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Alex Thorn: Silvergate CEO confirms voluntary closure after intense bank run and political pressure

Alex Thorn: Silvergate CEO confirms voluntary closure after intense bank run and political pressure
Silvergate closed after unprecedented deposit run

Alex Thorn reports that the CEO of Silvergate has confirmed the bank closed voluntarily after enduring a severe bank run. According to the statement, the decision followed intense political pressure and a coordinated attack by the Biden administration.

Silvergate was recognized as the top bank in history by the percentage of deposits withdrawn to survive a run without entering receivership.

Alex Thorn previously reported on cybersecurity incidents involving digital assets. In one case, hackers behind a major Liquid Federation theft returned most of the stolen BTC after negotiations with Blockstream, as detailed in this coverage. Thorn also covered plans by Liquid white hats to return most of 4,000 BTC following a bug fix and contact with Blockstream, according to a separate report. Both incidents highlight the ongoing role of stakeholder coordination in digital asset recovery efforts.

This material may contain third-party opinions, none of the data and information on this webpage constitutes investment advice according to our Disclaimer. While we adhere to strict Editorial Integrity, this post may contain references to products from our partners.

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