Silvergate Bet Everything on Crypto, Then It All Evaporated
- Bank catered to crypto firms including Sam Bankman-Fried’s FTX
- Interest-rate hikes also spurred losses in bank’s portfolio
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Silvergate Capital Corp. spent its final days under siege.
Bombarded by short sellers, deserted by depositors and shunned by business partners, executives at the crypto-focused bank were face to face with US regulators at its La Jolla, California, headquarters.