We entered another year but the woes surrounding the crypto market from 2022 continue. 2022 turned out to be the worst year for the crypto market as there were major bankruptcies, the price of crypto kept falling and investors lost tons of money.
The implosion of FTX and the arrest of its former CEO, Sam Bankman-Fried, the dust of it hasn’t settled yet. Major firms have been hit by the event in the first few days of 2023. The companies that showed the results of this hit are Genesis Global and Silvergate Bank.
Silvergate shares fall
On Thursday, Silvergate, a bank focused on crypto, recorded a massive fall of over 40% in its shares in just few hours. The bank published its preliminary report of the last quarter of 2022, which showed that 8 billion USD worth of crypto had been withdrawn as customers suffered the spook of FTX collapse. It has also decided to lay off its 200 employees which accounts for 40% of the workforce.
A U.S Attorney said to the court on Wednesday, that the acco
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