Why SI Silvergate Capital Corporation Collapsed ?

If you haven`t bought puts here:

Then you should know that last week, Silvergate's stock plunged by up to 45% following the company's announcement that it would delay filing its annual report due to ongoing investigations by various regulatory bodies, including the U.S. Department of Justice.

This led major players in the crypto industry, including Coinbase and Paxos, to sever ties with Silvergate.

The second largest bank serving digital assets companies, Silvergate, announced that it would wind down its operations on March 8.

Analysts attributed the decline to a loss of trust in the crypto industry following the FTX meltdown, as well as concerns raised by short sellers primarily on Twitter.

Silvergate primarily serviced cryptocurrency firms, including FTX, which ultimately failed.

I am still bearish on the outlook of this stock!

Looking forward to read your opinion about it!