The End of SEN: Silvergate Discontinues Its Exchange Network

On Friday, March 3rd, Silvergate posted a notice to its website stating that it has made a “risk-based decision” to discontinue SEN.

According to the notice, all other deposit-related services are still operational.

Silvergate saw a mass exodus of its partners from the cryptocurrency sector this Thursday.

The bank’s shares plummeted more than 50% between Wednesday and Thursday after the bank revealed it is postponing its 10-K filing.

The turmoil caused by Silvergate’s woes saw the price of BTC and ETH drop about 5% on Friday.

Silvergate’s troubles began in earnest after the collapse of FTX last November.

In early January, it was uncovered that the bank suffered a bank run worth more than $8 billion.

By February, rumors that the DoJ is preparing a probe over the company’s involvement with SBF’s fallen empire surfaced.

The rumors were seemingly confirmed in Silvergate’s recent filing with the SEC.

Silvergate once served as the go-to bank for cryptocurrency companies that needed to make quick fiat-to-crypto transactions.

This article originally appeared on The Tokenist

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