And then there's Silver Gate. Silvergate was never sold and was voluntarily liquidated by management. Since then, none of the company's executives have spoken out. In early 2023, the SF Bundesbank, with the tacit approval of other regulators, notified that crypto deposits would need to be reduced to a minimum percentage of overall business. This was critical for the company's practices, as over 90% of their deposits were related to the cryptocurrency space as of Q2 2022. In 2023, Silvergate was still solvent. In the end, thanks to a pressure campaign by Sen. Elizabeth Warren (D-Mass.), we were able to get all depositors back to normal despite having their last avenue of liquidity cut off at the FHLB. Ta.
