Silvergate Lays Off 230 Employees, Leaving 80 Remaining at Liquidated Bank

According to Pitchbook, Silvergate had approximately 400 employees as of 2022

article-image

Formatoriginal//Shutterstock modified by Blockworks

share

Silvergate said that it would lay off approximately 230 employees. 

In an SEC filing dated May 12, the company said the layoffs would leave approximately 80 employees at Silvergate to finish liquidating the bank. 

“Additional incremental reductions in headcount are expected to occur on each of June 30, 2023, August 30, 2023 and November 30, 2023 or later,” the filing said. 

The 80 remaining employees will “focus on implementing the Bank Liquidation, preserving the residual value of the Company’s assets and addressing the regulatory and other inquiries and investigations that are pending with respect to the Company and the Bank.”

According to Pitchbook, Silvergate had approximately 400 employees as of 2022. 

In January, the company announced that it was cutting 200 employees, or 40% of its workforce. 

Following the job cuts, in March, Silvergate announced its intent to “wind down operations” and voluntarily started liquidating the bank. 

It also promised a “full repayment of all deposits.”

The decision to shut down was made just two months after earnings revealed a $1 billion fourth-quarter loss. 

The crypto-friendly bank, rumored to be FTX’s primary bank, had faced customer withdrawals in the wake of the FTX crash.

The bank, however, managed to just miss the downturn in the banking sector which saw three US banks fail.

Silicon Valley Bank officially fell two days after Silvergate announced its liquidation, on March 10. The bank run that caused the Feds to step in for SVB also impacted Signature just days later. Then the domino effect caused First Republic Bank to fail.


Get the news in your inbox. Explore Blockworks newsletters:

Tags

Upcoming Events

Old Billingsgate

Mon - Wed, October 13 - 15, 2025

Blockworks’ Digital Asset Summit (DAS) will feature conversations between the builders, allocators, and legislators who will shape the trajectory of the digital asset ecosystem in the US and abroad.

recent research

Research

article-image

Big blockers wasted a bitcoin fortune trying to prove a point

article-image

Coinbase’s newest acquisition includes the CEO and Head of Research from Opyn

article-image

Crypto’s highest purpose might be to make markets better by making them bigger

article-image

The non-profit’s “Project Open” seeks to let stocks trade directly on Solana

article-image

The acquisition is Pump.fun’s first, and comes just days before its planned ICO

article-image

As Trump’s tariff war reignites, everyone is assuming the dollar will continue its path lower. But the journey might be bumpy