After closing its crypto bank, Silvergate's stock plummets

As the market opened on Thursday, shares of California-based crypto bank Silvergate Capital (SI) were down more than 37% after the company announced it was ceasing operations and beginning the liquidation process.
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After Silvergate failed to submit its annual report on Form 10-K to the Securities and Exchange On the announcement that its crypto bank and SEN network were being liquidated, Silvergate Capital Corp.'s shares plunged.
Investigations were underway because the San Diego bank had neglected to submit its yearly report.
After experiencing a $8 billion run on its deposits, Silvergate was unable to recover.
Commission (SEC) for the fiscal year that ended on December 31, 2022, regulators have been looking into the company. After being given a deadline extension until March 16, the company has opted to shut down.
The company stated in a statement that it "believes that an orderly wind-down of bank activities and a voluntary liquidation of the Bank is the best road forward" in light of recent regulatory and industry developments. The entire refund of all deposits is guaranteed under the bank's wind-down and liquidation policy.
Silvergate previously said that it would stop operating the Silvergate Exchange Network (SEN). With cryptocurrency exchange Coinbase announcing a day earlier that it was "no longer accepting or originating payments to or with Silvergate," industry players had already started to distance themselves from the bank.

Silvergate is the most recent casualty of the ripple effect that has wracked the cryptocurrency markets since FTX's demise. Silvergate announced a loss of more than $1 billion and a $8 billion run on deposits, which set off alarm bells for investors.