BlocksInform
A number of cryptocurrency companies have at least temporarily stopped taking deposits through Silvergate Bank, as can be seen in various statements on March 2.
A number of crypto firms are blocking transfers.
Gemini notably said it has stopped accepting deposits and withdrawal requests made via ACH or wire transfer through Silvergate Bank. He said he "actively follows the situation" and does not have any client funds or gusd stored with silvergate.
Bitstamp similarly stated in a blog post that it has temporarily stopped supporting U.S. dollar transfers via Silvergate. It also stated that it temporarily discontinued Silvergate's LAN services (sen). The two companies have already been closely associated because Bitstamp was the launch partner for Silvergate's SEN Leverage product.
Crypto.com individually says that "USD deposits and withdrawals through Silvergate have been temporarily suspended" on its exchange. He added that the funds thus transferred would be rejected and stated that he advised users of the policy change.
MicroStrategy stated that it has a loan from Silvergate that is due in early 2025. He assured users that the loan would not speed up in the event of silvergate failure. He added that he does not have any bitcoin security stored with silvergate or any other financial relationship with the bank.
Microstrategy does not provide retail crypto exchange services and therefore has not accepted transfers through silvergate for starters.
A number of other companies have already taken action.
Other companies, such as COINBASE and Paxos, also backed away from Silvergate earlier today. Tether, meanwhile, said it had no exposure to Silvergate.
It was also reported on Tuesday—before today's mass exodus—that ledgerx would end its dependence on silvergate and would instead look to the competing service signature bank.
Yesterday, Silvergate announced that it would file a late 10-K financial report and disclosed pending regulatory inquiries. The stock has suddenly plummeted as a result of this news. Share values fell further today as various firms cut ties with Silvergate.
The value of Silvergate shares declined by 58% over 24 hours at 9:30am? p.m. UTC on Thursday.
