Silvergate and the SBB Collapse

Before SBB collapsed, there was some stuff going on with Silvergate that was relatively noteworthy and seems like it definitely ties into the events that resulted in SBB's collapse. One of those companies was FTX, which we discussed in the previous episode when FTX collapse. That obviously exposed like a big hole in Silvergate's company; they had this counterparty FTX that people thought had billions of dollars, but it turned out that that money didn't really exist at the end of the day. And so that set off a contagion event for Silvergate, particularly where a lot of companies in the space started pulling out their deposits and moving its other banks.