Share this article
US Senators Press Crypto Bank Silvergate on Ties to FTX: Bloomberg
The lawmakers said in a letter that Silvergate’s previous responses to queries were “evasive and incomplete.”
By Nelson Wang
Updated Jan 31, 2023, 8:41 p.m. Published Jan 31, 2023, 2:35 p.m.
A bipartisan group of U.S. senators is pushing Silvergate Capital (SI) to provide more details about what it knew about FTX’s alleged misuse of customer funds, according to a report in Bloomberg.
In a letter sent to Silvergate on Monday that was viewed by Bloomberg, the senators asked Silvergate about its connections to the collapsed crypto exchange, saying the firm’s previous responses to similar questions in December were “evasive and incomplete.”
STORY CONTINUES BELOW
The senators include Elizabeth Warren (D-Mass.), Roger Marshall (R-Kansas) and John Kennedy (R-La.).
A spokesperson for the bank said that "Silvergate operates a robust compliance and risk management program. In accordance with its risk management policies and procedures, Silvergate conducted significant due diligence on FTX and its related entities, including Alameda Research."
Shares of Silvergate were up more than 4% in early trading on Tuesday, but have declined 88% over the past year.
Sen. Warren's office did not immediately respond to a request for comment.
Read more: Crypto Bank Silvergate Shares Plunge 46% After $8.1B Withdrawal in Q4 Prompts 200 Job Cuts
UPDATE (Jan. 31, 15:12 UTC): Updated with non-response from Silvergate and Sen. Warren's office.
UPDATE (Jan. 31, 19:33 UTC): Updated with statement from Silvergate.
More For You
What to know:
- As of October 2025, GoPlus has generated $4.7M in total revenue across its product lines. The GoPlus App is the primary revenue driver, contributing $2.5M (approx. 53%), followed by the SafeToken Protocol at $1.7M.
- GoPlus Intelligence's Token Security API averaged 717 million monthly calls year-to-date in 2025 , with a peak of nearly 1 billion calls in February 2025. Total blockchain-level requests, including transaction simulations, averaged an additional 350 million per month.
- Since its January 2025 launch , the $GPS token has registered over $5B in total spot volume and $10B in derivatives volume in 2025. Monthly spot volume peaked in March 2025 at over $1.1B , while derivatives volume peaked the same month at over $4B.
More For You
State of Crypto: Wrapping Up the Month
Congress continues to make progress on crypto issues but things are moving slowly.
Top Stories
