Customers of US bank Silvergate, which provides cryptocurrency services, have withdrawn over $8bn (£6.7bn) of their crypto-linked deposits.
Customers pull deposits
Around two-thirds of the bank’s customers pulled their deposits in the final three months of 2022, leading the bank to sell $5.2bn in assets to cover the cost and remain liquid.
The mass withdrawals came after three US agencies warned banks that issuing or holding crypto was “likely to be inconsistent with safe and sound banking practices,” as well as the collapse of the FTX crypto exchange and the subsequent bankruptcy filing of Alameda Research, owned by former FTX CEO Sam Bankman-Fried The case has had ripple effects throughout the crypto industry, leading to declines in value and bankruptcy filings at other firms.
According to an article recently published by the BBC, lan Lane, chief executive of Silvergate, said the bank was selling assets to cover the withdrawals by customers “in response to the rapid changes in t
We współpracy z: https://cryptodaily.co.uk/2023/01/crypto-bank-silvergate-sees-two-thirds-of-clients-withdraw-assets
