Crypto bank Silvergate’s ‘collywobbles’ could add to industry’s woes

Another massive crypto-centric firm bit the dust this week, leading some analysts to forecast bigger problems for the overall ecosystem.
Silvergate Capital, a publicly traded crypto bank, announced Wednesday that it would “wind down operations and voluntarily liquidate” its bank division.
The news from the California-based firm followed a run that resulted in it selling off assets at a huge loss to cover over $8 billion in withdrawals amid the broader crypto ecosystem meltdown.
“It is not the first bank to get the collywobbles,” Katharine Wooller, business unit director at Coincover, said to T

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