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Degens Deteriorating

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USDC was holding cash reserves at SVB

1.98K views20:47

When your startup tries to do a wire transfer out of a collapsing bank (SVB)

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Contagion—

First Republic Bank

Silicon Valley Bank

Western Alliance Bancorporation

Signature Bank

PacWest Bancorp

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USDC COIN INSOLVENT?

Held substantial reserves with Silvergate & SVB.

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BlockFi had $227 million in Silicon Valley Bank

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USDC

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Naval: Withdrawal your investor money from the banks and put it into crypto

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Roku ☠️

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Silicon Valley startup was set to announce layoffs today, but had to cancel the announcement, because the SVB collapse means it doesn't have the money to offer severance

Article

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BUSD

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BUSD

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CEO of Camp .com sent out an email offering customers 40% off --encouraging them to shop so the co could keep up its operations

He said customers could use the code "BANKRUN" at checkout to get the discount

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“Over 1,000 YC companies have been impacted. This is an extinction level event”

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