Cryptocurrency bank Silvergate: Exposure to Genesis is less than $2.5 million, customer deposits are safe

2023-01-22 08:21:08

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ChainCatcher news, the crypto-friendly bank Silvergate Bank's parent company Silvergate Capital announced that it holds less than $2.5 million in risk exposure to Genesis, and that Genesis is not the custodian of its Bitcoin-backed SEN leveraged loans, nor does it have any outstanding loans or investments. Silvergate Bank stated that its risk exposure to Genesis is "minimal," and customer deposits are safe.

Previous report indicated that Genesis had liabilities of up to $5.1 billion within weeks of freezing withdrawals last November, with debts exceeding $3.5 billion to its 50 largest creditors, including Gemini Trust Company ($765 million), Mirana Ventures entity Mirana Corp ($151 million), and PayPal's parent company Moonalpha Financial Services Limited ($150 million), among others. (Source link)

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