SVB Shut Down: Crypto Bank BlockFi Has 227 Million US Dollars in Silicon Valley Bank
The funds are parked in a money market mutual fund, which isn’t insured by the Federal Deposit Insurance Corp., according to a March 10 filing.
Bankrupt crypto lender BlockFi faces risks of having its $227 million locked up at Silicon Valley Bank, which collapsed Friday after a run on deposits doomed the bank’s plans to raise fresh capital. The funds are parked in a money market mutual fund, which isn’t insured by the Federal Deposit Insurance Corp., according to a March 10 filing. SVB Shut Down! Elon Musk Open to Idea of Buying Silicon Valley Bank After Taking Over Twitter.
Crypto Bank BlockFi in Crisis After SVB Shutdown:
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