US Cryptocurrency Bank Silvergate Has Less Than $20 Million On Blockfi

After Blockfi declared bankruptcy due to the contagion from the FTX crash, the Silvergate crypto bank with ties to Blockfi has reassured users with claims of less than $20 million in deposits on this platform.

As was updated in the previous article, crypto lending platform with close ties to the collapsed crypto exchange FTX, BlockFi on November 28 declared bankruptcy under Chapter 11 of the US court.

Shortly after, US crypto bank Silvergate took action to reassure users over an update citing that its deposit relationship with BlockFi Inc was capped at less than $20 million in total deposits from all digital asset clients as of November 28, 2022.

Silvergate said in a statement BlockFi is not a custodian of the company’s bitcoin-secured SEN leveraged loans. So far has worked as expected with zero loss and no forced liquidation. Silvergate did not invest in BlockFi.

Users are encouraged to log in directly to their website for accurate information to prevent false and misleading information in the marketplace.

According to yesterday’s news, BlockFi has officially filed for bankruptcy, with more than 100,000 creditors, assets and liabilities between $1 billion and $10 billion.

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