Crypto-friendly bank Silvergate has processed $8.1 billion in withdrawal requests following the FTX collapse

ChainCatcher news, according to the Wall Street Journal, the crypto-friendly bank Silvergate has processed $8.1 billion in withdrawal requests following the FTX collapse.

Silvergate disclosed in its earnings report that cryptocurrency-related deposits plummeted by 68% in the fourth quarter. To meet withdrawal demands, Silvergate liquidated the debt it held on its balance sheet and incurred significant markdown losses. Since 2013, the bank's losses from selling debt have far exceeded its total profits, amounting to $718 million. (Source link)