TechFlow news, according to The Wall Street Journal, crypto-friendly bank Silvergate processed $8.1 billion in withdrawal requests following the collapse of FTX.
Silvergate disclosed in its quarterly earnings report that cryptocurrency-related deposits plunged 68% in the fourth quarter. To meet withdrawal demands, Silvergate liquidated debt holdings on its balance sheet at steep discounts, incurring significant losses. Since 2013, the $718 million in losses from selling debt securities has already far exceeded the bank's total profits. Source link
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