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Techartica
Home»TECH NEWS»American cryptobank Silvergate was hit with $8 billion in cryptocurrency withdrawals
TECH NEWS

American cryptobank Silvergate was hit with $8 billion in cryptocurrency withdrawals

techarticaBy techarticaJanuary 26, 2023Updated:January 26, 2023No Comments1 Min Read
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American cryptobank Silvergate faced $8 billion worth of cryptocurrency withdrawals
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These withdrawals are due to the collapse of cryptocurrency exchange FTX, which was valued at $32 Billion before it filed for bankruptcy in November.

US Bank Silvergate also offers crypto services and customers have withdrawn $8Billion.

To meet its liquidity and cover its costs, the bank has sold assets totaling $5.2 billion.

Nearly two-thirds of customers of the bank have withdrawn their funds in the past three months of 2022.

This news comes as US regulators have warned banks holding cryptoassets to use best banking practices.

These withdrawals are due to the collapse of cryptocurrency exchange FTX, which was valued at $32 Billion before it filed for bankruptcy in November.

Silvergate, a New York Stock Exchange-listed bank, is regulated in the financial sector. It is one small business in the sector that provides services in cryptocurrency.

Sam Bankman Fried, former boss of FTX pleads not guilty in defrauding investors & consumers. Prosecutors claim that nearly 1,000,000 creditors have lost their money.

Silvergate is the latest victim of crypto winter, which has gripped industry since the Spring last year.

This case has shaken the crypto sector by triggering a wave bankruptcies of companies that were involved in similar activities.

Alameda Research Crypto FTX Sam Bankman-Fried Silvergate
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