By Pam Martens and Russ Martens: March 2, 2023 ~ The one thing a depositor never wants to hear from a bank that is holding his or her life savings is that it has doubts about its “ability to continue as a going concern.” Unfortunately, those very words appeared in a filing made yesterday by Silvergate Capital with the Securities and Exchange Commission – which pretty much guarantees that the ongoing run on deposits at Silvergate will continue with an added sense of urgency. Silvergate Capital is the owner of the federally-insured and taxpayer-backstopped bank, Silvergate Bank, which decided several years back that it would be a cool idea to become the go-to depository bank for crypto companies. One of those outfits was Sam Bankman-Fried’s now collapsed house of fraud. Accounts at Silvergate Bank included Bankman-Fried’s crypto exchange, FTX; his hedge fund, Alameda Research, which prosecutors say looted his FTX crypto … Continue reading Silvergate, a Federally Insured Bank, Just Blew Up from Ties to Crypto