| If you look at the timeline vis-a-vis Silvergate Capital, this does look very suspicious, possibly a Chokepoint 2.0 Timeline: Nov 11: FTX/Alameda file BK. Nov 28: Sen Warren, retired Sen Marshall send letter to Silvergate requesting all records relating to FTX. BlockFi files BK. Dec 5: Deposits fall from $12B to $3.8B. Silvergate sells treasuries at $718M loss and take out FHLB loan for $4.3B to remain solvent and fully offramp depositors. Dec 31: Silvergate reports 4Q loss of $1B. Jan 5: Judge in FTX BK orders seizure of FTX assets at Silvergate. Feb 8: DOJ announces investigation into Silvergate role in FTX AML/KYC failures. Feb 14: Sen Warren-friendly Citadel reports 5.5% stake in Silvergate. In June Ken Griffin, CEO, announced he might like to be a crypto market maker. Mar 1: Silvergate announces delay in annual report, says may not be able to stay in business. Mar 2: Coinbase, Galaxy Digital drop Silvergate. Mar 7: Silvergate says forced to pay $4.3B FHLB loan early which was the final nail in its coffin. Mar 8: Silvergate announces liquidation although still solvent with assets exceeding liabilities of over $1B. Still, shares drop to $2 and a $48M market cap. Mar 10: FHLB issues press release specifically denying it forced early repayment but "no comment" on whether usually automatic roll-forwards granted routinely were specifically excluded for Silvergate despite oral assurances they would be granted. Mar 24: Silvergate stock doubles on rumors Citadel wants to acquire assets. Mar 31: Sen Warren seen smiling while reading article on crypto bank collapses. You be the judge... |