"Silvergate conducted significant due diligence on FTX and its related entities including Alameda Research, both during the onboarding process and through ongoing monitoring, in accordance with our risk management policies and procedures and the requirements outlined above."

Yikes...this is either a lie or their due diligence is completely ineffective.

Good thing we have Bitcoin

"We intentionally carry cash and securities in excess of our digital asset related deposit liabilities"

That's big.

I would like a little more detail on the "extensive due diligence " they supposedly undertook.

Its probably better to stay silent than write something like this but its not that bad