Posted 11/22/2023, 10:19:39 PM
Silvergate Capital Winds Down as Crypto Winter Bites
- Silvergate Capital fully repays remaining deposit liabilities, now holds less than $10,000
- Silvergate decided earlier this year to voluntarily liquidate after being hit by losses from FTX collapse
- Silvergate was once among the crypto industry's favored banks
- Silvergate reported $1 billion quarterly loss before winding down decision as investors pulled out over $8 billion in deposits after FTX debacle
- Crypto market lost over $1 trillion in value in 2022 amid economic collapse concerns and increasing interest rates