TechFlow news — According to Reuters, crypto bank Silvergate Capital said Wednesday it has fully repaid all remaining deposits after deciding earlier this year to wind down operations. The company stated that it now holds less than $10,000 in funds and will "continue to focus on the bank's liquidation."
Previously, in March, Silvergate Capital announced it would cease operations and voluntarily liquidate the bank. Silvergate was once one of the most popular banks in the cryptocurrency industry. In the fourth quarter of last year, it lost $1 billion due to massive fund outflows triggered by the collapse of FTX.
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