According to filings filed with the SEC, Silvergate plans to significantly reduce its workforce as it cuts back operations. May 11th.
The failed crypto-friendly bank laid off about 230 employees on May 12, leaving the company with just 80 directors and employees.
The remaining staff will continue to facilitate the liquidation of the company, cooperate with investigations and investigations, and strive to preserve the residual value of the company’s assets.
Additional layoffs will take place on June 30, August 30 and November 30 this year, according to the filing, but it does not specify how many employees will be laid off on those days.
The bank will spend $10.7 million on severance and retirement payments. The company also plans to spend $2.8 million on employee benefits and placements, a reduction that will cost Silvergate about $13.6 million.
Silvergate Bank announced on March 8 that it would cease operations and undergo liquidation. Shortly before that, the run-in happened when he filed a filing with the SEC highlighting the apparent difficulties. Specifically, the bank said it can’t file a 10-K report, and the company reiterated that it can’t file even today’s filing.
While many cryptocurrency companies used Silvergate for certain transactions, other cryptocurrency companies also had financial exposure to Silvergate. However, several companies distanced themselves from Silvergate before or during the company’s collapse in March.
It was CryptoSlate that first appeared in an article about Silvergate Bank cutting 230 jobs as it downsized its operations.
