- US regulators have been sent to Silvergate Capital Corp.'s headquarters to discuss ways to avoid a shutdown.
- FDIC examiners arrived at the firm’s La Jolla, California, offices to review books and records.
- Silvergate reported a $1 billion loss last quarter and discontinued its flagship crypto payments network.
- US prosecutors in the Justice Department’s fraud unit have been looking into Silvergate’s dealings with FTX and trading firm Alameda Research.
- Regulators could opt to put Silvergate into receivership and pay off depositors who are insured for as much as $250,000 per depositor, per insured bank, for each account ownership category.
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Silvergate Is in Talks With FDIC Officials on Ways to Salvage Bank
US regulators have sent FDIC officials to Silvergate Capital Corp.'s headquarters to discuss ways to avoid a shutdown as the crypto-friendly bank looks for a way to stay in business.