The California lender, one of the crypto market’s top banks, said it would wind down and return all deposits following a run that forced it to sell off assets at a steep loss to cover billions of dollars of withdrawals. Silvergate “is also considering how best to resolve claims and preserve the residual value of its assets,” the bank said in a news release Wednesday.
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Crypto bank Silvergate to shut down, repay deposits
Clothilde Hewlett, California Department of Financial Protection and Innovation commissioner, said Wednesday the regulator “is monitoring the situation closely to facilitate the safe and expeditious voluntary liquidation of Silvergate.”
