Published on 28 Feb 2023 on CoinDesk via Yahoo Finance
Crypto Bank Silvergate Announces 'Voluntary Liquidation'
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Crypto-friendly Silvergate Bank will "voluntarily liquidate" its assets and wind down operations, its holding company, Silvergate Capital Corp. (SI), said Wednesday.
The bank was under fire after announcing a week ago it would have to delay filing its annual 10-K report due to questions from its independent auditors and accounting firm over its figures. In Wednesday's announcement, Silvergate Corp. announced it had tapped Centerview Partners as a financial adviser, the law firm Cravath, Swaine and Moore LLP and Strategic Risk Associates for "transition management assistance." Under the winding down all deposits will be repaid in full, the company said.