Silvergate reports $1B net loss in the fourth quarter of 2022

Silvergate reports $1B net loss in the fourth quarter of 2022


Silvergate Bank, which currently faces a class-action lawsuit over its FTX and Alameda dealings, has announced a $1 billion net loss attributable to common shareholders in the fourth quarter of 2022. 

In a report published by the United States Securities and Exchange Commission (SEC), the digital asset bank highlighted that it saw significant outflows of deposits in the last quarter of 2022 and made actions to maintain cash liquidity, including wholesale funding and selling debt securities.

The company also pointed out that there’s a “transformational shift” within the digital asset space and noted that a crisis of confidence throughout the ecosystem led customers to take a “risk off” position on crypto trading platforms.

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According to the report, the average digital asset customer deposits in the fourth

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