Investing
The End of SEN: Silvergate Discontinues Its Exchange Network
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On Friday, March 3rd, Silvergate posted a notice to its website stating that it has made a “risk-based decision” to discontinue SEN.
According to the notice, all other deposit-related services are still operational.
Silvergate saw a mass exodus of its partners from the cryptocurrency sector this Thursday.
The bank’s shares plummeted more than 50% between Wednesday and Thursday after the bank revealed it is postponing its 10-K filing.
The turmoil caused by Silvergate’s woes saw the price of BTC and ETH drop about 5% on Friday.
Silvergate’s troubles began in earnest after the collapse of FTX last November.
In early January, it was uncovered that the bank suffered a bank run worth more than $8 billion.
By February, rumors that the DoJ is preparing a probe over the company’s involvement with SBF’s fallen empire surfaced.
The rumors were seemingly confirmed in Silvergate’s recent filing with the SEC.
Silvergate once served as the go-to bank for cryptocurrency companies that needed to make quick fiat-to-crypto transactions.
This article originally appeared on The Tokenist
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