Silvergate Captial has caused a brief panic in the web3 community following their annual report being delayed, revealing large losses within the company. Silvergate was well known in the web3 industry as a banking provider for many crypto businesses including Circle, Coinbase, Paxos, Bitstamp, and Kraken. 

Following the delay, many of the major crypto companies doing business with Silvergate announced that their customer assets were safe and unaffected by the issues at Silvergate, mitigating concern among investors who web3 companies have routinely failed over the past year and a half.