Short investor Marc Cohodes posted a picture of the seemingly deserted Silvergate offices onTwitter And the bank is expected to collapse within a week.
Silvergate previously disclosed that it was underfunded and unable to file its annual report on time. Shortly after a credit rating downgrade by Moody’s, the bankannouncedThat it will shut down the 24-hour money transfer system called Silvergate Exchange Network.
“I would be very surprised if the bank opens next week,” Cohodes said.
Cohodes everwarnInvestors first heard about Silvergate on Nov. 14, telling market analysis site Hedgeeye that he learned about Silvergate from Porter Collins, co-founder of Seawolf Capital. Think Silvergate is just as trash as FTX is,” he told Hedgeeye.
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