A number of major crypto-focused companies have severed ties with Silvergate Bank amid growing concerns about its continued operations.

Silvergate’s stock fell 57.72% on Thursday after the company delayed its annual report filing, saying its actual financial results could be materially different from those indicated in its forward-looking statements.

The firm cited the viability of its digital asset business as one of the reasons, which could be adversely affected by ongoing inquiries from regulators, including the U.S. Department of Justice.

In an announcement on Thursday, Coinbase said it would no longer accept or initiate payments to or from Silvergate as a cautionary measure.

Several other crypto companies followed suit, including blockchain infrastructure firm Paxos, stablecoin issuer Circle and Mike Novogratz’s crypto investment firm Galaxy.

Crypto exchanges Bitstamp and Crypto.com (disclosure: sponsor of Unchained) issued similar actions shortly after, adding to the exodus of digital asset firms from Silvergate’s list of partners.

USDT issuer Tether and Winklevoss-run crypto exchange Gemini said they had no exposure to Silvergate. Gemini has also stopped accepting customer deposits and processing withdrawals through the bank. 

Once regarded as a major on-ramp for crypto, Silvergate took a major hit after FTX’s collapse in November, when regulators raised questions about the bank’s hosting of accounts tied to Sam Bankman-Fried’s crypto empire.

“Silvergate’s death spiral is going to be rough for crypto. I don’t think retail investors realize how much market maker money moved around quickly via SEN, and how many crypto exchanges were/are banking with them,” noted Adam Cochran, partner at Cinneamhain Ventures.