Hints and tips:
...--(BUSINESS WIRE)-- Silvergate Capital Corporation (“Silvergate” or “Company”) (NYSE:SI), the holding company for Silvergate Bank (“Bank”), today announced its intent to wind down operations and voluntarily...
...The holding company behind crypto-focused bank Silvergate said it would wind down its operations, barely a week after warning it was gauging its ability to survive due to a deterioration of its capital position...
...San Diego-based bank Silvergate is winding down operations following a run on deposits....
...Silvergate long used its ties to FTX as a way to market the bank to crypto clients....
...Shares of crypto-focused bank Silvergate shed more than half their value on Thursday after the lender said it was evaluating its ability to survive as a going concern....
...Moody’s left Silvergate’s “negative” outlook unchanged. Silvergate has expanded from a small community lender into a major crypto bank in recent years....
...Crypto-focused bank Silvergate is to cut 40 per cent of its workforce, as it deals with the fallout from the crypto crisis and an $8.1bn drop in deposits....
...Finally, a genuine bank run in cryptoland. Silvergate Capital on Thursday announced deposits from its digital assets customers fell from about $12bn to just $4bn in the fourth quarter....
...March 8 2023: Silvergate Capital Corporation (“Silvergate” or “Company”) (NYSE:SI), the holding company for Silvergate Bank (“Bank”), today announced its intent to wind down operations and voluntarily liquidate...
...The senators also questioned the role of Tyler Pearson, son-in-law of Silvergate’s chief executive, who is currently deputy chief risk officer at the bank....
...The bank’s share price had tumbled 88 per cent in 2022....
...Among recent bank failures, Silvergate did the deed, Signature Bank got wasted on its parents’ Tia Maria and Silicon Valley Bank did both before popping outside to check the strange noise in the garden....
...The bank began working with Binance US earlier this year, the spokesperson said, after the failures of Silvergate and Signature, two regional banks that had welcomed crypto clients....
...So too has a $1.8bn loss on a sale of securities by Silicon Valley Bank, another specialist lender. This has panicked some investors in US and European banks such as Bank of America and Deutsche Bank....
...It was well documented that Silvergate Capital, Silicon Valley Bank, Signature Bank and First Republic all borrowed from their local FHLB before failing earlier this year....
...Silvergate’s shares have plunged 84 per cent this year, much worse than the 23 per cent fall for the KBW Bank index....
...with another lender called Silvergate....
...While Heartland was indeed the first bank in nearly three months to fail, it is difficult to find much (or really any) similarity between it and SVB, Signature, First Republic or even Silvergate....
...Silvergate’s demise followed the broader implosion of the cryptocurrency industry, led by the bank’s most notorious customer: FTX, the failed exchange founded by Sam Bankman Fried....
...Silvergate became the first regulated bank to be taken on by the crypto turmoil of the past year....
...But no one is openly bidding to replace Signature and Silvergate as the main crypto-focused banks. The time has come for the industry to make tough choices about digital assets....
...Between 2019 and 2021, accounts at Silvergate Bank and Signature received roughly $70bn from Binance-entities....
...“Life as a crypto firm can be divided up into before Silvergate and after Silvergate,” Sam Bankman-Fried wrote in a quote featured on the website of the San Diego bank he used to transfer customer funds...
...Data mining: Crypto’s banking crisis bites Silvergate Shares of crypto-focused bank Silvergate have taken an absolute pummeling this week....
International Edition