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Cryptocurrency 23 minutes ago (Jan 08, 2023 06:40PM ET)

Silvergate gets more bad news as Moody’s slashes its ratings

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 (NYSE:SI), worth $4.3 million on Jan. 6, leaving it with a mere 4,000 shares, according to various media reports. Those shares lost 43% of their value the previous day.

Continue Reading on Coin Telegraph

Silvergate gets more bad news as Moody’s slashes its ratings

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