BREAKING: Silvergate Bank Enters Voluntary Liquidation [ Crypto Espresso 3.9.23 ]

Welcome back to another awe-inspiring Exciting episode of crypto espresso your Teeny tiny daily shot of caffeinated Crypto headlines I'm your host Andrew And today we take a look at the holiday That falls on the today and that happens To be popcorn lovers day well that's me I'm uh I'm actually a popcorn lover Really it should just be called Andrew Day because you know We're wondering the same oh uh anyway Yeah I have crypto news delivered Um I'm between eating this popcorn let's Just so it's so good first up in some Ways the writing was on the wall for This story silvergate bank is winding Down and entering into voluntary Liquidation it's stressed that all Deposits will be repaid in full the Crypto friendly Bank was a vital Cog in The ecosystem and served as a Fiat On-ramp for many businesses in the Industry but silvergate was badly burned By the bear market and toxic exposure to FTX Bitcoin fell below 22 000 as Investors digested the news but some Analysts believe that it won't have an Impact on prices in the long run after Spf's crypto Empire spectacularly Collapsed customers have rushed to pull Their funds from silvergate which helped Contribute to a painful 949 million Dollar loss in 2022 untangling the mess That is FTX is getting expensive new CEO

John Ray who charges thirteen hundred Dollars an hour as Chief restructuring Officer build a jaw-dropping 307 851 in February alone and while some might say That this is value for money given his Experience and track record this is a Bill that will be footed by FTX Customers but of course that's just the Tip of the iceberg Sullivan and Cromwell The main Law Firm working on the case Build a jaw-dropping 16.8 million Dollars in January alone some of its Partners charge an hourly rate of 2165 another big expense comes in the Form of the consulting firm Alvarez and Marcel whose invoice came in at 12.3 Million dollars for the same month so Let that be a lesson to anybody Listening lawyers they're they're Expensive in other developments ftx's New Management has also put forward a Key employee retention plan that's Designed to ensure critical workers Won't jump ship to other companies this Is a common part of bankruptcy Proceedings that's been seen with other Crypto firms that have gone bust in Recent months but it might rub salt in The wounds of creditors overall FTX is Now seeking Court approval to award a Total of four million dollars to a small Group of crucial personnel with 1.4 Million dollars to be shared between 10 Specific employees who are key to the

Success of the chapter 11 case it's Argued that this plan is necessary Because 130 people have resigned from f FTX since the bankruptcy with many Others now receiving reduced pay Meanwhile there are Rumblings that sbf's Legal team could push for his criminal Trial in October to be delayed his Lawyer Mark Cohen has written a letter To the judge to raise a number of Concerns a substantial portion of Discovery is yet to be delivered to his Client and because SPF is forbidden from Using virtual private networks he's been Unable to access ftx's transactional Database Cohen is now calling for key Dates in the run-up to the trial to be Pushed back and he warned it may be Necessary to request an adjournment of The trial currently scheduled to begin On October 2nd 2023. while we are not Making such an application at this time We wanted to note this issue for the Court now in case we need to revisit This issue after receiving the Additional Discovery and if you want More FTX after all those stories Leo Jacobson has written an in-depth piece Summarizing the current state of things At the doomed exchange from the criminal Charges that Sam bankman freed faces to The Plea deals reached by his inner Circle it's a great read if you want to Get up to date on the case we also look

At the separate lawsuits filed by the SEC end cftc how spf's bail agreement Has changed following some concerning Infractions and the battle to claw back Missing billions of dollars for FTX Customers and finally in non-ftx related News the sec's Gary Gensler has made his Views on ether Crystal Clear it's a Security especially after the switch to Proof of stake but speaking before U.S Politicians the chairman of the Commodity Futures Trading commission has Suggested that he does not agree and That the world's second biggest Cryptocurrency should be regarded as a Commodity both agencies have been Stepping up that rhetoric as Washington Decides how digital assets should be Regulated cftc chair rosston Benham said He wouldn't have allowed eth Futures to Be listed on exchanges unless it was Certain that they were Commodities Adding we have litigation risk we have Agency credibility risk if we do Something like that without serious Legal defense or defenses to support our Argument that that asset is a commodity Geez I really wish that the cfdc and sec Would fight over liking this video Subscribing to our YouTube channel and Clicking on that little bell icon to get Buzzed whenever a new crypto espresso Video goes live they and if only and What'd you think about today's episode

Well we have no comments again so I'll Never know dang questions about our Headlines or crypto in general why not Ask Alex in that description below Alex Is always a great resource for all Things web 3 and the metaverse and that Amount does it for today again I've been Your host Andrew these have been your Headlines and we'll see all of your Beautiful shining faces tomorrow