After crypto-focus bank Silvergate announced it is winding down operations and entering voluntary liquidation, U.S. senator Elizabeth Warren blamed the downfall of Silvergate to “crypto risk.”

"I warned of Silvergate's risky, if not illegal, activity—and identified severe due diligence failures." Warren wrote in the tweet.

However, some critics are dismissing Warren’s opinion as “terribly misinformed” and claim that she is “tossing out egregious accusations.” One user replied "If your public servant buddies secretly meeting bad actors in crypto actually did their job this could have been minimized and mitigated".