Crypto-friendly bank Silvergate received a $4.3 billion bailout after FTX's bankruptcy

2023-01-12 09:14:49

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ChainCatcher news, Silvergate Bank recently announced some preliminary financial metrics for the fourth quarter of 2022, indicating that it received a $4.3 billion bailout from the Federal Home Loan Bank of San Francisco following the bankruptcy of FTX. As of the end of the third quarter of 2022, the crypto clients among Silvergate Bank's top 10 depositors included Coinbase, Paxos, Crypto.com, Gemini, Kraken, Bitstamp, and Circle, with deposits accounting for about half of the bank's total deposits.

According to a previous announcement, Silvergate claimed that their exposure to FTX was limited to deposits, and as of September 30, the company's exposure to FTX was less than 10% of the bank's total deposits. Additionally, BlockFi's deposits were approximately $20 million. (Source link)

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