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Fed Report: Silvergate Bank Got Fatally Ensnared in Crypto While Examiners Shrugged

Posted on 10/03/2023

Fed Report: Silvergate Bank Got Fatally Ensnared in Crypto While Examiners Shrugged

Silvergate Bank transformed from a community lender to a high-flying crypto bank without its Federal Reserve examiners raising an alarm, according to a report from the Federal Reserve?s Office of Inspector General (OIG), allowing the bank to take risks that would turn fatal.

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