Silvergate Capital Corp. plans to wind down operations and liquidate its financial institution after the crypto trade’s meltdown sapped the corporate’s monetary energy. The stocks plunged greater than 40%.

“In mild of new trade and regulatory traits, Silvergate believes that an orderly wind down of financial institution operations and a voluntary liquidation of the financial institution is the most efficient trail ahead,” the corporate mentioned in a observation. “The financial institution’s wind-down and liquidation plan comprises complete reimbursement of all deposits.”

Silvergate collapsed amid scrutiny from regulators and a felony investigation by way of the Justice Division’s fraud unit into dealings with fallen crypto giants FTX and …

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