The US bank was forced to sell $5.2bn worth of assets for cash and booked a loss of $718m on those sales
Customers of US bank Silvergate, one of the few mainstream financial organisations that focuses on providing services to the cryptocurrency sector, have pulled more than $8bn (£6.7bn) of their crypto-related deposits from the lender.
Over two-thirds of customers’ deposits were withdrawn in the final three months of 2022, as the collapse of the FTX exchange reverberated around the cryptocurrency sector.
Continue reading…
The US bank was forced to sell $5.2bn worth of assets for cash and booked a loss of $718m on those sales
Customers of US bank Silvergate, one of the few mainstream financial organisations that focuses on providing services to the cryptocurrency sector, have pulled more than $8bn (£6.7bn) of their crypto-related deposits from the lender.
Over two-thirds of customers’ deposits were withdrawn in the final three months of 2022, as the collapse of the FTX exchange reverberated around the cryptocurrency sector. Continue reading…Technology | The Guardian