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How Silvergate rushed to cover $8bn in withdrawals as FTX crashed
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fnlondon.comThe collapse of crypto exchange FTX sparked a run on Silvergate Capital, forcing the bank to sell assets at a steep loss to cover some $8.1bn in withdrawals.
Crypto-related deposits plunged 68% in the fourth quarter, the bank said in an early release of some quarterly results. To satisfy the withdrawals, Silvergate liquidated debt it was holding on its balance sheet. The $718m it lost selling the debt far exceeds the bank’s total profits since at least 2013.
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