The bank also announced it will cut 40% of its workforce — about 200 employees — “in order to account for the economic realities facing the business and industry today,” the company said in a release.
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Total deposits from digital asset customers at the bank declined to $3.8 billion at the end of December — from $11.9 billion at the end of September.
The bank sold debt securities to keep up with withdrawals at a significant loss. The bank sold $5.2 billion of such securities at a loss of $718 million for its fourth quarter ending in December.
The news sent the bank’s stock into a spiral down, nearly 50% at one point Thursday.
FTX, the fourth-largest exchange by volume at one point, touched nearly everything in the crypto industry. Its implosion darkened what was already a crypto winter and has shook people’s confidence in digital assets.
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