US lender tied to FTX goes into liquidation

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Silvergate Bank, a prominent lender in the US cryptocurrency sector, has announced it is ceasing operations.

Its parent company, Silvergate Capital Corporation, said on March 8 it will “voluntarily liquidate the bank” in response to “recent industry and regulatory developments”.

The bank, based in San Diego, California, counted crypto exchange FTX and its sister firm Alameda Research as major clients. FTX collapsed in November and the bank lost more than $8 billion in deposits in the following

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