BREAKING: Silvergate Bank will wind down its operations and voluntarily liquidate its assets a week after announcing it faced a number of investigations and questions about its numbers. nikhileshde reports
Explore the policy fallout from the 2022 market crash, the advance of CBDCs and more.Crypto-friendly Silvergate Bank will"voluntarily liquidate" its assets and wind down operations, its holding company Silvergate Capital Cor. announced Wednesday.
Silvergate announced a week ago it would have to delay filing its annual 10-K report due to questions from its independent auditors and accounting firm over its figures. In the same announcement, Silvergate revealed it was facing inquiries from bank regulators and the Department of Justice, and warned its ability to be a"going concern" over the next 12 months may be in doubt.
As a result, major crypto clients announced they would suspend their relationship with the bank, and its stock price fell 58% in intraday trading to an all-time low of $5.72 – down over $115 over the past year.The bank took out approximately $4.3 billion in loans from the Federal Home Loan Bank of San Francisco, a federal banking entity that provides this type of loan for banks.
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