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Silvergate bank sinking, might disappear, and given so, best to soonest like right now when you get message to exchange all cash for favourite cryptos and withdraw to own wallet
do not risk by trying to withdraw cash
I swapped funds just sent to Silvergate a few days ago for Coinlist a/c into CSPR and withdrew all assets from Coinlist a/k/a preparing for splash-damage w/o prisoners taken
Run fast, far away, and hide well ... do not dawdle ... refrain from thinking ... splash damage might be deep and with wide spherical diameter w/ big kaboom
Silvergate Exodus Worsens After Bank Questions Its Own Survival Fri, March 3, 2023 at 5:06 AM GMT+8
Silvergate Exodus Worsens After Bank Questions Its Own Survival
(Bloomberg) -- Silvergate Capital Corp.’s woes deepened on Thursday, a day after the bank raised questions about whether it can stay in business, with the shares plummeting to a record low and key partners cutting off ties to the crypto-friendly bank.
The bank set off alarms with a filing Wednesday that said losses might leave Silvergate with less capital than it needs, and that it’s evaluating its ability to continue as a going concern.
Investors and business partners headed for the exits, with the stock slumping 58%, its biggest drop ever, to a record low. Meanwhile, Coinbase Global Inc., Galaxy Digital Holdings Ltd., Paxos Trust Co. and other crypto firms decided to stop accepting or initiating payments through Silvergate. The exodus threatens the bank’s key source of deposits and a platform for crypto participants to transfer money among one other.
“In light of recent developments & out of an abundance of caution, Coinbase is no longer accepting or initiating payments to or from Silvergate,” Coinbase said on Twitter. “Coinbase will be facilitating institutional client cash transactions with our other banking partners.”
Galaxy Digital, the crypto financial services firm founded by Michael Novogratz, said it continues to have no material exposure to Silvergate. The company took the action “to ensure client and firm assets are secure as part of our vigorous risk-management process,” its spokesperson said in an email.
Paxos issued a similar statement, and Gemini Trust Co., Crypto.com and Cboe Clear Digital LLC are all suspending transfers with Silvergate as well. Circle Internet Financial Ltd. said it’s “unwinding certain services” with Silvergate.
