Silvergate sold assets at a $700 million loss and laid off 40% of staff due to FTX collapse
The cryptocurrency bank was forced to sell assets and cover withdrawals of $8.1 billion. Silvergate postponed a plan to launch its own digital currency and wrote off $196 million it spent to buy Diem cryptocurrency from Facebook. And the stock price lost 45% on the premarket.
It remains to solve DCG's liquidity problem and we can start bulls in the ring
