Silvergate Sinks by Record on Deposit Run, Staff Layoffs

Silvergate Bank is facing a crisis due to its involvement with FTX, leading to a significant drop in its stock value and massive withdrawals of digital asset deposits. This has forced the bank to sell assets and reduce its workforce. Additionally, other crypto entities like Genesis Global Trading and Celsius Network are also experiencing challenges, with layoffs and legal actions. The situation has prompted increased scrutiny from lawmakers and a general crisis of confidence in the crypto sector.

What scrutiny is Silvergate facing from lawmakers?

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What other companies in the crypto sector are mentioned as facing challenges?

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