Published on 28 Feb 2023 on CoinDesk via Yahoo Finance

Silvergate Stock Drops Over 50% as Crypto Clients Flee Beleaguered Bank

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The vast majority of crypto-friendly Silvergate Bank's (SI) industry clients have left or are leaving the company less than a day after it announced it would have to review its books with its auditors and warned of several headwinds. The bank's share price has fallen by more than 50%, to an all-time low, on the day's trading.

Silvergate announced Wednesday it would delay filing its annual 10-K filing due to needing to answer requests from its independent auditors and accounting firm, as well as "regulatory and other inquiries and investigations that are pending." The bank warned in a forward-looking statement that it faced possible inquires from bank regulators and the U.S. Department of Justice, and its ability to "continue as a going concern" over the next year may be affected.