🏛️ Silvergate Bank Settlement Case, What is the Responsibility of Bank Executives? 🏛️
The next news I want to talk to you about is Silvergate Bank, the bank that went bankrupt during the banking crisis last year.
It is reported that Silvergate Capital Corp, the parent company of Silvergate Bank, has recently reached a settlement with the SEC and paid a fine of 63 million US dollars for the bankruptcy during the banking crisis last year.
Although Silvergate executives, including CEO Alan Lane and former CEO Kathleen Fraher, were punished in the settlement case and banned from serving as president of any listed company for five years, some people pointed out that the judgment was too lenient. This incident once again shows that the cash banking system is criticized.
Looking back at the 2008 financial tsunami, the negligent lending of bank executives was one of the main causes of the financial crisis, but after the crisis, they did not receive the punishment they deserved, and the government's rescue action paid for their wrong decisions. This phenomenon reveals the excessive influence of bankers in the US capital market and the fragile position of ordinary investors in the financial system.
Therefore, in the field of cryptocurrency, investors should not over-trust the security of centralized exchanges or banks, because once these institutions have problems, retail investors are often the first victims. For general investors, cold wallets should be the best security strategy to take effective measures to protect their assets.
So, before the market starts a new round of surge, quickly transfer your assets to cold wallets. Don't wait until your assets double, only to return to the pre-liberation era overnight because of the collapse of the exchange. Protect your assets and don't let history repeat itself! 🛡️💼
