Silvergate Capital plans to wind down operations and liquidate its bank after the crypto industry’s meltdown sapped the company’s financial strength. The shares plunged more than 50 per cent.
Silvergate collapsed amid scrutiny from regulators and a criminal investigation by the Justice Department’s fraud unit into dealings with fallen crypto giants FTX and Alameda Research. Though no wrongdoing was asserted, Silvergate’s woes deepened as the bank sold off assets at a loss and shut its flagship payments network, which it called “the heart” of its group of services for crypto clients.
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