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cryptonews

2023-01-05 14:10:00

Silvergate in Trouble: Crypto Bank Cuts Staff by 40% Amid a 68% Decline in Crypto Deposits

Silvergate in Trouble: Crypto Bank Cuts Staff by 40% Amid a 68% Decline in Crypto Deposits

Trouble is brewing for crypto bank Silvergate as the company cuts staff by 40% and sells assets at a loss to cover $8.1 billion worth of customer withdrawals. Furthermore, the company's crypto-related deposits saw a 68% decline in the fourth quarter of last year. According to a Thursday report by Wall Street Journal, the dramatic collapse of FTX sparked a run on Silvergate, forcing the bank to sell assets at a steep discount in a bid to cover around $8.1 billion in user withdrawals. ... Read More: Silvergate in Trouble: Crypto Bank Cuts Staff by 40% Amid a 68% Decline in Crypto Deposits

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