Aubrey Strobel - Nostr Hypermedia

sixty six thousand

I don’t like that it’s already getting dark so early

Nic Carter just dropped new information behind Silvergate’s collapse. I read the 8,000-word piece so you don’t have to (but you should!) Key points: At its height, Silvergate held $14.2B in crypto deposits—99.5% of its total. Its SEN network was crucial for fiat-to-crypto settlements. But in 2023, a 15% cap on crypto deposits quietly strangled its ability to operate, leading to a rare “voluntary” liquidation—the first of this size since the First National Bank of Keystone in 1999. *It basically never happens.* 💅 While FTX and Alameda used Silvergate, the bank had no direct knowledge of any wrongdoing at this time. The bank simply processed transactions as it would for many other major firms. It’s important to note: Silvergate was never found guilty of any illegal activties. Zero. Regardless, Senator Warren’s public criticism and tweets created panic, triggering a bank run. Deposit outflows + rising interest rates + new 15% deposit cap caused Silvergate to sell its long-term bond portfolio at a loss, and contributed to its liquidation. What makes this story and Silvergate’s collapse ~unique~ is that it chose “voluntary liquidation” (again it’s v rare/hasn't happened in 25 yrs) instead of the usual FDIC receivership, suggesting… operation choke point behind the scenes. According to this piece, Bharat Ramamurti, a key Biden advisor and former aide to Senator Warren, is *rumored* to be behind the 15% deposit cap. This is more than just one bank. It’s ensuring that regulation is fair & transparent, not a tool for dismantling US industries in the shadows. Must-needed piece of journalism.

Inside the Biden Admin’s Plot to Destroy Silvergate and Debank Crypto for Good

new information suggests biden admin regulators deliberately killed off crypto-friendly silvergate in an attempt to decapitate