- Crypto bank Silvergate Capital Corp said it would wind down and return all deposits following a run that forced it to sell off assets at a steep loss to cover billions of dollars of withdrawals.
- The bank’s decline tracked the unraveling of the broader crypto industry, which took a turn for the worse following the collapse of FTX last year.
- Silvergate catered to companies in the crypto business and helped institutional investors move dollars in and out of crypto-trading platforms through its Silvergate Exchange Network.
- Regulators have been raising concerns about banks’ crypto exposure, leading them to rethink any exposure to the crypto sector.
- Silvergate’s nearly 10-year crypto experiment collapsed in a matter of months.
Crypto Bank Silvergate to Shut Down, Repay Deposits
California lender to unwind after run fueled by FTX collapse
Rachel Louise Ensign
