Silvergate Capital Corporation (SI), once one of the only three crypto-friendly banks in the US (the other two are Signature Bank and Metropolitan Bank), has played a significant role in the circulation of fiat and cryptocurrencies between institutions and exchanges. It has the highest proportion of crypto business and the most aggressive business development in this area. During the bull round for cryptocurrencies, Silvergate was one of the most attractive stocks in US stock market, reaching a high of $239.26 in November 2021, up from its initial public offering price of $12.75 per share in November 2019. However, in 2022, following the FTX scandal, the market speculated that Silvergate had business dealings with FTX and Alameda, causing a large number of traditional funds, including Soros Fund, to short SI, making it the most shorted stock in the US. Recently, Silvergate announced a delay in submitting its 2022 audit report to the SEC, citing significant risk to its business continuance, causing its stock price to plummet to an all-time low of $5.77. A large number of crypto-compliant institutions have stated that they will stop doing business with Silvergate. In this article, the author analyzes the reasons why SI's business is on the brink of collapse and reveals the truth behind the data by examining SI's 2021 annual report, unaudited financial data for 2022, and multiple public documents.