Silvergate Capital ($SI@US), a leading lender in the crypto industry, said on Wednesday that it is shutting down operations and liquidating $11 billion in assets. The bank plans to fully repay all deposits but didn’t share plans to resolve claims against it. Silvergate reported a nearly $1 billion net loss in the fourth quarter after customer deposits declined sharply by 68 percent to $3.8 billion. Silvergate had to sell $5.2 billion of debt securities to cover the withdrawals. Bankrupt crypto exchange FTX was a major Silvergate customer, and last week crypto firms such as Coinbase and Galaxy Digital announced that they would stop banking with Silvergate.