The California-based Silvergate Bank has announced a $1 billion net loss in the fourth quarter of 2022, resulting in a loss of $949 million last year. Customer deposits also plummeted to $6.3 billion in that quarter. The Bank said it was preparing for a sustained period of lower deposits and would be offboarding certain non-core customers. The crypto-focused bank has been accused of assisting FTX in transferring its clients’ funds for Alameda Research.