Crypto bank Silvergate announces liquidation amid sector turmoil

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.