The sudden collapse of Silicon Valley Bank (SBV) has quickly unfolded over the course of three days, depegging stablecoins, leading regulators in the United States and United Kingdom to prepare emergency plans and raising fears among small businesses, venture capitalists and other depositors with funds stuck at the California tech bank.
Cointelegraph’s team compiled a roundup of the latest and major developments surrounding the troubled bank:
March 10: Silicon Valley Bank shut down by California regulator
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Silicon Valley Bank (SVB) was shut down by California’s financial watchdog on March 10 after announcing a significant sale of assets and stocks aimed at raising additional capital.
The California Department of Financial Protection and Innovation confirmed that Silicon Valley Bank was ordered to close but did not specify the reason
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