Bitcoin slides on Silvergate fallout

On Jan 5, Silvergate cut 200 jobs and said total deposits from digital asset customers declined to $3.8 billion at the end of Dec. 31, 2022, compared with $11.9 billion on Sept. 30, 2022.

On Jan 27, the crypto bank suspended dividend payouts on some of its preferred stock to preserve capital, and on Jan. 31, U.S. senators asked Silvergate to detail its risk management practices and dealings with bankrupt exchange FTX. FTX founder Sam Bankman-Fried, center, is escorted from a Corrections Department van as he arrives at the Magistrate Court building for a hearing, in Nassau, Bahamas,, Dec. 21, 2022.bankrupt crypto exchange FTX

and Alameda Research. Coinbase Global Inc and Galaxy Digital dropped Silvergate as their banking partner one month later. Silvergate Capital was founded in 1988 and began dabbling in cryptocurrencies in 2013 until converting most of its transactions to digital assets in recent years.

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