Which Cryptocurrency Companies Has SVB Bankruptcy Affected?

The bankruptcy of Silicon Valley Bank (SVB), the 16th largest bank in the USA, has affected many crypto companies.

While the effects of the sudden bankruptcy of Silicon Valley Bank continue, many crypto companies have given signals that they are affected by the collapse in question. in-house 209 billion Silicon Valley Bank, which has dollar funds, has so far hosted important names in the crypto industry.

Circle: $3.3 billion

While venture capital firms and tech startups are the hardest hit by the SVB, a large number of crypto companies have also revealed their exposure to the bank. Among these, the USCD issuer is the first to stand out and has suffered the most damage so far. Circle it happened. Circle at the bankrupt bank 3.3 billion holding a dollar declared.

BlockFi: $227 million

Other institution affected by SVB BlockFi it happened. BlockFi, which suffered devastating damage from FTX’s bankruptcy, filed for bankruptcy last November. According to the data BlockFi’s in SVB $227 million has a fund. Since these funds are in a money market mutual fund Federal Deposit Insurance Commission (FDIC) It is reportedly not insured by the company, which may constitute a violation of bankruptcy law.

Avalanche: $1.6 million

Notable crypto companies include Avalanche. made by the team on March 11, in sharingto the collapse of Silicon Valley Bank 1.6 million dollars they were exposed to. Avalanche’s native token AVAX $4.84 billion Considering that it has a market value, the amount left inside is not scary.

Yuga Labs: Uncertain

Bored Ape Yacht Club exposed to SVB at Yuga Labs, the maker of popular NFT collections such as announced. co-founder of Yuga Greg Solano In the announcement made by the company, “in a very limited way“It was declared that he was exposed. Solano has yet to disclose the exact amount, while stating that this exposure does not affect the company’s plans and flow.

Proof: Uncertain

Proof, another leader in NFTs, has signaled that he may have taken a harder hit. Popular NFT collection moonbirdsDigg co-founder behind Kevin Rose The Web3 project, created by the company, was published on March 10, confirming that the company holds cash at SVB. explanation published. The details of the statement did not include information on the amount of net assets. However, it was emphasized that the potential loss would not affect the security of customer assets or Proof’s roadmap.

Nova Labs: Uncertain

Nova Labs, the developer behind the decentralized network and internet provider Helium, announced March 10. in the statement He announced that he was exposed to SVB. Nova Labs CEO and Helium co-founder Amir Haleem did not specify how much the damage was in SVB, but only stated that the majority of its assets are in other institutions.

on the other hand Blockchain Capital, Castle Island Ventures, dragonfly And panthera It is known that important crypto institutions such as Silicon Valley Bank receive service from Silicon Valley Bank. Although there is no statement from the organizations yet potentially They are among the names affected by bankruptcy.

Our news will be updated as soon as there is a statement from crypto money companies on the subject.


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