Silvergate’s results for the latest quarter were foreshadowed at the start of January when the company said it had $8.1 billion in outflows of customers’ deposits of digital assets during the period and that it had slashed 40% of its staff. The firm expects to incur restructuring charges of $8.1 million for the layoffs, the majority of which it will recognize this quarter.
Source: https://www.coindesk.com/business/2023/01/17/crypto-focussed-bank-silvergate-reports-q4-loss-of-1b/?utm_medium=referral&utm_source=rss&utm_campaign=headlines