Crypto Bank Silvergate to Close, Return all Deposits; Becomes Latest Victim of 2022 Crypto Turmoil

Silvergate Capital, which provided lending services to scores of businesses in the cryptocurrency industry, said Wednesday it will cease operations and liquidate its bank unit. “In light of recent industry and regulatory developments, Silvergate believes that an orderly wind-down of Bank operations and a voluntary liquidation of the Bank is the best path forward,” Silvergate said in a press release. It said it will repay all deposits. (forkast)

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