Crypto Opinions & News US Bank Silvergate hit with $8bn in Crypto Withdrawals

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Thread author
Staff Member
Malware Hunter
Jul 27, 2015
Customers of US bank Silvergate, which provides cryptocurrency services, have withdrawn over $8bn (£6.7bn) of their crypto-linked deposits.

Around two-thirds of the bank's customers pulled their deposits in the final three months of 2022. The bank has sold $5.2bn in assets to cover the cost and remain liquid. It came as three US regulators warned banks that issuing or holding crypto was "highly likely to be inconsistent with safe and sound banking practices". Silvergate is a bank listed on the New York Stock Exchange, and is therefore regulated within the financial sector. It is one of a small handful of businesses within this sector that provides cryptocurrency services. The withdrawals followed the collapse of the FTX crypto exchange, which was once valued at $32bn before its bankruptcy filing in November.

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