Tuesday, January 10, 2023 10:35:21 PM
Silvergate is about to go lights out. Signature Bank is in the same boat with 120 billion on the books I believe. At least 20ish something billion of capital tied up in crypto, which from what Im seeing, 4 out of 5 of their institutional owners will be forced to sell if something untoward is reported.
FDIC gets to take the bullet apparently.... This stuff is unreal.
$SI Interesting from @kateberry1 about implications of Silvergate tapping the Federal Home Loan Bank for $4.3B. FHLB designed to support housing but now propping up crypto bank frequented by criminals. "The $4.3 billion is clearly at risk and leaves the FDIC holding the bag". https://t.co/H6VMAgD12M pic.twitter.com/9daCzUVijd
— AV (@AureliusValue) January 10, 2023
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