Fears are swirling around whether Silvergate, the crypto bank once described by FTX founder Sam Bankman-Fried as a major game-changer, is teetering on the verge of collapse.
... [+]''I would be very surprised if the bank is open next week,'' veteran short seller Marc CohodesSilvergate, which reported a $1 billion loss for the fourth quarter, has seen its share price crash by around 95% over the last six months.
On Friday, rating agency Moody's downgraded Silvergate's deposit rating after the bank said it would delay its annual report and warned over"its ability to continue as a going concern." "The recent news regarding Silvergate’s failure to file a report to the U.S. Securities and Exchange Commission on schedule, and Galaxy Digital and Coinbase’s decision to cut ties with them may have fueled fear amongst investors that the company’s bankruptcy is imminent," Yuya Hasegawa, crypto market analyst at Tokyo-based Bitbank, said in emailed comments.
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