Elizabeth Warren and two other U.S. senators contend crypto-friendly bank's risk management 'failed miserably' to detect questionable transactions.
to La Jolla’s Silvergate Bank on Monday demanding additional answers about its role in the transfer of customer funds in the high-profile collapse of cryptocurrency exchange FTX.
Silvergate responded with “several important, and in some cases, new pieces of information,” according to lawmakers. But they also found the disclosures evasive and inadequate for Congress to understand what happened and whether it potentially poses a risk to the banking system. “In accordance with its risk management policies and procedures, Silvergate conducted significant due diligence on FTX and its related entities, including Alameda Research,” the bank said.
At year-end, Silvergate held cash or equivalents of $4.6 billion, which exceeds the $3.8 billion in deposits remaining from crypto customers, according to the bank.
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