Jan 7, 2023

Crypto carnage: $8 billion withdrawn from Silvergate

Posted by in category: cryptocurrencies

The bank is suffering from the ongoing crypto winter triggered by the collapse of FTX.

U.S. bank Silvergate, which provides exclusively cryptocurrency services, saw its customers withdraw over $8 billion in the last three months of last year, according to a report by the BBC

The bank was then forced to sell nearly $5.2 billion in assets in order to survive.

Pavlo gonchar/sopa images/lightrocket via getty images.

This amounted to around two-thirds of the bank’s customers pulling their deposits in October, November, and December 2022.

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