Silvergate raced to cover $8.1 billion in withdrawals during crypto meltdown
2 min read
05 Jan 2023, 06:25 PM IST
Bank sold assets at a loss to cover withdrawals and cut 40% of its staff but remains committed to crypto
PremiumThe collapse of crypto exchange FTX sparked a run on Silvergate Capital Corp., forcing the bank to sell assets at a steep loss to cover some $8.1 billion in withdrawals.
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