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Nearly 50% Drop in Silvergate Stock as Crypto Customers Run Away from Troubled Bank
Industry clients of Silvergate Bank (SI) have departed after the company disclosed that its auditors would need to evaluate its books.
On the day's trading, the share price of the bank dropped by more than 50% to a record low.
Silvergate Bank also stated that loans it obtained from the Federal Home Loan Bank last year would need to be repaid.
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