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  "documentTitle": "Silvergate Bank | Results Presentation Deck | 11 slides",
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      "text": "(1) Non-GAAP financial measure. Refer to our non-GAAP reconciliations at the end of this presentation.",
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      "text": "As a result of a crisis of confidence across the digital asset industry, many industry participants shifted to a risk-off position across digital asset trading platforms. In turn, total deposits from digital asset customers declined to $3.8 billion at December 31, 2022, compared to $11.9 billion at September 30, 2022. We utilized wholesale funding to satisfy outflows, and subsequently, sold debt securities to accommodate sustained lower deposit levels and maintain a highly liquid balance sheet. Transfer volume on the Silvergate Exchange Network (\"SEN\") was $117 billion, an increase of 4% on a sequential basis. We are taking several decisive actions to ensure our business remains resilient, which include: Offboarding certain non-core customers and eliminating a portion of our product portfolio; Reducing our workforce by approximately 200 people, or 40%; Taking an impairment charge of $196 million on developed technology assets purchased from Diem Group.",
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