Silvergate Stock Plunges As FTX Collapse Triggers $8.1 Billion In Customer Withdrawals

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By Martin Baccardax “The digital asset industry has undergone a transformational shift, with significant over-leverage in the industry leading to several high-profile bankruptcies,” Silvergate said. Silvergate Capital (SI) – Get Free Report shares plunged lower Thursday after it said the collapse of FTX lead to a rush of withdraws at the crypto lending specialist amid what it called a “crisis of confidence across the digital asset ecosystem.” Silvergate said in a limited update to its fourth quarter earnings that deposits from digital asset customers fell $8.1 billion over the three months end…

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