{"id":16171,"date":"2023-01-06T10:05:21","date_gmt":"2023-01-06T10:05:21","guid":{"rendered":"https:\/\/crowdfundjunction.com\/blog\/silvergate-plunges-after-crypto-meltdown-triggered-deposit-run\/"},"modified":"2023-01-06T10:05:21","modified_gmt":"2023-01-06T10:05:21","slug":"silvergate-plunges-after-crypto-meltdown-triggered-deposit-run","status":"publish","type":"post","link":"https:\/\/crowdfundjunction.com\/blog\/silvergate-plunges-after-crypto-meltdown-triggered-deposit-run\/","title":{"rendered":"Silvergate plunges after crypto meltdown triggered deposit run"},"content":{"rendered":"<p><b>(Originally posted on : CoinJournal: Latest Bitcoin, Ethereum &amp; Crypto News )<\/b><br \/>\n<\/p>\n<div>\n<div class=\"post-article-image  -mt-24  mb-8  lg:-mt-32  rounded  overflow-hidden\">\n<picture><source srcset=\"https:\/\/coinjournal.net\/wp-content\/uploads\/imagecache\/2021\/11\/1635781432791-8c4fb025-7271-4acd-9264-71b2b2c6f3a5-smartcrop-750x375.webp\" type=\"image\/webp\" media=\"(min-width: 750px)\"\/><source srcset=\"https:\/\/coinjournal.net\/wp-content\/uploads\/imagecache\/2021\/11\/1635781432791-8c4fb025-7271-4acd-9264-71b2b2c6f3a5-smartcrop-363x181.webp\" type=\"image\/webp\"\/><source srcset=\"https:\/\/coinjournal.net\/wp-content\/uploads\/imagecache\/2021\/11\/1635781432791-8c4fb025-7271-4acd-9264-71b2b2c6f3a5-smartcrop-750x375.jpg\" type=\"image\/jpeg\" media=\"(min-width: 750px)\"\/><source srcset=\"https:\/\/coinjournal.net\/wp-content\/uploads\/imagecache\/2021\/11\/1635781432791-8c4fb025-7271-4acd-9264-71b2b2c6f3a5-smartcrop-363x181.jpg\" type=\"image\/jpeg\"\/><\/picture><\/div>\n<ul>\n<li>Silvergate held deposits for FTX units and Alameda Research<\/li>\n<li>Silvergate appears to be most at risk from what happened to FTX \u00a0<\/li>\n<li>Shares plunged by more than 40% \u00a0<\/li>\n<\/ul>\n<p>Shares of crypto bank Silvergate Capital Corp. have plummeted. The company says the crypto industry\u2019s breakdown caused a run on deposits, prompting it to fire 40% of its staff and sell assets at a major loss.\u00a0<\/p>\n<p>Silvergate held deposits for FTX units and <a href=\"https:\/\/coinjournal.net\/news\/alameda-liquidates-millions-worth-of-tokens-for-bitcoin\/\">Alameda Research<\/a>, the company at the core of the crypto exchange\u2019s collapse. Su Keenan <a href=\"https:\/\/www.youtube.com\/watch?v=juLQ4-FH3Vs\">reports<\/a> on Bloomberg Television.<\/p>\n<h2>The FTX collapse continues to have ramifications<\/h2>\n<p>The bank Silvergate is reeling. It appears to be most at risk from what happened to FTX. They made a big bet on crypto, but the FTX collapse put it in crisis. It\u2019s down 42% in the latest session. It was holding funds and assets for many of these crypto entities, Bloomberg TV reported.\u00a0<\/p>\n<h2>Shares plummeted by over 40%\u00a0<\/h2>\n<p>Shares plunged by more than 40% after customers withdrew the equivalent of $1.1 billion of these digital assets deposits in the fourth quarter. That forced Silvergate to load off assets and fire 40% of staff, which put the bank in further crisis.\u00a0<\/p>\n<h2>Regulators are also eyeing the bank\u00a0<\/h2>\n<p>Lawmakers are scrutinizing the bank itself due to its affiliation with FTX and some of its deposits. Meanwhile, crypto broker Genesis has laid off 30% of its staff and the former CEO of <a href=\"https:\/\/coinjournal.net\/news\/crypto-lender-celsius-hires-restructuring-lawyers-cel-price-pumps-and-dumps\/\">bankrupt crypto lender Celsius<\/a> is being sued by the New York Attorney General for defrauding investors.\u00a0<\/p>\n<p>All of this news is tarnishing the space even further and dispersing gloom throughout the industry.\u00a0<\/p>\n<div class=\"post-meta\">\n<hr class=\"mb-6\"\/>\n<h6 class=\"text-3xl  mb-4  text-green-300\">Share this article<\/h6>\n<hr class=\"mb-6\"\/>\n<h6 class=\"text-3xl  mb-4  text-green-300\">Categories<\/h6>\n<\/p><\/div>\n<\/p><\/div>\n<p><a href=\"https:\/\/coinjournal.net\/news\/silvergate-plunges-after-crypto-meltdown-triggered-deposit-run\/\">Source link <\/a><br \/>\n<br \/><\/p>\n","protected":false},"excerpt":{"rendered":"<p>(Originally posted on : CoinJournal: Latest Bitcoin, Ethereum &amp; Crypto News ) Silvergate held deposits for FTX units and Alameda Research Silvergate appears to be most at risk from what happened to FTX \u00a0 Shares plunged by more than 40% \u00a0 Shares of crypto bank Silvergate Capital Corp. have plummeted. The company says the crypto [&hellip;]<\/p>\n","protected":false},"author":9,"featured_media":16172,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"om_disable_all_campaigns":false,"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0},"categories":[35],"tags":[],"_links":{"self":[{"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/posts\/16171"}],"collection":[{"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/users\/9"}],"replies":[{"embeddable":true,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/comments?post=16171"}],"version-history":[{"count":0,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/posts\/16171\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/media\/16172"}],"wp:attachment":[{"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/media?parent=16171"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/categories?post=16171"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/tags?post=16171"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}