- 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.
Silvergate Is in Talks With FDIC Officials on Ways to Salvage Bank
US regulators have been sent to the headquarters of Silvergate Capital Corp., as the troubled crypto-friendly bank looks for a way to stay in business.
Katanga Johnson
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