Overall, the bank’s shares have seen their value drop by 69% since the crypto exchange FTX’s spectacular collapse in November 2022. silvergate alanlane
Report: Confirmation of Silvergate's $8 Billion Deposit Plunge Sees Stock Price Drop by More Than 40%
As a consequence of the more than $8 billion drop in crypto-related deposits, Silvergate said it would attempt to rein on losses by cutting its workforce by 40%. As explained by a Reuters, Silvergate’s preliminary earnings report appeared to blame crypto exchange FTX’s collapse for the drop in customer deposits from $11.9 billion in September to $3.8 billion by the end of Q4.
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