The crypto industry's woes continued on Thursday as plunging deposits, layoffs and a lawsuit added to the tumult of 2022, which was dominated by sinking prices and high-profile bankruptcies.
in fourth-quarter crypto-related deposits on Thursday as investors spooked by the FTX collapse pulled out more than $8 billion, sending shares of the bank down more than 43%.U.S. bank accounts at Silvergate and Farmington State Bank affiliated with FTX's Bahamas-based business, known as FTX Digital Markets.
Silvergate also said it would cut its workforce by 40%, or about 200 employees, to rein in costs as the industry downturn deepened. Genesis also plans toof its workforce in a second round of layoffs in less than six months, according to a person familiar with the matter. The layoffs were first reported by the Wall Street Journal, which also said Genesis is considering filing for Chapter 11 bankruptcy. The firm is working with investment bank Moelis & Co to evaluate its options, the report said, citing people familiar with the matter.
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