Silvergate's Mounting Woes Are Hurting Crypto Traders

Silvergate Bank's venture into crypto was initially successful, with its Silvergate Exchange Network facilitating large-scale transactions. However, financial pressures and regulatory scrutiny, especially after the FTX collapse, have led to significant challenges. The bank faced financial losses, regulatory investigations, and a sharp decline in stock value. As Silvergate seeks a path forward, its ties to the US banking system raise concerns about the broader implications for crypto in banking.

Describe the financial troubles Silvergate encountered by the end of last year.

What concerns do regulators have regarding Silvergate's ties to the US banking system?