{"id":70715,"date":"2022-11-29T11:04:48","date_gmt":"2022-11-29T09:04:48","guid":{"rendered":"https:\/\/forklog.com\/en\/?p=70715"},"modified":"2025-09-08T03:52:26","modified_gmt":"2025-09-08T00:52:26","slug":"silvergate-capital-reveals-blockfi-deposit-exposure-under-20-million","status":"publish","type":"post","link":"https:\/\/u1f987.com\/en\/silvergate-capital-reveals-blockfi-deposit-exposure-under-20-million\/","title":{"rendered":"Silvergate Capital reveals BlockFi deposit exposure under $20 million"},"content":{"rendered":"<p>Silvergate Capital&#8217;s client deposits held on BlockFi accounts do not exceed $20 million, and the lending platform itself is not participating in the SEN Leverage program. The crypto bank said in a statement.<\/p>\n<blockquote class=\"twitter-tweet\">\n<p lang=\"en\" dir=\"ltr\">Silvergate Provides Statement on Minimal Exposure to BlockFi <a href=\"https:\/\/t.co\/FoBqzylpr6\">https:\/\/t.co\/FoBqzylpr6<\/a><\/p>\n<p>\u2014 Silvergate Bank (@silvergatebank) <a href=\"https:\/\/twitter.com\/silvergatebank\/status\/1597364236896079872?ref_src=twsrc%5Etfw\">November 28, 2022<\/a><\/p><\/blockquote>\n<p> <script async=\"\" src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p>On November 28, BlockFi and eight subsidiary <a href=\"https:\/\/u1f987.com\/en\/news\/blockfi-files-for-chapter-11-bankruptcy-protection\"> filed<\/a> for bankruptcy under Chapter 11 of the U.S. Bankruptcy Code. The company has more than 100,000 creditors, and its assets and liabilities are estimated to be between $1 billion and $10 billion.<\/p>\n<p>The risks associated with the deposited funds in Silvergate were described as &#8220;minimal&#8221;:<\/p>\n<blockquote class=\"wp-block-quote is-layout-flow wp-block-quote-is-layout-flow\">\n<p><em>\u00abBlockFi is not acting as custodian for the bitcoin-collateralized loans <\/em>SEN Leverage<em>, which remain active\u2014with zero losses and without forced liquidations. Silvergate has no investments in the platform\u00bb.\u00a0<\/em><\/p>\n<\/blockquote>\n<p>In conversation with <a href=\"https:\/\/www.theblock.co\/post\/190478\/silvergate-capital-reports-less-than-20-million-in-blockfi-deposit-exposure\">The Block<\/a>, a representative of the crypto bank said the organization \u201cretains a senior lien and a security interest in the cash-secured account holding $10 million in favor of Silvergate Bank to support the BlockFi service <span data-descr=\"Automated Clearing House\" class=\"old_tooltip\">ACH<\/span>, provided by BlockFi\u201d.<\/p>\n<p>Earlier, the crypto bank disclosed that on the FTX <a href=\"https:\/\/u1f987.com\/en\/news\/block-one-and-its-ceo-acquired-16-8-of-silvergate-capitals-shares\">less than 10% of its deposits<\/a> were placed. The exchange did not use the <span data-descr=\"Silvergate Exchange Network\" class=\"old_tooltip\">SEN<\/span> network.<\/p>\n<p>Follow ForkLog Bitcoin news on our Telegram \u2014 cryptocurrency news, rates and analytics.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Client deposits held by Silvergate Capital on BlockFi accounts do not exceed $20 million, and the lending platform itself is not participating in the SEN Leverage program. The crypto bank said in a statement.<\/p>\n","protected":false},"author":1,"featured_media":70716,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"select":"1","news_style_id":"1","cryptorium_level":"","_short_excerpt_text":"","creation_source":"","_metatest_mainpost_news_update":false,"footnotes":""},"categories":[3],"tags":[1436,1683],"class_list":["post-70715","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news-and-analysis","tag-blockfi","tag-silvergate-bank"],"aioseo_notices":[],"amp_enabled":true,"views":"18","promo_type":"1","layout_type":"1","short_excerpt":"","is_update":"","_links":{"self":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/70715","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/comments?post=70715"}],"version-history":[{"count":1,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/70715\/revisions"}],"predecessor-version":[{"id":70717,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/70715\/revisions\/70717"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/media\/70716"}],"wp:attachment":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/media?parent=70715"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/categories?post=70715"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/tags?post=70715"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}