Silvergate announced yesterday that it will close all its operations and gradually liquidate the bank after the collapse seen in the crypto market in which they saw billions in deposits leave the bank.
They cite “in light of recent regulatory and industry developments, Silvergate believes that an orderly liquidation of the Bank’s operations and a voluntary liquidation of the Bank is the best way forward.
Silvergate shares have fallen more than 80% within a month, which already hinted at the future of the famous bank related to the cryptographic world, the bank claims that after the collapse of FTX the bank saw its deposits reduced by billions which ended up catapulting the bank