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The Guardian - UK
The Guardian - UK
Technology
Dan Milmo and agency

Crypto bank Silvergate announces liquidation amid sector turmoil

Silvergate logo is seen displayed on a smartphone and a computer screen.
Silvergate reported a $1bn (£840m) loss for the fourth quarter of 2022 after investors raced to withdraw more than $8bn in deposits. Photograph: Pavlo Gonchar/Sopa Images/Rex/Shutterstock

The cryptocurrency-focused US lender Silvergate is to wind down its operations after it was hit by customer withdrawals following the collapse of crypto exchange FTX.

The California-based bank had warned last week it was “less than well capitalised” after depositors demanding their money back, adding that it was evaluating its ability to operate as a going concern.

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