Crypto Bank Silvergate Capital Corp announced plans on 9 March to cease operations and voluntarily liquidate, citing recent industry and regulatory developments. The decision comes after the bank suffered substantial losses following the collapse of the cryptocurrency exchange FTX. Silvergate warned last week that it was evaluating its ability to continue operating, disclosing that it had sold additional debt securities at a loss and that further losses could leave the bank “less than well capitalized.” The bank added that its decision to wind down operations included full repayment of deposits.
Source: https://www.reuters.com
