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Silvergate Bank Stock Plunges After Report of DOJ Investigation Into Ties With FTX and Alameda

Silvergate shares have seen a sharp drop in pre-market trading following the news that US officials have launched a probe into the crypto bank's dealings with fallen crypto giants FTX and Alameda Research. 

Following the news, Silvergate shares took a nosedive, plunging by as much as 10% in the pre-market trading. Notably, the company's shares lost roughly 88% of their value in 2022 amid the broader crypto market downturn that saw around $2 trillion wiped out of the market. 

(By Ruholamin Haqshanas)

Silvergate Bank Crypto FTX Alameda Research
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