Block.one CEO Brendan Blumer bought 2.9 million shares of U.S. crypto-friendly bank Silvergate on Nov. 16 for a 9.3% stake, and Block.one acquired a 7.5% stake in the bank by purchasing 2.4 million shares , the two parties together hold about 16.8% of the shares. Foresight News previously reported that Silvergate issued a statement on FTX risks. As of September 30, 2022, the total deposits of all Silvergate digital asset customers were US$11.9 billion, of which FTX accounted for less than 10%. After that, the cryptocurrency broker FalconX announced that it would no longer use the Silvergate Exchange Network (SEN), causing Silvergate Bank’s share price to plummet.