Shares of crypto-friendly bank Silvergate (SI) dropped 14% over the past 24 hours, hitting a new two-year low and underperforming most crypto assets on Tuesday as new FTX CEO John J. Ray III testifies before the House Financial Services Committee.

Silvergate was deeply involved with FTX before its collapse. Earlier this month, the San-Diego-based bank issued a statement saying it was the “victim of FTX’s and Alameda Research’s apparent misuse of customer assets and other lapses of judgment.”

Deposits by the crypto exchange made up nearly 10% of Silvergate’s $11.9 billion in deposits from digital asset customers, the bank disclosed in November.

(by Helene Braun)