Silvergate Hit By $8 bn Withdrawals
In the final three months of 2022, roughly two-thirds of Silvergate’s customers withdrew their deposits.
To cover the costs and remain liquid, the bank sold $5.2 billion in assets.
It came as three US regulators warned banks that issuing or holding crypto was “highly likely to be inconsistent with safe and sound banking practises”.
The withdrawals followed the bankruptcy filing of the FTX crypto exchange, which was once valued at $32 billion prior to its bankruptcy filing in November.
(Reporting by Shikha Singh; Editing by Kapil Rajyaguru)
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