Mysterious Whales, a renowned cryptocurrency market alerts source, claimed that Twitter CEO Elon Musk is “open to the notion” of purchasing the troubled Silicon Valley Bank (SIVB). Musk said that he intends to acquire SIVB and establish a digital bank.
Silicon Valley Bank crisis: FDIC to repay depositors and liquidate assets
California authorities seized Silicon Valley Bank and turned it over to the US Federal Deposit Insurance Corporation (FDIC) on February 10, 2023. Now that the bank has failed, the FDIC must decide how to repay depositors and liquidate its assets.
The decision brings to a close a week of ups and downs for the bank with a focus on technology, whose ongoing financial difficulties have led to stakeholders engaging in rampant speculation. The challenges experienced by SIVB have caused several startups to contemplate withdrawing their capital and have created worries of a ripple effect throughout the banking industry.
New hypotheses point to a deliberate plan to bring down SIVB, which is now being investigated. Several parties have proposed a thorough study into the matter to determine what led to the bank’s collapse.
Founder of Custodia accuses DC of vendetta
Custodia bank founder Caitlin Long tweeted that he thinks specific individuals in Washington are thrilled with SIVB’s demise. He said they wanted to bring some of the most progressive banks and FinTech to heel. Long’s hypothesis was supported by another Twitter user, Nic Carter, who recommended an investigation into the members of Congress who promoted the start of the bank run owing to vendettas against cryptocurrency and technology.
The failure of SIVB has increased the uncertainty that exists throughout the ecosystem of new companies. Many of the company’s founders are concerned about what could happen to their respective enterprises and how they might access their cash. It was stated that Ashley Tyrner, the creator of the health food delivery startup FarmboxRx, was worried by the development and wondered what would become of the future of his company.
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