Silvergate Bank's AML Systems Missed $1T in Transactions Before 2023 Collapse

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Silvergate Bank, a crypto-focused lender, voluntarily shut down in 2023 following massive deposit withdrawals, heavy losses, and mounting regulatory pressure. Regulators found that the bank's anti-money laundering systems failed to monitor over $1 trillion in transactions and missed nearly $9 billion in suspicious transfers tied to FTX-related accounts. The Federal Reserve's Office of Inspector General attributed the collapse to weak corporate governance, poor risk management, and overdependence on volatile crypto depositors. Former CEO Alan Lane disputed this, arguing the wind-down was politically motivated and that the bank had sufficient liquidity to continue operating. In mid-2024, the SEC charged Silvergate and its executives with misleading investors about the strength of its AML compliance and transaction monitoring capabilities.

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Developers Build Zero-Dependency Java JSON Parser in 72-Hour Hackathon

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ProgrammingDEV Community ·

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ProgrammingDEV Community ·

Five Common Myths That Blur the Line Between AI Models and Actual Servers

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ProgrammingDEV Community ·

Ex-cameraman builds AI photo caption tool solo after spending 20 minutes per post

Marco, a 25-year TV cameraman turned photographer based in Dublin, built CAPTD to solve a personal pain point: writing captions, hashtags, and alt text for photos was taking him 20 minutes per post. Using AI-assisted development despite no prior coding experience, he created the tool over roughly six months using TanStack Start, Supabase, Google Gemini, and Vercel. CAPTD generates platform-specific content packs for nine social networks, supports ten languages, and includes features like a Creator Voice tone system and a free 28-lesson photography academy. The platform requires no signup to use its core generator, a deliberate decision by Marco to lower the barrier for new users. A major post-redesign bug silently broke multi-language output and mobile generation without triggering any errors, marking a critical challenge in the tool's development.

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