State regulators took over Silicon Valley Bank on Friday, putting the funds of many startups out of reach, including several crypto companies.
The bank catered largely to clients in tech and venture capital, and its failure is being billed as the biggest bank collapse since Washington Mutual Bank in 2008. While on Sunday a joint statement by the Federal Reserve, the Treasury Department, and the Federal Deposit Insurance Corp. assured that all SVB depositors would get their money back, many frantically tried to shore up their cash reserves from other sources this weekend.
