations that are pending with respect to the company,”
On the delay to its filing:
- “The company’s independent registered public accounting firm is also requesting detailed information relating to such matters and the company is responding to such requests.”
Other concerns include that Silvergate indicated it was being investigated by the US Justice Department. Justice is investigating Silvergate over its dealings with FTX and Bankman-Fried’s cryptocurrency hedge fund Alameda Research, according to a February Bloomberg News report. Bloomberg citing unnamed people familiar with the matter.
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Sam Bankman-Fried shockwaves continue to reverberate.
