Crypto-friendly lender Silvergate collapses | CNN Business

📆 9-3-2023 03:29:00
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Crypto-focused lender Silvergate said it is winding down operations after being financially pummeled by turmoil in digital assets.

“In light of recent industry and regulatory developments, Silvergate believes that an orderly wind down of Bank operations and a voluntary liquidation of the Bank is the best path forward,” it said in a statement Wednesday. The bank’s plan includes “full repayment of all deposits,” it said.

The announcement comes roughly a week after Silvergate delayed its annual filing with the Securities and Exchange Commission, warning that it may go out of business. That news prompted the bank’s biggest crypto-industry clients, including Coinbase and Paxos, to pull their deposits. This story is developing.

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Impact of the Silvergate collapse on crypto — Watch The Market Report liveThe Market Report with Cointelegraph is live! Tune in to watch Cointelegraph’s resident experts discuss the impact of the Silvergate collapse on crypto. I wish the whales would hurry the F up and tank the bitcoin price. A lot of us are waiting to buy up some of that weak hander's corn
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