The price of the crypto-focused bank Silvergate Capital’s shares fell by over 40% after it reported a more than $8 billion drop in customer deposits. The share price plunge came just days after U.S. prosecutors reportedly seized collapsed crypto exchange FTX’s accounts held at the bank. Alan Lane, the CEO of Silvergate, denied allegations that the bank does not adhere to banking rules.
Silvergate to Cut Workforce by 40%
The value of the shares of the crypto-focused bank Silvergate Capital reportedly plunged by more than 40% after it reported a sharp drop in its fourth-quarter (Q4) digital currency-related assets. Overall, the bank’s shares have seen their value drop by 69% since the crypto exchange FTX’s spectacular collapse in November 2022.
As a consequence of the more than $8 billion drop in crypto-related deposits, Silvergate said it would attempt to rein on losses by cutting its workforce by 40%. As explained by a Reuters report, Silvergate’s preliminary earnings report
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