Crypto bank Silvergate announces liquidation amid sector turmoil
by Dan Milmo and agency from Technology | The Guardian on (#69MB3)
Wind-down and liquidation plan follows mass withdrawal of deposits after collapse of FTX exchange
The cryptocurrency-focused US lender Silvergate is to wind down its operations after it was hit by customer withdrawals following the collapse of crypto exchange FTX.
The California-based bank had warned last week it was less than well capitalised" after depositors demanding their money back, adding that it was evaluating its ability to operate as a going concern.
Continue reading...