The ??? ?? ????cryptocurrency bubble has well and truly burst, and now it's taking down the banks.
Silvergate Bank, one of the largest cryptocurrency banks in the US, has announced it is going into liquidation.
"In light of recent industry and regulatory developments, Silvergate believes that an orderly wind down of Bank operations and a voluntary liquidation of the Bank is the best path forward," holding company Silvergate Capital Corporation announced on Wednesday. "The Bank’s wind down and liquidation plan includes full repayment of all deposits."
This comes just five days after Silvergate Bank announced it would discontinue the Silvergate Exchange Network, an instant funds transfer system that was one of its key services. The company has reassured customers that its other deposit-related services are continuing to operate as it winds down, but anyone who has business with Silvergate probably won't want to rely on that.
Based in California, Silvergate Bank turned to cryptocurrency in 2013 and eventually became one of the top US crypto banks. But the higher they rise the harder they fall, and to anyone following Silvergate's woes, the writing has been on the wall for a while.
This Tweet is currently unavailable. It might be loading or has been removed.
FTX's dramatic collapse late last year had a significant impact on Silvergate, as the crypto exchange had been one of the bank's biggest customers. This triggered an $8.1 billion bank run on Silvergate, forcing it to liquidate $5.2 billion in debt securities to cover the withdrawals and take a $718 million loss — a loss which vastly exceeded the bank's profit since 2013.
Silvergate also laid off 40 percent of its workforce in January, sending its stock plummeting by 46 percent, while deposits in the fourth quarter fell by around 68 percent. Reading the signs, a laundry list of large crypto exchanges such as Coinbase and Galaxy Digital cut ties with Silvergate last week, which likely exacerbated the bank's struggles.
At its height, Silvergate Bank was valued at $222 per share in Nov. 2021. Last week ended with Silverbank at $5.77 per share, and as of writing it is currently valued at $2.76 — a drop of over 98 percent since its peak.
Topics Cryptocurrency
Southeast JSCC Festival Continues 53
Everything coming to (and going from) Netflix in March 2020
We all need this delightfully negative 'Little Women' meme in our lives
Everything coming to (and going from) Netflix in March 2020
Taiko Heroes 3 at Live Arts Los Angeles
How college meme groups are providing an outlet for student dissent
Best compact strollers for traveling with kids in 2020
Sony Xperia 1 II has 5G and triple rear camera
Anime Films Among Annie Award Nominees
Huawei's new foldable phone costs $2,700—and doesn't come with Google apps
Ancient8 Launches a WEB3 Gaming Layer 2 Chain on Ethereum
How to travel cheap: See the world without breaking the bank
'Hunters' review: A magically violent fairy tale about killing Nazis
6 inspiring poets you should read year
Anker Soundcore headphone deal: Get 50% off at Amazon
Master & Dynamic MW07 Plus wireless earbuds review
Katherine Johnson, NASA mathematician and subject of 'Hidden Figures,' dead at 101
iOS 14 might have an extremely useful iPad feature
Metacade Tokens Available to More Investors via Bitget Listing
Running for office? M.M. LaFleur lends clothes to women candidates.
Xiaomi teases new phone with a screenAn umbrella blocked people out of a WeWork office for 2 daysEverything coming to Amazon Prime Video in October 2019In loving memory of Joe Keery's 'Stranger Things' hair, R.I.P.New SNL cast member Shane Gillis responds to backlash over racist slurs, still doesn't get itThe best signs from the global climate strikeAn umbrella blocked people out of a WeWork office for 2 days'Knights and Bikes' captures childhood like no other: Game review'Session' is the 'Dark Souls' of skateboarding gamesTesla Model S reportedly laps Nürburgring faster than Porsche Taycan Wordle today: The answer and hints for January 23, 2025 Chicago Bulls vs. Golden State Warriors 2025 livestream: Watch NBA online Get a free soundbar when you buy a 34 Samsung Galaxy Unpacked 2025 live updates: Galaxy S25 series, AI tools, and more China's DeepSeek AI might be smarter than OpenAI's smartest AI Samsung Galaxy S25 vs. S23: Should you upgrade? Dallas Mavericks vs. Oklahoma City Thunder 2025 livestream: Watch NBA online Best headphones deal: Save $150 on Sennheiser Momentum 4 2025 Oscar nominations: See the full list Narwal Freo Z10: $200 off at Amazon
0.1653s , 9826.734375 kb
Copyright © 2025 Powered by 【??? ?? ????】Top US crypto bank Silvergate has gone into liquidation,Global Hot Topic Analysis
