Bank depositors were already nervous after federally-insured Silvergate Bank (ticker SI) announced on Wednesday evening that it was closing and liquidating. Its publicly-traded stock had already lost over 90 percent of its market value over the prior 12 months at that point.
Silvergate had made the fatal decision several years ago to become the go-to bank for crypto companies, including scandalized Sam Bankman-Fried’s collapsed house of frauds, FTX and Alameda Research. As details of its questionable activities related to Bankman-Fried’s enterprises emerged, 68 percent of its deposits related to crypto companies took flight in just the last quarter of 2022. After Silvergate confirmed in an SEC filing on March 1 that an investigation of its conduct was underway at the U.S. Department of Justice, and that it had doubts about its ability to continue as a going concern, its fate was sealed.
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