According to CoinMeta, Wu said that he learned from a former executive of Silvergate Bank that the bank met the withdrawal needs of up to 70% of its demand deposits in the last few weeks of the fourth quarter of 2022, making it the only bank in U.S. banking history to withstand such a large-scale run on deposits. Silvergate maintained its solvency and liquidity without relying on Federal Reserve bailout tools, and regulatory authorities never confirmed any failures in its anti-money laundering (AML) internal controls. However, the Biden administration subsequently launched a regulatory crackdown on the crypto industry, with federal agencies conducting joint investigations and exerting pressure to restrict banks from dealing with crypto companies, forcing Silvergate to choose voluntary liquidation in March 2023 rather than going through a bankruptcy process. Wu condemned the abuse of power against Silvergate and the crypto industry for political motives, emphasizing that this precisely highlights the necessity of decentralized and censorship-resistant monetary systems, and called for continued attention to the long-term monetary value of Bitcoin.