Silvergate slashes 40% of staff in the wake of a run on the crypto bank that forced it to sell assets at a loss to cover $8.1 billion in withdrawals

Jan 5 2023 by Business Insider

 

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Silvergate cut 40% of its staff as the crypto-focused bank reels from FTX's implosion.  Crypto-related deposits fell 68% in the fourth quarter of 2022, according to the firm. Silvergate shares plunged more than 40% on Thursday.

Silvergate cut 40% of its staff, or 200 employees, "to account for the economic realities" facing its business and the cryptocurrency industry as a whole, the firm said on Thursday.

The collapse of FTX in particular sparked a run that forced...

Continue Reading Silvergate slashes 40% of staff in the wake of a run on the crypto bank that forced it to sell assets at a loss to cover $8.1 billion in withdrawals