Until further announcement, Coinbase users won't be able to transfer money using Signet outside of business hours
The miner has prepaid its outstanding loan balance to Silvergate and would be ending the revolving line of credit facility between the firms.
According to Silvergate Capital, it will cease activities and liquidate its cryptocurrency bank
As per sources, one possible option involves lining up crypto-industry investors to help Silvergate stabilize its liquidity.
Silvergate Capital Corp. said on Friday that it had taken a "risk-based decision" to stop operating the Silvergate Exchange Network.
Circle has transferred a portion of its leftover USDC reserve deposits from Silvergate to other partner banks.
Silvergate Bank has been mandated to give $9.85 million back to BlockFi as part of the latter company's ongoing bankruptcy procedures.
MSTR adds that it will not have to pay back a loan from Silvergate until Q1 2025 and that bankruptcy wouldn’t accelerate the loan repayment.
Silveragte is facing a probe by the US DOJ over its involvement with the bankrupt FTX exchange and Alameda Research.
Binance transferred $400 million from the bank account of Binance US