Silvergate bank has defended itself against allegations that it could be facing a liquidity crunch due to its close relationship with cash-beleaguered crypto exchange FTX and lending firm BlockFi.

With pressures mounting, Silvergate Capital Corporation, the bank’s parent company’s CEO Alan Lane came out on Tuesday to “set the record straight” about the bank’s financial health.

“There has also been plenty of speculation – and misinformation – being spread by short sellers and other opportunists trying to capitalize on market uncertainty,” Lane said in a letter to shareholders on Tuesday.

The CEO noted that they had conducted extensive due diligence on FTX and Alameda Research before and after conducting business with the firms. He also assured customers of their funds’ safety saying that “while this has been a turbulent time in the digital asset industry, our customers’ deposits are, and have always been, safely held.”