Bankrupt crypto lender BlockFi reveals $227M exposure to SiliconValleyBank
Bankrupt crypto lender BlockFi has revealed a $227 million exposure to Silicon Valley Bank.
Bankrupt crypto lender BlockFi has made headlines with its latest bankruptcy filing, revealing that it has $227 million invested in a money market mutual fund offered byThis news comes in the wake of SVB’s recent closure by the California Department of Financial Protection and Innovation on account of its inadequate liquidity and insolvency.
This has been compounded by the recent Silvergate bankruptcy, which has caused significant turmoil in the crypto markets.made by BlockFi on 10 March, the crypto lender’s investment in the money market mutual fund offered by Silicon Valley Bank is not insured by the U.S. Federal Deposit Insurance Corporation , not guaranteed by the bank, and not insured by any federal government agency.
Money market mutual funds invest in highly liquid near-term instruments such as cash, cash equivalents, and high-quality short-term debt instruments.
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