According to a new bankruptcy filing, defunct crypto lender BlockFi has $227 million worth of uninsured funds allocated to a money market mutual fund (MMMF) offered by troubled Silicon Valley Bank (SVB).
SVB — one of the U.S’s largest banks and key partners to venture-backed companies — was shut down by the California Department of Financial Protection and Innovation (DFPI) on March 10, with no specifics offered at the time of the closure.
The move adds to the recent Silvergate bankruptcy carnage which has seen crypto markets tumble since the crypto-friendly bank’s financial woes came to light at the beginning of March.
Few more bank collapses then up only
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— sassal.eth (@sassal0x) March 10, 2023
Looking at the ongoing BlockFi bankruptcy case, a March 10 filing indicates
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