Crypto-friendly bank Silvergate has processed $8.1 billion in run-on withdrawals following the FTX crash, according to the Wall Street Journal. Silvergate disclosed in its performance quarterly report that cryptocurrency-related deposits plummeted by 68% in the fourth quarter. In order to meet withdrawal needs, Silvergate liquidated debt held on its balance sheet and suffered huge discount losses. The $718 million the bank has lost on debt sales since 2013 has far exceeded its total profits. The bank laid off 40% of its staff, or about 200 employees, and said it would cut operations. It shelved plans to launch its own digital currency.