Digital asset-focused investment bank Silvergate (SI) sold a large portion of its assets at a loss and laid off employees to meet customers’ demand for withdrawals of $8.1 billion.
According to Silvergate’s financial reports for the fourth quarter of 2022 released on January 5, FTX has been caught in a withdrawal storm due to the scandal. The bank recently 8.1 billion dollar withdraw money majority of its assets to cover the transaction. sell at a loss and its employees 40% of to your job end to give remained in the situation.
Silvergate, in its early financial reports, said that crypto-related deposits increased in the fourth quarter of last year. 68% He said he fell. The bank that is trying to meet the withdrawals of its customers is kept on its balance sheet. debt having to liquidate 718 million dollar damage he did. The loss from this transaction is almost from 2013 has since total cardan more more it happened.
In order to continue its operations, the bank has approximately to 40% corresponding 200 terminated the employee’s employment. He also started the project to launch his own cryptocurrency. on the shelf by lifting Technology behind Facebook’s failed attempt Diem spent to buy 196 million dollars from income tax offset did.
Silvergate shares are in pre-opening session since SI released the company’s financials. 38.35% depreciating from $13.5 found a buyer. Despite this, the bank has to continue its operations. He underlined that they have sufficient funds.