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The collapse of Sam Bankman-Fried’s empire has sparked investor fears about banks that courted crypto companies
The collapse of FTX has set off the largest crypto-related bankruptcy ever, and court filings are already shedding light on what went wrong and how complicated things could get. Here are three things to know about the company’s bankruptcy process. Photo: Lam Yik/Bloomberg News
Earlier this month, Silvergate Capital Corp. gathered its staff to celebrate its transformation into the go-to bank for the crypto market. Then, the crypto market blew up.
The collapse of crypto exchange FTX has raised questions about how close the bank was to the empire of Sam Bankman-Fried. The price of Silvergate’s stock has been cut in half this month and is now down nearly 90% over the past year.
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