Crypto bank Silvergate reports $1 billion loss

The Crypto Winter has hit companies hard across the industry, but the crypto-focused Silvergate Capital has been one of the most significant victims, reporting on Tuesday a net loss of $1 billion for the fourth quarter of 2022.

In the fourth quarter of 2022, Silvergate saw an outflow of $8.1 billion in digital asset deposits and laid off 40% of its staff, or about 200 employees, which it announced prior to its earnings report in a filing to the U.S. Securities and Exchange Commission on Jan. 5. It also sold assets at a loss of $718 million.

Read more: Fortune