Coinbase, Gemini and other big crypto names have rushed to ditch Silvergate after the bank warned of building troubles
The exodus of crypto exchanges, stablecoin issuers and trading desks came after Silvergate flagged doubts about its future in business.
"The company is evaluating the impact that these subsequent events have on its ability to continue as a going concern for the twelve months following the issuance of its financial statements," the California-based firm said in an SEC filing Wednesday. But the lender has struggled in recent months thanks to its ties to embattled crypto players, and it is seen as having suffered during as prices of digital assets tumbled last year.
In addition, it had relationships with other bankrupt crypto firms, like centralized lenders Celsius and BlockFi, along with digital asset brokerage Voyager Digital. It has also has worked with crypto exchange Binance's US arm, which is reportedly under criminal investigation for money laundering and criminal sanctions violations.
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