Most major crypto exchanges and companies have announced to cut business ties with Silvergate.
Silvergate’s troubles began when FTX went bankrupt. Silvergate is currently facing investigation from the US Department of Justice over their involvement in last year’s FTX crash.
Coinbase announces termination of partnership with Silvergate
At the time of writing, the price of Bitcoin (BTC) is trading at $22391, down nearly 5% in the past 24 hours.