Welcome to the Tech Mem Right Home for Thursday, March 9th, 2023. I'm Brian McCullough today.

Silver Gate Capital is shutting down so the crypto winter just got even colder.

Microsoft says the new bing has crossed 100 million daily active users, why Tic-Toc is responsible

for the new Spotify redesign, can please grab your ring camera footage without your permission even if

you're not the target of an investigation and looks like strike won't be

going public this year after all here's what you missed today in the world of

tech.

Silvergate Capital plans to wind down operations and voluntarily liquidate Silvergate Bank, including full repayment of all deposits.

Silvergate basically saw a bank run with customers withdrawing 8.1 billion dollars over the last quarter.

This is notable because Silvergate was one of the pioneers and biggest players in the attempt to bridge

the crypto industry with the traditional banking sector.

Quoting the block.

In light of recent industry and regulatory developments Silvergate believes that an orderly wind down of bank of bank is the best path forward.

The firm said in a securities and exchange commission filing,

the bank's wind down and liquidation plan

includes full repayment of all deposits. The company is also considering how best

to resolve claims and preserve the residual value of its assets including

its proprietary technology and tax assets," and quote.

Silvergate's liquidation raises serious questions about how the sector will be regulated

in the near term and how crypto firms will access the banking system said Alex

Moore partner at the law firm of Carrington Coleman, Sloeman, and Blumenthal.

On the one hand legitimate questions were raised by lawmakers and litigants about Silvergate's oversight of its banking relationships with crypto clients

...