Permit me to say that it's still the chain effect of the FTX that is affecting Silvergate, the bank tried to stabilize after the collapse of the exchange, but the present reality seems it's getting more difficult and insolvency is looming.
The bank held deposits for FTX units, and the panic withdrawal was another issue before the recent one in which about $8.1B was withdrawn even after the Wall Street Journal disclosed that 40% of their workforce was laid off as the bank spend half of its decade profits. This might indeed cause a further issue for it but certainly not much for the crypto space.
Source: Silvergate Issue
Topic: Silvergate bank - page 2. (Read 180 times)
Been reading all the news reports and saw that the stock lost -60% today alone. Seems that more than half a dozen exchanges have stopped to do business with silvergate.
Basically they delayed some 10K filing and said that they might have issues continuing operations. Seems like the FTX contagion is continuing, when I assumed that the worst was done.
This was a big bank for crypto. I think I even wired some funds into the bank in the past.
What does everyone think will happen? Is it just FUD?
Basically they delayed some 10K filing and said that they might have issues continuing operations. Seems like the FTX contagion is continuing, when I assumed that the worst was done.
This was a big bank for crypto. I think I even wired some funds into the bank in the past.
What does everyone think will happen? Is it just FUD?
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