On Thursday, shares of Silvergate Capital have been hit hard and are currently on a steady decline of nearly 40%. This comes after the crypto-focused bank revealed its preliminary results for the final quarter which showed a large number of crypto withdrawals. The total deposits made by clients of digital assets fell to nearly $3.8 billion by the end of the fourth quarter in 2022, representing a fall of almost 68%  from the last quarter’s closing figure of $11.9 billion.

The collapse of crypto exchange FTX sparked a run on Silvergate Capital Corp., forcing the bank to sell assets at a steep loss to cover some $8.1 billion in withdrawals.

Pomerantz LLP — a firm dedicated to representing the rights of defrauded investors — filed a class action lawsuit against Silvergate Capital over alleged violations of the Securities Exchange Act.

Silvergate Capital Corp. is reviewing transactions between Sam Bankman-Fried’s crypto exchange FTX and his investment firm Alameda Research, the bank told three U.S. senators.

Crypto bank Silvergate Capital said that less than $20 million of its total deposits from crypto customers come from lender BlockFi, adding that it has "minimal" exposure to the company now in bankruptcy proceedings.