Crypto Bank Silvergate Says Its BlockFi Digital Asset Deposit Exposure Totals Less Than $20M

Business

Silvergate Capital (SI) said in press release late Monday that its total digital asset deposit relationship with BlockFi, which filed for Chapter 11 bankruptcy protection on Monday, is less than $20 million of of its total deposits from all digital asset customers as of Nov. 28.

"BlockFi is not a custodian for Silvergate’s bitcoin-collateralized SEN Leverage loans, which to date have continued to perform as expected with zero losses and no forced liquidations. Silvergate has no investments in BlockFi," Silvergate said in the statement.

Silvergate in the statement saId the bank recently "has been the subject of false and misleading statements," and urged people to go directly to its website for accurate information.

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Crypto Bank Silvergate Says Its BlockFi Digital Asset Deposit Exposure Totals Less Than $20M

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