Report: Confirmation of Silvergate's $8 Billion Deposit Plunge Sees Stock Price Drop by More Than 40% – Finance Bitcoin News

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Overall, the bank’s shares have seen their value drop by 69% since the crypto exchange FTX’s spectacular collapse in November 2022. silvergate alanlane

Report: Confirmation of Silvergate's $8 Billion Deposit Plunge Sees Stock Price Drop by More Than 40%

As a consequence of the more than $8 billion drop in crypto-related deposits, Silvergate said it would attempt to rein on losses by cutting its workforce by 40%. As explained by a Reuters, Silvergate’s preliminary earnings report appeared to blame crypto exchange FTX’s collapse for the drop in customer deposits from $11.9 billion in September to $3.8 billion by the end of Q4.

 

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Good to see Silvergate CEO upholding important regulations, aka KYC/AML. DeFi is transforming our financial freedom and this reminds us of the importance of staying compliant. Crypto BTC

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$3.9 billion lost in the cryptocurrency market in 2022: ReportThe report also found that decentralized finance (DeFi) was the most targeted sector, suffering 80.5% in losses, compared to centralized finance (CeFi) which suffered a loss of 19.5%.
Fonte: Cointelegraph - 🏆 562. / 51 Consulte Mais informação »