Thousands of SILVERGATE BANK shareholders, clients, employees and their families were unfairly caused severe monetary harm by the actions of a few self-serving special interests: the Federal Reserve, along with politicians such as Senator Elizabeth Warren (D-Mass) and major financial institutions such as Soros Fund Management, Barclay's PLC, Susquehanna and Goldman Sachs -- all who took massive short positions in Silvergate despite sound underlying fundamentals -- along with private, social-media-leveraging short sellers such as Marc Cohodes. 

Due to actions by these people and entities, a fully solvent and well-capitalized bank that served the cryptocurrency and blockchain industries as a primary focus, was maligned and lied about in the media, including social media. Silvergate Bank was accused of having major exposure to FTX's bankruptcy (they incurred no direct losses from this event), major liquidity problems (not prior to the bank run they didn't) and other existential issues which were not true and had the effect of causing a run on deposits by their exchange client's customers. 

Silvergate was granted a $4.3B line of credit in September 2022 by the Federal Home Loan Bank of San Francisco (FHLB-SF), a bank consortium of emergency liquidity that is subsidized and backed by the FHFA which in turn is under the Federal Reserve. However, once short sellers and Sen Warren had begun attacking the bank, all of a sudden this loan which had prevented catastrophic losses from depositor withdrawals was not extended as was promised and is customary, being called in early, triggering losses of hundreds of millions of dollars from the auction of immature treasury securities.

Meanwhile, the hedge funds and private short sellers made over a billion dollars in profits shorting the bank's stock on the New York Stock Exchange. Finally, Silvergate decided to voluntarily liquidate to preserve shareholder equity. The short sellers, having tasted blood and empowered with the knowledge they could take down perfectly solvent institutions by attacking their stocks in the marketplace while simultaneously manufacturing panic on social media, turned their attention to other solvent institutions like Silicon Valley Bank, Signature Bank, Credit Suisse and First Republic Bank. 

The Fed came in that weekend in the form of the FDIC and seized Signature Bank while still solvent, the other digital asset-focused financial institution.  The FDIC seized Silicon Valley Bank when they could not meet depositor's withdrawal requests. Credit Suisse was bought out by UBS under duress from the Swiss government and First Republic Bank was the recipient of a massive influx of cash in the form of loans from the FHLB, massive deposits and a liquidity pool from other anxious banks, and a new directive from the FDIC covering all deposits, guaranteeing treasury sales at maturity value and relaxed lending instruments. 

The actions of the Federal Reserve and its associated federal entities, the apparent collusion with institutional financial firms and private short sellers, and the biased behavior and collusion of politicians including Senator Warren resulted in a de facto government vs. citizens situation where the Federal government was intentionally incurring billions of dollars of economic harm to select United States corporations and citizens based not on illegal activity but on activity suddenly deemed counter to US dollar hegemony interests and future instant digital transaction initiatives such as FedNow, slated for rollout in July 2023 and for all intents and purposes a CBDC, or central bank digital currency. 

This petition demands that the relevant parties restore to Silvergate Bank all the funds lost by its shareholders in equity, the assets lost by clients in being forced to withdraw or switch liquidity providers for their digital assets and other losses as a direct or indirect result of the actions of the relevant parties.

It demands that the US Department of Justice investigate the behavior of Senators Warren and Kennedy, Federal Reserve Chairman Jerome Powell, relevant Federal entities subordinate to the Fed including the Federal Home Loan Bank (FHLB) of San Francisco (a private bank-funded consortium with oversight and emergency subsidization by the FHFA, which is under the Federal Reserve), the FDIC  and financial institutions which shorted Silvergate at the time the social media onslaught was underway including Soros Fund Management, Barclay's PLC, and Goldman Sachs, and private short sellers including Marc Cohodes and those affiliated with Mr. Cohodes. 

#SaveSilvergate
#FreeSilvergate