MicroStrategy, a business intelligence company, and Tether, a stable issuer, are the latest two companies to publicly deny any meaningful exposure to Silvergate.

Earlier, Silvergate announced on March 1 that it would postpone the submission of its annual financial report of 10murk, raising concerns that the cryptocurrency bank may be on the brink of bankruptcy filing.

This led MicroStrategy, which holds more than 130000 BTC assets, to confirm that its BTC collateral was not hosted by SilverGate.

The company founded by Michael Sylar added that it did not need to repay Silvergate's loans until the first quarter of 2025 and that bankruptcy or insolvency would not "accelerate" loan repayments.

Paolo Ardoino, Tether's chief technology officer, confirmed in a tweet on March 2 that Tether had no contact with Silvergate either.

The failure of the cryptocurrency bank could prove costly for other companies in the industry.

Silver Gate is a financial technology company that provides financial infrastructure solutions and services to some of the world's largest cryptocurrency exchanges, institutional investors and mining companies.

It offers a round-the-clock payment platform called SilverGate Exchange Network, which has reportedly processed more than $1 trillion in transactions since 2017.

The company also provides stable infrastructure platforms, digital asset escrow management and mortgage services for several institutional participants in the cryptocurrency industry.

Despite the huge network impact, the 10murk document submitted later seems to have had a corresponding impact on its partnership.

Within 24 hours of the recently submitted 10Muk document, Coinbase, Circle, Bitstamp, Galaxy Digital and Paxos confirmed that they would scale back their partnership with the cryptocurrency bank to some extent.

Gemini also announced that it had stopped taking deposits from customers and withdrew them through Silvergate ACH and wire transfers.

Other companies that appear to have cut or reduced ties include Crypto.com, Blockchain.com, Wintermute, GSR and CBOE Digital, according to reports.

Meanwhile, a spokesman for Binance, the password exchange, confirmed to Cointelegraph that Binance did not have a partnership with Silvergate and did not use encrypted banking services.

Concerns about Silvergate's potential financial problems first emerged in the fourth quarter of 2022, when the company reported a net loss of $1 billion as a result of the shocking collapse of FTX in November.

The exact deal between Silvergate and FTX has recently been investigated by the US Department of Justice, although there have been no allegations of misconduct.

In a new class action against FTX, the plaintiffs accused Silvergate of "aiding and abetting" a "multibillion-dollar fraudulent scheme" orchestrated by Sam Bankman-Fried, former chief executive of FTX.

Despite recent claims by many companies that they had no exposure to Silvergate, the bank handled more than $3.8 billion in customer deposits in the fourth quarter of 2022. That's down from $11.9 billion in the third quarter of 2022, according to Silvergate.

Silvergate's shares have fallen 58.7% to $5.57 since the news of the filing of 10murk late on march 1st. Since hitting an all-time high of $219.7 on November 14, 2021, the stock has fallen more than 97 per cent.