@Croesus_BTC - @edstromandrew - Macro Monthly - Unpacking The Silvergate Bank Debacle. #319
Once Bitten! A Bitcoin Podcast.
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Cryptocurrency Market - Satoshi Bagan's Sub Stack
People withdrew 8.1 billion from Silvergate after its client FTX went bust in November. To cover those withdrawals, the bank had to sell off debt at a loss of 718 million and reveal a 1 billion loss for Q4. The DOJ is investigating Silvergate over its relationship with FTX and Alameda. And yeah, and now it's the stock is being shorted into oblivion. I think it was down 60% on Friday.
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