Silvergate CEO to depart amid ongoing liquidation and investor suits

Silvergate CEO Alan Lane and two other key executives are set to depart from their positions amid a wind-down of the once crypto-friendly bank.

Lane and the firm’s chief legal officer John Bonino will depart on Aug. 15, while Antonio Martino, chief financial officer of the company, will depart on Sept. 30.

In an Aug. 15

In March, Silvergate announced it would be winding down its bank’s operations after suffering $1 billion worth of losses as a consequence of the FTX’s demise, one of Silvergate’s leading clients.

The bank’s collapse sent reverberations through the crypto ecosystem and the United States banking sector as it was one of the few regulated financial institutions providing banking services to crypto firms and exchanges.

Alan Lane (@SilvergateCEO) recently took Silvergate Bank public.

They have become one of the most important pieces of infrastructure in the industry.

He tells me everything in this interview, including why he believed in Bitcoin before his peers https://t.co/VKx31h2HJQ

— Pomp (@APompliano) November 19, 2019

Lane’s role will be taken over by Kathleen Fraher, the chief transition officer of the company, while Martinos’ role will be helmed by the current chief accounting officer of the bank, Andrew Surry.

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