Silvergate Capital tanks nearly 40% after crypto bank discloses massive Q4 withdrawals

Shares of Silvergate Capital sank nearly 40% on Thursday after the crypto-focused bank released preliminary fourth-quarter results that showed massive customer withdrawals.

Total deposits from digital asset customers declined to $3.8 billion from $11.9 billion at the end of the third quarter, a decline of roughly 68%. The withdrawals came as crypto exchange FTX, a Silvergate customer, collapsed in…