🔴 Exclusive webinar: The Secrets of ProPicks AI Success Revealed + November’s List FREEWatch Now

Is Troubled Crypto Bank Silvergate Set to Follow in FTX’s Footsteps?

Published 03/02/2023, 01:00 PM
© Reuters.  Is Troubled Crypto Bank Silvergate Set to Follow in FTX’s Footsteps?
ABILF
-

  • Cryptobank Silvergate won't make the March 16 deadline for its annual report as it mulls over its ability to continue operations.
  • Silvergate has been in a downward spiral since FTX collapsed.
  • Servicing FTX and Alameda has led to a DOJ investigation.
FTX’s negative impact on the crypto space continues to resonate as businesses across the industry feel general market pressure and the sting of association with Sam Bankman-Fried’s bankrupt empire four months later.

Silvergate Evaluating Ability (OTC:ABILF) to Survive

On Wednesday, March 1, California-based crypto bank Silvergate disclosed that it would miss the deadline for filing its annual report with the SEC. The bank highlighted further weakening in its capital position following dismal fourth-quarter earnings. The news sent its stock price down 31%.

Ahead of the delayed annual report, Silvergate...

Continue Reading on DailyCoin

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.