Filing shows BlockFi has uninsured $227M in Silicon Valley Bank fund By Cointelegraph
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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 the troubled Silicon Valley Bank (SVB).
SVB — one of the Unites States’ largest banks and a key partner to venture-backed companies — was shut down by the California Department of Financial Protection and Innovation on March 10, with no specifics offered at the time of the closure.
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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 the troubled Silicon Valley Bank (SVB).
SVB — one of the Unites States’ largest banks and a key partner to venture-backed companies — was shut down by the California Department of Financial Protection and Innovation on March 10, with no specifics offered at the time of the closure.
Continue Reading on Coin Telegraph
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