Crypto Bank Silvergate announces 'Voluntary Liquidation' as regulation puts sector under scrutiny

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Crypto Bank Silvergate announces 'Voluntary Liquidation' as regulation puts sector under scrutiny

The rapid and ruthless humbling of crypto prices last year has slowed down, but the consequences for crypto companies continue. Silvergate Bank is the latest casualty. It's going out of business. The bank did business with some of the crypto market's biggest players and was responsible for around 11 billion dollars in customer assets. Those will now be handed back to their owners, but the firm's unpaid liabilities are an open question. The firm called the move a voluntary liquidation. It comes amid investigations into the company by US federal and California financial authorities and an anticipated rise in regulatory scrutiny of the crypto sector.