Silvergate covered $8.1 billion in crypto crisis withdrawals.

[{"selector":"#anim-79605fe9-5eba-480d-9827-e1513ec848bd [data-leaf-element=\"true\"]","keyframes":{"transform":["translate3d(35.21169345865223%, 0, 0)","translate3d(0%, 0, 0)"]},"delay":0,"duration":2000,"easing":"cubic-bezier(.3,0,.55,1)","fill":"both"}] Silvergate Capital Corp. sold assets at a loss to cover $8.1 billion in withdrawals after FTX collapsed.

[{"selector":"#anim-12251a6f-1f4e-4aff-877c-821253f77d61 [data-leaf-element=\"true\"]","keyframes":{"transform":["translate(5.769230852271061%, 0%) scale(1.5)","translate(0%, 0%) scale(1)"]},"delay":0,"duration":2000,"easing":"cubic-bezier(.3,0,.55,1)","fill":"forwards"}] forcing asset sales and showing how the FTX collapse affected the regulated financial industry.

[{"selector":"#anim-6ac536fe-c946-4645-bddc-323df6e3c0a3 [data-leaf-element=\"true\"]","keyframes":{"transform":["translate3d(34.17499990397451%, 0, 0) translate(25%, 0%) scale(1.5)","translate3d(0%, 0, 0) translate(0%, 0%) scale(1)"]},"delay":0,"duration":2000,"easing":"cubic-bezier(.14,.34,.47,.9)","fill":"forwards"}] the California-based firm revealed its digital asset customer deposits dropped to $3.8bn on December 31.

[{"selector":"#anim-a6eb766d-22b4-4bd1-bfcb-d3e8f58cf90f [data-leaf-element=\"true\"]","keyframes":{"transform":["translate3d(-31.284090795523493%, 0, 0)","translate3d(0%, 0, 0)"]},"delay":0,"duration":2000,"easing":"cubic-bezier(.3,0,.55,1)","fill":"both"}] From $11.9bn at the end of September saw its New York shares tumbling 41%.

[{"selector":"#anim-ac4f8afd-5f65-415c-8407-b422c11b5163 [data-leaf-element=\"true\"]","keyframes":{"transform":["translate3d(61.64934765342862%, 0, 0)","translate3d(0%, 0, 0)"]},"delay":0,"duration":2000,"easing":"cubic-bezier(.3,0,.55,1)","fill":"both"}] Recently, Silvergate has expanded from a small community lender to a significant crypto bank.

[{"selector":"#anim-fc56df99-472c-4e93-971e-a7766f296ffc [data-leaf-element=\"true\"]","keyframes":{"transform":["translate(0%, 0%) scale(1.5)","translate(0%, 0%) scale(1)"]},"delay":0,"duration":2000,"easing":"cubic-bezier(.3,0,.55,1)","fill":"forwards"}] provided crucial services to Sam Bankman-now-defunct Fried's crypto business.

[{"selector":"#anim-a4b37266-fc8b-4ef3-9738-4921b5fbb27e [data-leaf-element=\"true\"]","keyframes":{"transform":["translate3d(35.34967836769406%, 0, 0) translate(25%, 0%) scale(1.5)","translate3d(0%, 0, 0) translate(0%, 0%) scale(1)"]},"delay":0,"duration":2000,"easing":"cubic-bezier(.14,.34,.47,.9)","fill":"forwards"}] The company is laying off 200 workers to "adjust for the economic reality" of the bitcoin industry. Learn more