🚀Crypto-friendly Silvergate Bank went belly-up this year, a

🚀Crypto-friendly Silvergate Bank went belly-up this year, and the Fed's inspectors say it's due to risky crypto deposits and nepotism! 😱 In a nutshell:- Silvergate shifted focus to crypto clients in 2013, ballooning from $1B in deposits in 2017 to $16B by 2021 📈
- The bank became a single-industry lender, with most customer deposits uninsured and non-interest bearing 🏦
- Collapse of FTX crypto exchange in 2022 exposed Silvergate's over-reliance on crypto 💥
- Nepotism in senior management led to ineffective risk management 🤦‍♂️
- Silvergate voluntarily liquidated in March 2023, avoiding a technical "failure" 🧨
Risky business indeed! 💼💥

.css-1iqe90x{box-sizing:border-box;margin:0;min-width:0;color:#EAECEF;}🚀Crypto-friendly Silvergate Bank went belly-up this year, and the Fed's inspectors say it's due to risky crypto deposits and nepotism! 😱 In a nutshell:

🚀Crypto-friendly Silvergate Bank went belly-up this year, and the Fed's inspectors say it's due to risky crypto deposits and nepotism! 😱 In a nutshell: