Crypto Bank Silvergate Slides Further After Letter from Senator Warren

Senator Elizabeth Warren along with Senators John Kennedy (R-La) Roger Marshall (R-Kan), in a letter late Monday evening, asked crypto-friendly bank Silvergate (SI) for answers over its supposed role in facilitating transfers between bankrupt exchange FTX and its sister firm Alameda Research

Following FTX's bankruptcy, allegations have been made that CEO Sam Bankman-Fried made large transfers of customer funds from the exchange to trading firm Alameda Research, which he also owned. The Senators' letter comes alongside suspicions raised in the investment community about what role Silvergate may have played in this activity.

FTX and the related entities in Bankman-Fried's crypto empire held around 20 different accounts at Silvergate, according to a bankruptcy filing.

(by Jamie Crawley)

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