This episode of The HASH is sponsored by the Galaxy Brains podcast.

This is the HASH podcast. Stay informed with the latest on Bitcoin, ETH, the Metaverse,

Web3, and more with stories that matter to the crypto world, all on the hash for your ears.

You're listening to the Coin Desk podcast network.

Hey, it's showtime. You're watching the hash on CoinDest TV. We're going to get you up to speed on what's going on in the world of crypto.

I'm Zach Seward, Will Foxley, Jensenassie, Wendy O, let's do this thing.

Will has our first story of the day.

What is up, Will?

Zach, so business-like this morning, so professional, I love to see it.

Let's go to Silvergate, which had its shares price dropped 40% after announced layoffs and a write-off on its acquisition of DM's technology stack, which occurred earlier this year.

This falls, of course, after FTX exploded, which Silvergate was definitely involved within a variety of ways.

And we've seen that a lot of people have left Silvergate assets leaving the crypto bank after

FTX and its involvement with FTCS was exposed. This is pretty big news because Silvergate is

one of the only firms with a banking charter and involvement with crypto. A lot of times there's

a segregation between these two different parts of the financial stack because a lot of regulators do

not like crypto and banks being involved together. Silvergate is sort of a unicorn out there,

and that's why it's so important to the greater crypto economy. Seeing shares sell 40%, it's definitely

a frustration for a lot of people in crypto right now. And of course, more layoff news is not

great news.

Jen, I want to throw this one over to you. This is more troubling stories to begin the year on.

January is already kicking pretty hard. Well, first of all, I just want to say RIP DM. I thought

that Silvergate was going to, you know, bring us the remnants of DM, like take the ashes and give us something.

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