Silvergate Capital shares plummeted 28 per cent late on Wednesday after the cryptocurrency-focused bank warned it was delaying its annual report and said it was evaluating its ability to operate as a going concern.
Federal prosecutors in Washington are probing Silvergate and its dealings with FTX and Alameda Research. In January, three U.S. senators asked Silvergate for details about its risk management practices and its dealings with FTX. Silvergate said it sold additional debt securities in January and February and that it expects further losses related to impaired securities, adding it could be"less than well-capitalized."
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