Tech

Moody's notlarını düşürürken Silvergate daha fazla kötü haber alıyor

01/07/2023
Bitcoin Ethereum Haberleri

Things seem to be going from grim to grimmer at Silvergate Bank, with a hit to its Moody’s rating and a selloff by Ark Invest. The bank already experienced a run and has been tied to the FTX collapse.

Ark Invest, the investment vehicle of Cathy Wood, sold off more than 400,000 shares of parent company Silvergate Capital, worth $4.3 million on Jan. 6, leaving it with a mere 4,000 shares, göre to various media reports. Those shares lost 43% of their value the previous day.

Moody’s Investors Service also reacted to the situation at the bank, downgrading its ratings of Silvergate Capital and the bank. The bank’s long-term deposit rating was downgraded from Baa2 (“lower-medium grade”) to Ba1 (“junk”) and its long-term issuer rating from Ba2 to B1 (both “junk”), with a negative outlook for the both organizations.

İlgili: Block.one and its CEO become largest SilvergateCapital shareholders

Moody’s attributed its decision to falling deposits, losses from securities sales to meet liquidity needs and workforce layoffs. Moody’s vice president Sadia Nabi said in a statement:

“Bankanın mevduatlarının neredeyse tamamı kripto para merkezli kurumlardan gelmeye devam ediyor ve banka şu anda yeterli likidite ve sermayeye sahip olsa da, bu mevduatlardan büyük miktarda çıkışların devam etmesi bankanın mali durumunu daha da olumsuz etkileyecektir. ” 

Silvergate Bankası lost $718 million as it liquidated debt to cover $8.1 billion in withdrawals, according to reports on Jan. 5. It also laid off 40% of its workforce, about 200 people. In addition, crypto-related deposits were down 68% in the fourth quarter of 2022.

Banka had come under the scrutiny of legislators after allegations that it facilitated transfers between FTX and its sister-company Alameda Research. Three senators headed by Senator Elizabeth Warren sent a letter to Silvergate CEO Alan Lane Dec. 6 asking for an explanation of the allegations. On Dec 16, FTX investors filed a class action suit against Lane, the bank and Silvergate Capital over the same allegations.