Crypto Bank Silvergate Reports Q4 Loss of $1B

Silvergate’s results for the latest quarter were foreshadowed at the start of January when the company said it had $8.1 billion in outflows of customers’ deposits of digital assets during the period and that it had slashed 40% of its staff.

The firm expects to incur restructuring charges of $8.1 million for the layoffs, the majority of which it will recognize this quarter.