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The vast majority of crypto-friendly Silvergate Bank’s (SI) industry clients have left or are leaving the company less than a day after it announced it would have to review its books with its auditors and warned of several headwinds. The bank’s share price has fallen by more than 50%, to an all-time low, on the day’s trading.

Silvergate announced Wednesday it would delay filing its annual 10-K filing due to needing to answer requests from its independent auditors and accounting firm, as well as “regulatory and other inquiries and investigations that are pending.” The bank warned in a forward-looking statement that it faced possible inquires from bank regulators and the U.S. Department of Justice, and its ability to “continue as a going concern” over the next year may be affected.

On Thursday, Coinbase, Circle, Paxos, Crypto.com, Bitstamp, Cboe Digital Markets, Galaxy Digital and Gemini all announced they would suspend Automated Clearing House (ACH) transfers and other business operations with the bank, days after crypto derivatives provider LedgerX announced the same. Kraken appears to be the only major crypto exchange to continue using Silvergate, having ended some transactions with rival bank Signature (SBNY) on Wednesday.

A Kraken spokesperson did not return a request for comment on Silvergate.

Read more: Crypto Bank Silvergate Uncertainties May Put TradFi Heavy Hitters’ Stakes in Jeopardy

Silvergate Bank also said in its filing Wednesday that it would have to repay Federal Home Loan Bank loans that it took out last year.

“Subsequent to December 31, 2022, a number of circumstances have occurred which will negatively impact the timing and the unaudited results previously reported in the Earnings Release, including the sale of additional investment securities beyond what was previously anticipated and disclosed in the Earnings Release primarily to repay in full the Company‚Äôs outstanding advances from the Federal Home Loan Bank of San Francisco,” the filing said.

Crypto news outlet Protos reported in January that both Silvergate and Signature were tapping FHLB loans, receiving up to $15 billion combined.

Gerald owns Durban-based IT Company, TeknoSol, where he has over a decade of experience in all things IT, from hardware to software. Through his involvement in the IT industry, he became aware of cryptoasset mining in its early years where he began experimenting with the systems. As time has gone on, he has become a leading authority on mining in KZN, and now offers entire end-to-end mining solutions as part of his IT product offering. He is one of the community leaders at Global Crypto.