Silicon Valley Bank Shuttered, CEO Sells $SIVB

SANTA CLARA, CA — The California Department of Financial Protection and Innovation (DFPI) shuttered the crypto-friendly Silicon Valley Bank (SVB) Friday. SVB conducted business with several crypto clients, including Castle Island Ventures, Blockchain Capital, and Dragonfly. 

JUST IN: Circle $USDC held an undisclosed amount of cash in Silicon Valley Bank $SIVB. pic.twitter.com/0U1iKTUS08

— Watcher.Guru (@WatcherGuru) March 10, 2023

The DFPI said in a statement that it repossessed the bank for “inadequate liquidity and insolvency.” Over the past two weeks, SVB’s CEO, Greg Becker, sold $3.57 million worth $SVIB stock, just before the bank’s closure. Circle (USDC) held cash in SVB but the amount is undisclosed. 

With $211 billion in assets, SVB is the second-largest financial firm to collapse, behind Washington Mutual in 2008.