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Silicon Valley Bank (SVB) could be returning to the auction block with United States regulators taking a second attempt at finding a buyer for the now-collapsed bank. According to a Mar. 13 report from the Wall Street Journal, the Federal Deposit Insurance Corporation (FDIC) told Senate Republicans that they now have
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Barr, a former Treasury Department official who briefly became an adviser for Ripple before returning to a government role in the Biden administration, didn’t mention Silvergate Bank in the statement, though that smaller institution was also supervised by the Fed. Source
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A debate from the 2008 financial crisis resurfaces as the FDIC intervenes to help two troubled institutions with crypto connections, says CryptoX's David Z. Morris. Source
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According to a lawyer representing the bankrupt crypto lender BlockFi Inc.,the company is in a stable financial position with access to ample cash reserves, despite having over $200 million in exposure to Silicon Valley Bank, Bloomberg reported.According to the report, BlockFi had $227 million invested in a money market mutual
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The SVB Financial Group appointed a restructuring committee for its venture capital and investment banking arm. Source
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A group of shareholders have reportedly filed a lawsuit against Silicon Valley Bank’s parent company and some of its executives amid the unfolding crisis.Multiple news outlets reported on March 13 that many Silicon Valley Bank shareholders alleged fraud from the bank, CEO Greg Becker and chief financial officer Daniel Beck.
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HSBC’s announcement came at a time the United States government announced a $25 billion bailout of struggling Silicon Valley Bank and Signature Bank to avoid a further banking crisis. In a stunning turn of events, HSBC Holdings Plc (NYSE: HSBC) has announced that its United Kingdom subsidiary has acquired troubled Silicon
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Loans and other services will resume on normal schedule Monday following a switch to a new bridge bank, the regulator said Original Source
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"Not your keys, not your coins' is a lesson that, apparently, has to be learned again and again as history finds ways to repeat," Mike Fay, Author of Blockchain Reaction, said in the latest article at Seeking Alpha, discussing investor takeaway from the collapse of SVB and Silvergate Capital and
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The wider cryptocurrency community continues to debate the ongoing fallout following the closure of three major American banks, with calls for neobank services for the industry on the cards.Silicon Valley Bank (SVB), which has traditionally served startups across a number of innovation sector industries, was shuttered by California’s Department of
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