Silvergate forced to cover $8bn worth of crypto-related withdrawals

Silvergate forced to cover $8bn worth of crypto-related withdrawals

The US bank was forced to sell $5.2bn worth of assets for cash and booked a loss of $718m on those sales

Customers of the US bank Silvergate, one of the few mainstream financial organisations that focuses on providing services to the cryptocurrency sector, have pulled more than $8bn (£6.7bn) of their crypto-related deposits from the lender.

More than two-thirds of customers’ deposits were withdrawn in the final three months of 2022, as the collapse of the FTX exchange reverberated around the cryptocurrency world.

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