Silvergate shares tumble as the crypto bank's ties to FTX come under a probe by the DOJ's fraud squad
The US Justice Department is investigating Silvergate Capital's ties with FTX and its trading arm Alameda Research, according to aThe focus of the probe is on the bank's hosting of accounts linked to the businesses of FTX founder Sam Bankman-Fried, according to the report, which cited people familiar with the matter.
The lender has also come under pressure from US lawmakers to provide details on how much it knew about the irregularities at FTX.Although the publicly traded bank hasn't been accused of any wrongdoing and the probe could end without charges, the DoJ's fraud unit wants to know just how deep its ties with FTX ran. that have gone bankrupt, faced scrutiny or been under investigation, including FTX and Alameda.
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Silvergate Stock Tanks on Report of DOJ Probe Tied to FTX, Alameda DealingsShares of Silvergate Capital fell sharply after-hours on Thursday following the publication of a Bloomberg article that the DOJ was looking into the crypto bank’s dealings with the now-bankrupt FTX and Alameda Research. $SI By NelWang
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Fund Management Giant State Street Increases Stake in Silvergate to 9.3%Investment giant State Street has increased its stake in crypto-friendly bank Silvergate Capital to more than 9%, filings show. $SI HeleneBraunn reports
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