Crypto-focused bank Silvergate plans to wind down following blow from FTX

Crypto-focused bank Silvergate plans to wind down following blow from FTX

FILE PHOTO: A representation of bitcoin is seen in an illustration picture taken on June 23, 2017. REUTERS/Benoit Tessier/File Photo

Crypto-focused bank Silvergate Capital Corp said on Wednesday it planned to wind down operations and voluntarily liquidate after it was hit with losses following the dramatic collapse of crypto exchange FTX, sending its shares down 35% in after-hours trade.

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