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Silvergate Capital winding down business; will voluntarily liquidate

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Silvergate Bank will be wound-down and liquidated, the California-based Silvergate Capital said Wednesday. Speculation about its status had arisen last week.

Its Silvergate Exchange Network shuttered late last week. The bank said Wednesday "all other deposit-related services" are continuing to operate amid shutting down.

Cryptocurrency mixing platform, Tornado Cash, has been hit with US sanctions over allegations of money laundering. Cryptocurrency Illistration picture taken on Jan. 24, 2022. In January, the company said it had experienced "significant outflows of deposits" in the fourth quarter, referencing bankruptcies in the sector that impacted crypto investor confidence. FTX, which Silvergate hasRepresentations of cryptocurrencies plunge into water in this illustration taken, May 23, 2022.

 

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Silvergate Capital shares tank after company announces plan to wind down bankSilvergate Capital Corp. shares plunged 30% in after-hours trading Wednesday after the company said it intended to wind down operations and voluntarily...
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Silvergate Capital stock tanks as company plans to wind down its crypto-friendly bankSilvergate Capital Corp. shares plunged 30% in after-hours trading Wednesday to a record low, after the company said it intended to wind down operations and...
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