Alan Lane, former CEO of Silvergate Capital, is accusing the Biden administration of orchestrating a coordinated attack against the crypto industry, making it impossible for the bank to continue operations. Silvergate had survived a deposit run of approximately $8 billion triggered by the collapse of FTX in November 2022, repaying all depositors in full without costing the FDIC insurance fund a single cent. Despite this, the bank announced its voluntary wind-down on March 8, 2023, and surrendered its banking charter in July 2024. In July 2024, Silvergate Capital, Lane, and former Chief Risk Officer Kathleen Fraher paid $63 million to settle SEC charges related to compliance failures. Silvergate Capital ultimately emerged from Chapter 11 proceedings on March 31, 2026, under a liquidation plan.
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