Silvergate Raced to Cover $8.1 Billion in Withdrawals During Crypto Meltdown

Silvergate Capital Shares Plummet Over 45% After Massive Customer Withdrawals

Shares of crypto-focused bank Silvergate Capital Corp (NYSE: SI) plummeted by more than 47% on Thursday, after the bank released preliminary fourth-quarter results that showed a significant drop in customer deposits. What Happened: Digital asset deposits decreased from $11.9 billion at the end of the third quarter to $3.8 billion, representing a decline of approximately 68%. The decrease in deposits coincided with the collapse of crypto exchange…

Silvergate forced to cover $8bn worth of crypto-related withdrawals

The US bank was forced to sell $5.2bn worth of assets for cash and booked a loss of $718m on those sales

Silvergate Capital shares sink as crypto-related deposits plunge by $8 billion

By Manya Saini, Niket Nishant and Hannah Lang (Reuters) -Silvergate Capital Corp reported a sharp drop in fourth-quarter crypto-related deposits on Thursday as investors spooked by the collapse of FTX pulled out more than $8

Silvergate slashes 40% of staff in the wake of a run on the crypto bank that forced it to sell assets at a loss to cover $8.1 billion in withdrawals

The bank had to cover $8.1 billion worth of withdrawals in late 2022, underscoring the impact of FTX's collapse on the cryptocurrency industry.

Silvergate tumbles after FTX implosion prompts $8.1 billion bank run

Total deposits from customers declined to $3.8b at the end of the fourth quarter

Silvergate sold assets at loss and cut staff to cover $8.1B in withdrawals: Report By Cointelegraph

Silvergate sold assets at loss and cut staff to cover $8.1B in withdrawals: Report