Michael Saylor Defends Silvergate Bank

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MicroStrategy founder Michael Saylor, in an interview with CNBC, disagreed with the criticism of Silvergate. He called the disgraced bank “responsible and friendly to the crypto industry.”

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Michael Saylor has criticized the US Department of Justice’s approach to investigating possible Silvergate fraud related to the processing of transactions on accounts of firms that are part of the FTX Global empire. US government officials have repeatedly criticized Silvergate’s behavior, calling the bank’s role in managing FTX-related funds “a dubious practice and a blatant failure.”

The investigation is focused on possible criminal offenses related to the withdrawal of FTX deposits, including user funds, to Alameda accounts, according to a report from the US Department of Justice Fraud Enforcement Department. Nevertheless, the head of MicroStrategy, without denying a certain role of Silvergate in the events, spoke in his defense and stated that the cooperation between his company and the bank will continue.

“We will continue to do business with Silvergate. Institutions that were built wrong have collapsed – Alameda, FTX, Voyager, BlockFi. But, in fact, in this situation, Silvergate has shown itself to be a responsible bank,” Sailor said.

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Silvergate and MicroStrategy have a longstanding corporate relationship. For example, in March last year, a subsidiary of MicroStrategy received a $205 million emergency loan from a bank, providing cryptoassets as collateral.

Source: Bits

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