**Crypto-friendly bank Silvergate files for bankruptcy protection, blockchain industry stirs up waves again**

BlockBeats news, on September 19, Silvergate Capital, the parent company of crypto-friendly bank Silvergate, filed for Chapter 11 bankruptcy protection in the Delaware Bankruptcy Court of the United States. The assets of this application are estimated to be between $100 million and $500 million, while the liabilities are between $10 million and $50 million. This news has undoubtedly attracted widespread attention in the blockchain and cryptocurrency industry.

Silvergate has always had a close relationship with the crypto industry, but the main reason for this bankruptcy is that its subsidiary Silvergate Bank has suffered serious damage to its reputation after liquidity problems and the collapse of the crypto exchange FTX. The scandal of FTX not only caused market shocks, but also brought severe scrutiny from regulators. The U.S. Securities and Exchange Commission (SEC) accused Silvergate of assisting FTX in fraudulent transactions and imposed heavy fines and restraining orders on its former executives. In order to resolve the allegations with the SEC, the Federal Reserve and California regulators, Silvergate has agreed to pay $63 million.

For participants in the cryptocurrency market, the bankruptcy of Silvergate is undoubtedly an important event. Although this may cause short-term market fluctuations, in the long run, this may be a process of self-purification and standardization of the industry. After all, only in a more transparent and regulated environment can cryptocurrencies and blockchain technology truly realize their potential.

So, what does this bankruptcy mean for the entire crypto industry? First, the strengthening of supervision may prompt more companies to comply with laws and regulations and enhance the overall credibility of the industry. Secondly, it also reminds investors to be more cautious when choosing partners, especially when it comes to issues such as fund security and liquidity.

Finally, we also hope to see more industry participants learn lessons from this and promote the healthy development of blockchain technology and the cryptocurrency market. After all, a stable and credible market environment is beneficial to all participants.

Dear readers, what do you think of Silvergate's bankruptcy? What impact do you think it will have on the cryptocurrency market? Welcome to share your views and opinions in the comment area, let us discuss this important industry event together!😊