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reported investors pulled out more than $8 billion in deposits from the crypto-focused bank as 鈥檚 sudden and spectacular collapse left investors reeling.

The bank also announced it will cut 40% of its workforce 鈥� about 200 employees 鈥� 鈥渋n order to account for the economic realities facing the business and industry today,鈥� the company said in a .听

Total deposits from digital asset customers at the bank declined to $3.8 billion at the end of December 鈥� from $11.9 billion at the end of September.听

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鈥檚 stock into a spiral down, nearly 50% at one point Thursday.

FTX鈥檚 influence

Silvergate is just the latest to be affected by FTX鈥檚 implosion. Others such as crypto lenders , 补苍诲听 all have been affected in one way or another.

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鈥檚 confidence in digital assets.

Just two days ago, disgraced FTX founder pled not guilty in a New York federal court to eight criminal counts involving FTX鈥檚 and 鈥檚 collapse.

Bankman-Fried also faces lawsuits from the and the .

Further reading:

• FTX Collapse Will Reverberate Throughout The VC World For A Long Time
• Mergers & Money: FTX-Induced Crypto Contagion Likely Only Starting
• BlockFi Files For Bankruptcy As FTX Contagion Spreads
• Web3 Weekly: The New Year Ushers In More FTX Intrigue
• Crypto Exchange Kraken Cuts Workforce; U.S. Pushing More Industry Regulation
• How VCs Invest In Crypto Will Be Changed By FTX鈥檚 Spectacular Fall