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https://www.wsj.com/articles/crypto-bank-silvergate-to-shut-down-repay-deposits-4bc2a469
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The crypto meltdown has claimed its first big casualty in the mainstream financial system: Silvergate Capital Corp.
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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This copy is for your personal, non-commercial use only. Distribution and use of this material are governed by our Subscriber Agreement and by copyright law. For non-personal use or to order multiple copies, please contact Dow Jones Reprints at 1-800-843-0008 or visit www.djreprints.com.