Silvergate Capital winding down business; will voluntarily liquidate

📆 3/9/2023 4:00 AM
📰 FoxBusiness

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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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