@Croesus_BTC - @edstromandrew - Macro Monthly - Unpacking The Silvergate Bank Debacle. #319
Once Bitten! A Bitcoin Podcast.
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Are You Good at the Check the Box Due Diligence?
Silvergate conducted significant due diligence on FTX and its related entities including Alameda research both during the onboarding and process and through ongoing monitoring in accordance with our risk management policies and procedures. I have no doubt that they have policies and procedures for due diligence. A question is, are those sufficient? And then another question is did they follow those policies and procedures? Probably they did. But it also gets to other bigger questions. It's kind of like banks are in one way notorious for having stringent difficult processes for onboarding. In another way they're also notorious for not always exercising common sense and looking at the big picture.
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