Federal Reserve orders defunct crypto bank Silvergate to carry out wind-down process

(Credit: Ariana Drehsler—Getty Images)

In early March, California-based Silvergate became the first domino to fall in a mini-banking crisis, announcing its intention to voluntarily liquidate and wind down operations.

With 90% of its deposit base coming from the digital asset industry, the bank's fortunes suffered along with the sector's after the high-profile collapses of projects like TerraUSD and FTX.