Silvergate - The Crypto Industry's Bank of Choice

Shares in Silvergate dropped by 46% on Thursday following the latest news and are now down 94% from their high in November of last year. The bank run required Silvergate to sell off more than 5.2 billion dollars worth of debt securities held as reserves, incurring a $718 million loss in the process. If Silvergate is forced to close or sell itself, banking relationships could become more difficult for the crypto industry. On Thursday, it became pretty apparent that there are problems at Hoobi - rumored to have cut off employees from internal communication channels after previously giving them an ultimatum to accept their salary and stablecoins. Also during the past day, exchange volume has dropped by almost