The collapse of FTX triggered a run that forced the bank to sell debt at a loss to cover a sharp uptick in crypto-related withdrawals. The bank also wrote off its purchase of Diem technology and tabled its digital currency launch.| Banking Dive
The SEC announced separate charges Wednesday, accusing both executives of defrauding investors.| Banking Dive
Each of the affected banks has made a marked shift this year: Farmington is exiting the crypto space, and Silvergate has cut 40% of its staff, citing current “economic realities.”| Banking Dive
The embattled crypto-service bank got a lifeline of liquidity in the fourth quarter of 2022 from the Federal Home Loan Bank System, raising new questions about both the Home Loan banks' purpose and crypto contagion.| American Banker