Crypto-friendly Silvergate Financial institution in the end collapsed this yr resulting from over-dependence on dangerous crypto deposits and nepotism that led to ineffective administration, in accordance with United States Federal Reserve inspectors.
In a Sept. 27 govt abstract of its overview into the financial institution’s collapse, the Fed Board’s Workplace of Inspector Basic pointed the finger at Silvergate’s change in technique to concentrate on “prospects engaged in crypto actions” in 2013.
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