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Silvergate's FTX dealings face fraud investigation
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finextra.comThe probe is in its early stages and Silvergate has not been accused of wrongdoing, says Bloomberg, citing sources. Nevertheless, its share fell more than 20% on the news Thursday before recovering.The FTX bankruptcy has hit Silvergate hard; the bank held deposits for FTX businesses and Almeda Research.
When the exchange collapsed, the bank's customers withdrew more than $8 billion in digital asset deposits.Silvergate was forced to sell $5.2 billion in assets at a loss to cover the cost and remain liquid - leading to a $1 billion loss for the fourth quarter. It has also laid off 200 people - 40% if its staff.
. Read more on finextra.comAbout this in other media
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