FTX-linked Silvergate's shares plunge 48% after the crypto bank flags doubts about its survival
for ties to embattled crypto players, and it is seen as having suffered during as prices of digital assets tumbled last year.
It has been caught up in fallout from the implosion of now-bankrupt FTX, which was one of the lender's major clients. Its customers withdrew $8 billion in deposits late last year after the crypto exchange collapsed in November. In addition, it had relationships with other bankrupt crypto firms, like centralized lenders Celsius and BlockFi, along with digital asset brokerage Voyager Digital. It has also has worked with crypto exchange Binance's US arm, which is reportedly under criminal investigation for money laundering and criminal sanctions violations.
These additional losses will hurt its regulatory capital ratios and could result in the company and bank being less than well-capitalized, it said.
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