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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