Commissar SFLUFAN Posted March 8, 2023 Share Posted March 8, 2023 Silvergate shutting down operations and liquidating bank WWW.CNBC.COM Silvergate Capital announced on Wednesday that it will wind down operations and liquidate Silvergate Bank. Quote Silvergate Capital announced on Wednesday that it will wind down operations and liquidate Silvergate Bank. The company’s stock is down more than 25% in after-hours trading. Silvergate is one of the two main crypto banking giants. The other is the New York-based Signature Bank which has more than $114 billion dollars in total assets. Silvergate has just over $11 billion. “In light of recent industry and regulatory developments, Silvergate believes that an orderly wind down of Bank operations and a voluntary liquidation of the Bank is the best path forward,” the company said in a statement. All deposits will be fully repaid, according to a liquidation plan shared on Wednesday afternoon. It is unclear, however, how the crypto-friendly bank plans to resolve claims against its business. 1 Quote Link to comment Share on other sites More sharing options...
silentbob Posted March 8, 2023 Share Posted March 8, 2023 I still have no fucking idea how crypto works, but crypto has always felt like a giant Ponzi scheme. Almost like Office Space and their scheme that just got bigger then they intended too. They only escaped when the building burned down and I feel the same will eventually happen with crypto. 1 Quote Link to comment Share on other sites More sharing options...
Mr.Vic20 Posted March 8, 2023 Share Posted March 8, 2023 6 minutes ago, silentbob said: I still have no fucking idea how crypto works, but crypto has always felt like a giant Ponzi scheme. Almost like Office Space and their scheme that just got bigger then they intended too. They only escaped when the building burned down and I feel the same will eventually happen with crypto. 1 Quote Link to comment Share on other sites More sharing options...
Jason Posted March 8, 2023 Share Posted March 8, 2023 this is good for bitcoin Quote Link to comment Share on other sites More sharing options...
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