Crypto bank Silvergate has seen clients pull $8.1 billion in deposits during a ”crisis of confidence” last year, forcing it to sell assets. The withdrawals came after the collapse of FTX, a Silvergate customer.
The Digital Currency Group (DCG) is set to shut down its subsidiary focused on wealth management which was launched last year, HQ Digital. The unit is shutting down due to the “state of the broader economic environment and prolonged crypto winter presenting significant headwinds to the industry.”
New York state’s attorney general has sued former Celsius Network CEO, Alex Mashinsky, for allegedly defrauding hundreds of thousands of investors through false statements made between 2018 and at least June 2022 on the condition of the company.
Top stories in the Crypto Roundup today:
- Silvergate Reveals Massive Fourth Quarter Withdrawals
- Digital Currency Group Shuts Down Wealth Management Subsidiary
- New York State Sues Former Celsius CEO
- Crypto Market Movers – BIT, OKB, LDO