Crypto-Focussed Bank Silvergate Reports Q4 Loss of $1B
Silvergate's losses in Q4 culminated in full-year losses of around $949 million, compared to net income of $75.5 million in 2021. Source
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Silvergate
Silvergate reports $1B net loss in the fourth quarter of 2022
Silvergate Bank, which currently faces a class-action lawsuit over its FTX and Alameda dealings, has announced a $1 billion net loss attributable to common shareholders in the fourth quarter of 2022. In a report published by the United States Securities and Exchange Commission (SEC), the digital asset bank highlighted that it
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Silvergate hit with another class action suit, this time for securities law violations
A class-action suit was filed against Silvergate Capital, operator of the Silvergate Exchange Network and parent company of Silvergate Bank, in United States District Court of Southern California on Jan. 10. The suit was filed on the behalf of all purchasers of Silvergate securities between November 9, 2021, and January
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SBF pleads not guilty, layoffs, and bank run on Silvergate: Hodler’s Digest, Jan. 1-7
Top Stories This Week Sam Bankman-Fried enters not guilty plea for all counts in federal court Former FTX CEO Sam Bankman-Fried (has pleaded not guilty to all charges related to the collapse of the crypto exchange, including wire fraud and
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Silvergate gets more bad news as Moody’s slashes its ratings
Things seem to be going from grim to grimmer at Silvergate Bank, with a hit to its Moody’s rating and a selloff by Ark Invest. The bank already experienced a run and has been tied to the FTX collapse.Ark Invest, the investment vehicle of Cathy Wood, sold off more than
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JPMorgan Downgrades Crypto Bank Silvergate Capital After 4Q Results, Shares Slump
“While the challenging backdrop for the crypto settlement business was a factor in the worse than expected results being released, we also believe that concerns voiced by short-sellers (on Twitter) likely also contributed to Silvergate’s customers withdrawing deposits from the platform at a greater than anticipated level,” analysts led by
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Bitcoin Miner Marathon Digital Pays Off Silvergate Revolving Credit
Marathon's plan initially, said Schumacher, had been to draw on the term loan to pay down the credit line, but the FTX collapse and resulting market uncertainty forced a rethink, with the company instead deciding it a better idea to deleverage its balance sheet. Original Source
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Silvergate Resorted to Staff Layoff, Asset Liquidation to Survive FTX-Triggered Crypto Meltdown
Crypto bank Silvergate had to undertake a 200-employee layoff and take other drastic measures to facilitate a withdrawal bank run. During the FTX-triggered crypto meltdown, Silvergate Bank scrambled to cover a massive withdrawal spate and also embarked on a substantial staff layoff. According to the Wall Street Journal, the crypto-focused bank offloaded assets at a
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Silvergate Cuts 40% Jobs, Writes Off Diem Asset Acquisition
The crypto-focussed bank is writing off its acquisition of Diem's assets. Source
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Silvergate sold assets at loss and cut staff to cover $8.1B in withdrawals: Report
The FTX debacle has triggered a bank run on Silvergate, causing the company to sell off its assets at a loss and cut staff by 40% to cover $8.1 billion worth of customer withdrawals.According to a report published by the Wall Street Journal, the bank liquidated debt that it was
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