Crypto bank Silvergate Capital said it reported a net loss attributable to shareholders of $1 billion in the three months ended December 31, 2022. That compared with net income of $18 million in the same period of 2021 and $40.6 million in the third quarter of last year. The fourth-quarter loss ultimately led to a full-year loss of approximately $949 million, compared with net income of $75.5 million in 2021.

Silvergate's fourth-quarter results were foreshadowed in early January, when it said it had $8.1 billion in outflows in the fourth quarter and laid off 40% of its employees. Regarding layoffs, Silvergate expects to incur $8.1 million in restructuring charges, most of which will be paid in the quarter. In addition, Silvergate recorded $134.5 million in impairment charges related to the approximately $1.7 billion in securities it expects to sell in the quarter as it tries to cope with the huge outflows that occurred at the end of last year. (CoinDesk)