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Silvergate Shares Plunge After Withdrawals Top $8.1 Billion During Crypto Meltdown

• Zero Hedge

Update (0900ET): 

Here are some of the top headlines (via Bloomberg) from Silvergate's call with investors this morning: 

*SILVERGATE SAYS CLIENTS ARE TAKING HUGE PAUSE IN CRYPTO

*SILVERGATE NOT SEEING CLIENTS CLOSING ACCOUNTS, LEAVING CRYPTO

*SILVERGATE FOCUSED ON BEING BEST PROVIDER FOR CRYPTO SPACE

*SILVERGATE SAYS MAY BECOME TARGET FOR LARGER BANKS IN FUTURE

*SILVERGATE: REGULARLY ENGAGES WITH FED, FDIC, OTHER REGULATORS

*SILVERGATE DECLINES TO COMMENT ON PENDING CLASS LAWSUITS

*SILVERGATE SAYS TAKING COMPLIANCE, RISK MANAGEMENT SERIOUSLY

*SILVERGATE CITES SLOWDOWN OF INSTITUTIONAL CLIENTS INTO CRYPTO

Silvergate Capital shares have been on a rollercoaster in the last 24 hours. Soaring 27% on a short squeeze Wednesday and now down 40% on Thursday morning after the crypto bank reported a run on deposits following the FTX bankruptcy, slashed its workforce by 40%, and shelved plans to launch its own digital currency. 


www.universityofreason.com/a/29887/KWADzukm