Shares in Silvergate Capital lost almost half their value on Thursday after the cryptocurrency-focused bank revealed an enormous loss resulting from a struggle to raise cash as deposits plunged in the...
Tag: silvergate
Silvergate Slashes 40% of Jobs as Further FTX Contagion Spreads
Silvergate Capital has been forced to take drastic action as a consequence of its association with FTX and its collapse. In addition to paring back its businesses, the bank has laid off roughly 40% of...
Silvergate, Bed Bath & Beyond, Walgreens and more
Signage outside a Bed Bath & Beyond retail store in New York, Aug. 25, 2022. Gabby Jones | Bloomberg | Getty Images Check out the companies making headlines in midday trading. Silvergate — Shares ...
Silvergate Layoffs 200 Employees Following FTX Domino Effect
Silvergate wrote off the $196M amount paid to Facebook as per the recent announcement. Around 40% of Silvergate Capital’s staff has reportedly been let go. Officially announcing the acquisition of Die...
Silvergate Affirms Belief In Crypto Despite Q4 Withdrawal Plunge
Silvergate Crypto News: Fintech and crypto focused bank Silvergate Capital on Thursday expressed confidence in the crypto industry’s future. The comments came at the back of the flurry of withdrawals ...
FTX Collapse Triggered $8,100,000,000 in Withdrawals at Crypto-Friendly Bank Silvergate: Report
The high-profile collapse of crypto exchange FTX has reportedly triggered a mass exodus from Silvergate, a crypto-friendly bank. According to a new report by The Wall Street Journal, the disintegratio...
Silvergate sold assets at loss to cover withdrawals, laid off 40% of workers
The collapse of FTX sparked a bank run on Silvergate, forcing the financial institution to sell assets at a steep loss to cover some $8.1 billion in withdrawals. The bank has also laid off 40% of its ...
Dow Jones Dives 400 Points On Strong Jobs Data; Silvergate Crashes On $8.1 Billion In Withdrawals
The Dow Jones Industrial Average sold off more than 400 points Thursday after a stronger-than-expected ADP employment report. Meanwhile, the December jobs report is due Friday morning. X Cryptocurrenc...
Silvergate Tumbles After FTX Implosion Prompts $8.1 Billion Bank Run
(Bloomberg) — Silvergate Capital Corp. shares plunged after the bank said the crypto industry’s meltdown triggered a run on deposits, prompting the company to sell assets at a steep loss and fir...
Bitcoin and ether down; Silvergate plunges 40%
Crypto prices steadied while stocks tied to digital assets sank on ratings news and financial results. Bitcoin was trading at roughly $16,800 by 1 p.m. ET, down 0.3%, according to TradingView d...
Silvergate Capital sees share value decrease 88% in 2022
Crypto bank Silvergate sees its share value fall as the crypto bear market continues to plague the sector. Silvergate Capital Corp, a crypto-focused bank, has reported a significant drop in its fourth...
Crypto Bank Silvergate Faces $8 B In Customer Withdrawals
According to a report from The Street, crypto-friendly bank Silvergate (SI) retraced on a massive 27% rally following a preliminary quarter result. The financial institution recorded a steep decline i...
Silvergate Capital bank forced to sell assets at loss, fires 40% of staff
Silvergate Capital was forced to sell assets at a loss in order to cover an $8.1 billion bank run. In response to the crisis, Silvergate laid off approximately 200 employees — 40% of its staff — and a...
Silvergate Stock Crashes Nearly 50% As Bank Grapples With Crypto Crisis
Topline Silvergate Capital revealed Thursday a series of worrisome financial metrics—including $8.1 billion in withdrawals near the end of last year—connected to the shocking collapse of its top clien...
Silvergate shares plunge as company cuts workforce amid ‘transformational shift’
Shares in crypto-friendly bank Silvergate plunged in early morning trading after the firm released preliminary fourth-quarter results and said it cut 40% of its staff amid a “crisis of confidenc...
Silvergate Capital, Walgreens, Amazon and more
People walk by a Walgreens, owned by the Walgreens Boots Alliance, Inc., in New York City, November 26, 2021. Andrew Kelly | Reuters Check out the companies making headlines and moves in premarket tra...
Silvergate (SI) stock crashes 40% in premarket as FTX collapse impacts bank
Silvergate Capital Corp (NYSE: SI) had a run on its accounts when the cryptocurrency exchange FTX went bankrupt, causing the bank to liquidate assets at a significant loss to cover customer withdrawal...
DCG on tight deadline, new Binance acquisition, Silvergate lawsuit, Solana pumps
The biggest news in the cryptoverse for Dec. 22 is dominated by lawsuits, bankruptcies, and acquisitions as the top people in the industry duke it out on a big day for the bear market in this CryptoSl...
Silvergate Capital hit with class action lawsuit for Securities Law violations
Pomerantz LLP — a firm dedicated to representing the rights of defrauded investors — filed a class action lawsuit against Silvergate Capital over alleged violations of the Securities Exchange Act. The...
Silvergate denies nepotism before U.S. senators
Silvergate CEO Alan Lane has denied allegations of nepotism before U.S. senators, according to a report from The Wall Street Journal on Dec. 21. Last month, on Nov.7, Silvergate Capital announced two ...
Silvergate account was at the center of FTX’s collapse, senators say
An account with Silvergate Capital may have played a key role in FTX’s collapse this November, according to a Dec. 20 report from the Wall Street Journal. The newspaper cited three U.S. senators who s...
Did Lawsuit Against Silvergate Result In Stock Price Drop?
The paranoia following the FTX collapse did not seem to stop as another update surfaced recently. It is related to the US banking firm, Silvergate, which is said to have close ties with the crypto exc...
Coinbase, Silvergate reverse losses to rise alongside traditional markets
Crypto-related stocks are rising after days of losses, tracking traditional markets higher. Coinbase and Silvergate were up more than 3% at 10:40 a.m. ET, while Galaxy Digital added nearly 5%. ...
Silvergate Slammed With A Lawsuit Deals With FTX And Alameda
Several events are still unfolding following the collapse of FTX crypto exchange. The contagion from the exchange’s sudden collapse created panic among other crypto companies, especially those with ex...
Silvergate Swags, BTC Lag Down to Recover Amid Fed’s Policy Announcements
BTC Sick Nowadays Fed’s – relatively modest– rate hike on December 14, 2022 may have caused a slight decline in crypto prices. Stocks connected with the crypto industry have also descended, but Silver...
CEO of Silvergate Bank Faces Class Action Lawsuit Over Dealing with FTX and Alameda
Plaintiff Joewy Gonzalez has filed the lawsuit on behalf of himself and others who lost money with FTX. The lawsuit accuses Silvergate Bank of transferring FTX user deposits into the bank accounts of ...
Silvergate Faces Lawsuit for ‘Aiding and Abetting’ FTX Fraud
Leading crypto bank Silvergate was slammed by a class-action lawsuit from investors who invested in the collapsed FTX. Joewy Gonzalez filed the Dec. 14 lawsuit for himself and others affected by the F...
Class action lawsuit claims Silvergate played role if FTX’s fraud
A class-action lawsuit claims that Silvergate Bank played an “integral” role in the alleged fraud at Sam Bankman-Fried’s crypto exchange FTX. The plaintiffs are Joewy Gonzalez...
Silvergate Bank faces lawsuit over FTX and Alameda dealings
Crypto bank Silvergate has been hit with a class action lawsuit, alleging that it aided and abetted fraud carried out by FTX and its subsidiary Alameda Research. The lawsuit was filed by Joewy Gonzale...
MicroStrategy and Silvergate are 2022’s most shorted crypto stocks
MicroStrategy has been a regular favorite stock for short-sellers looking for big drawdowns. Indeed, as of yesterday, the US-based software firm was listed as the eleventh most-shorted stock. Interest...