Ram Ahluwalia, CEO and cofounder of crypto-native investment advisor Lumida, and Marc Cohodes, individual investor and former hedge fund manager, have a heated debate about Silvergate, a crypto-friendly bank that plays a key role in integrating crypto with traditional finance and is currently under scrutiny due to its ties with FTX and Alameda. Both Marc and Ram have a vested interest in Silvergate. Marc is shorting the stock, while Ram is longing it.

Show highlights:

  • why Silvergate plays such a vital role in the movement of money within the crypto industry
  • whether Silvergate runs proper KYC and AML practices
  • whether Silvergate has a $1 billion hole in its balance sheet
  • whether regulators will go after Silvergate as they are doing with FTX
  • why Marc thinks the FTX collapse wouldn’t have happened without Silvergate 
  • whether Silvergate was complicit with FTX’s activities or simply negligent 
  • why Ram believes this case is different from JPMorgan’s involvement with Madoff 
  • what regulatory actions might come in the near future for Silvergate 
  • why Ram thinks regulators will go to “great lengths” to avoid a bank failure
  • what would it take for Ram and Marc to change their minds


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  • Twitter
  • Ram’s thread on Silvergate
  • Ram’s previous appearances on Unchained:



Episode links:

  • Bloomberg: 


READ THE Episode Transcript HERE