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Silvergate denies any new FUD and confirms no exposure to BlockFi


Silvergate Capital distanced itself from BlockFi. Silvergate Capital has a minimal exposure to BlockFi.

On Nov. 28, According to Silvergate, its deposit relationship with BlockFi is limited to less than $20 million of its total deposits from all digital asset customers.
BlockFi was not a custodian for its leverage loans and the firm has no investments in BlockFi.
As the digital asset industry continues to transform, Silvergate CEO Alan Lane said that the platform was purpose-built to manage stress and volatility.

Silvergate has been the subject of many false and misleading statements.
On Nov. 29, Walter Bloomberg, a technical analyst and Swiss investor, told his 622K followers that Silvergate Capital lent money to BlockFi, but failed to provide any evidence.
Over the past week, others have added to the FUD fest, however, most of them were lacking details.
On Nov. 28, BlockFi had become the latest victim of FTX to file for Chapter 11.
According to the filing, BlockFi has more than 100,000 creditors and assets between $1 billion and $10 billion.
Silvergate has seen fit to refute the idea that the recent round of FUD was caused by the latest high-profile cryptocurrencies bankruptcy.

The WSJ ran an article on Silvergate that claimed the company was fighting the fears of the contagion.
The stock prices of most of the publicly listed companies in the space have fallen this year.SI prices fell11.1%. Silvergate stock has fallen since the beginning of the year.

On Nov. 23, CEO, Brendan Blumer, had bought a stake in Silvergate Capital.

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