(ZEROHEDGE) – Silvergate Capital shares have been on a rollercoaster in the last 24 hours. Soaring 27% on a short squeeze Wednesday and now down 40% on Thursday morning after the crypto bank reported a run on deposits following the FTX bankruptcy, slashed its workforce by 40%, and shelved plans to launch its own digital currency.
Amid the FTX debacle in the fourth quarter, the bank said in an early release of some quarterly results that crypto-related deposits plunged 68%.
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Silvergate was forced to liquidate the debt it was holding on its balance sheet to satisfy the surge in withdrawals. It expects a $718 million loss in the selling of debt that exceeds the bank's total profits since 2013.