Silvergate Bank, a leading financial institution utilizing blockchain protocols for business banking processes, saw its stock price plunge 42.7% after preliminary fourth-quarter results showed substantial customer withdrawals. At the end of the third quarter, total deposits of digital assets dropped from $11.9 billion to $3.8 billion, a decrease of about 68%. The withdrawals align with the timing of crypto exchange FTX’s collapse – a Silvergate client.
Silvergate Capital Tanks More Than 40% After Crypto Bank Discloses Massive Fourth-Quarter Withdrawals
