The chief technology officer of Tether has said his company has no exposure to Silvergate, as companies across the crypto industry line up to distance themselves from the troubled bank.

Silvergate is a U.S. bank that caters to the crypto industry, which has historically struggled to obtain banking, but has been rocked by financial woes as of late. 

The San-Francisco bank last month revealed a $1 billion net loss, as well as a decline in customer deposits of roughly $14 billion in the last quarter of 2022.