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Silvergate stock drops after senators ask bank for FTX records

Yahoo Finance's Julie Hyman breaks down reports that senators have demanded Silvergate turn over records of its relationship with FTX, sending the stock lower.

Video Transcript

JULIE HYMAN: I want to bring you an update on a mover this morning. Silvergate stock is moving sharply lower, down by 6% and to its lowest in about two years. And that's after a letter from Senator Elizabeth Warren and two Republican colleagues asked the company for information about the bank's relationship with FTX and the other Sam Bankman-Fried entities.

Silvergate was a banker to FTX prior to the fallout, but a notable SSVF tribute on the website has disappeared. Warren asking questions about whether Silvergate facilitated the transfers of capital from FTX to Alameda, as has been alleged. So we'll be keeping an eye on that. You can see that longer term chart--