Silvergate Capital shares have been on a rollercoaster in the last 24 hours. Soaring 27% on a short squeeze Wednesday and now down 40% on Thursday morning after the crypto bank reported a run on deposits following the FTX bankruptcy, slashed its workforce by 40%, and shelved plans to launch its own digital currency.
Amid the FTX debacle in the fourth quarter, the bank said in an early release of some quarterly results that crypto-related deposits plunged 68%.