{"id":563186,"date":"2023-03-13T22:30:00","date_gmt":"2023-03-13T19:30:00","guid":{"rendered":"https:\/\/en.buradabiliyorum.com\/blockfi-in-no-immediate-danger-despite-silicon-valley-bank-exposure-report\/"},"modified":"2023-03-13T22:30:00","modified_gmt":"2023-03-13T19:30:00","slug":"blockfi-in-no-immediate-danger-despite-silicon-valley-bank-exposure-report","status":"publish","type":"post","link":"https:\/\/buradabiliyorum.com\/en\/blockfi-in-no-immediate-danger-despite-silicon-valley-bank-exposure-report\/","title":{"rendered":"# BlockFi in no immediate danger, despite Silicon Valley Bank exposure: Report"},"content":{"rendered":"<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_85 counter-hierarchy ez-toc-counter ez-toc-custom ez-toc-container-direction\">\n<p class=\"ez-toc-title\" style=\"cursor:inherit\">Table of Contents<\/p>\n<label for=\"ez-toc-cssicon-toggle-item-6a382e7d4d7e0\" class=\"ez-toc-cssicon-toggle-label\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #dd3333;color:#dd3333\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #dd3333;color:#dd3333\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/label><input type=\"checkbox\"  id=\"ez-toc-cssicon-toggle-item-6a382e7d4d7e0\" checked aria-label=\"Toggle\" \/><nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-1'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/buradabiliyorum.com\/en\/blockfi-in-no-immediate-danger-despite-silicon-valley-bank-exposure-report\/#%E2%80%9D_BlockFi_in_no_immediate_danger_despite_Silicon_Valley_Bank_exposure_Report_%E2%80%9C\" >&#8221; BlockFi in no immediate danger, despite Silicon Valley Bank exposure: Report  &#8220;<\/a><\/li><\/ul><\/nav><\/div>\n<h1><span class=\"ez-toc-section\" id=\"%E2%80%9D_BlockFi_in_no_immediate_danger_despite_Silicon_Valley_Bank_exposure_Report_%E2%80%9C\"><\/span>&#8221; BlockFi in no immediate danger, despite Silicon Valley Bank exposure: Report  &#8220;<span class=\"ez-toc-section-end\"><\/span><\/h1>\n<p><img decoding=\"async\" src=\"https:\/\/images.cointelegraph.com\/images\/840_aHR0cHM6Ly9zMy5jb2ludGVsZWdyYXBoLmNvbS91cGxvYWRzLzIwMjMtMDMvMzA3Nzc5MGMtMDMzYi00OTQ2LWI1ZjMtOGVjOTQ2NDhlYjMyLmpwZw==.jpg\" \/><\/p>\n<div class=\"post-content\" data-v-48054ca8>According to a lawyer representing the bankrupt crypto lender BlockFi Inc.,the company is in a stable financial position with access to ample cash reserves, despite having over $200 million in exposure to Silicon Valley Bank, Bloomberg <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/www.bloomberg.com\/news\/articles\/2023-03-13\/blockfi-is-fine-despite-227-million-svb-exposure-lawyer-says\">reported<\/a>.<\/p>\n<blockquote class=\"twitter-tweet\">\n<p lang=\"en\" dir=\"ltr\">According to the report, BlockFi had $227 million invested in a money market mutual fund that Silicon Valley Bank marketed; nevertheless, the risk is probably related to the performance of the fund, not the bank&#8217;s financials. <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/t.co\/xsgWgQRsLy\">https:\/\/t.co\/xsgWgQRsLy<\/a><\/p>\n<p>\u2014 Cointelegraph (@Cointelegraph) <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/Cointelegraph\/status\/1634581743473655809?ref_src=twsrc%5Etfw\">March 11, 2023<\/a><\/p><\/blockquote>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script>During a bankruptcy hearing on Monday, Christine Okike of Kirkland &amp; Ellis claimed that BlockFi is not in im<a href=\"https:\/\/buradabiliyorum.com\/en\/category\/social-mediaa\/\" data-internallinksmanager029f6b8e52c=\"1\" title=\"Social Media\" target=\"_blank\" rel=\"noopener\">media<\/a>te danger and has sufficient funds to continue operating normally, including paying employees and vendors.<\/p>\n<p>Okike reportedly shared;<\/p>\n<blockquote><p>BlockFi is fine \u2026 We have access to cash to operate in the normal course, including paying employees and vendors.<\/p><\/blockquote>\n<p>Okike also noted that BlockFi expects to gain access to a significant portion of cash held with Silicon Valley Bank later in the day. The majority of BlockFi&#8217;s exposure to Silicon Vally Bank is through third-party money-market mutual funds, which Okike claimed had no direct impact on the company&#8217;s operations.\u00a0The bankruptcy case in question is identified as BlockFi Inc., 22-19361, and is being heard in the US Bankruptcy Court for the District of New Jersey in Trenton.\u00a0<\/p>\n<p><strong><em>Related: Silicon Valley Bank collapse: Everything that\u2019s h<a href=\"https:\/\/buradabiliyorum.com\/en\/category\/download-scripts-themes-apps\/\" data-internallinksmanager029f6b8e52c=\"9\" title=\"Download Scripts &amp; Themes &amp; Apps\" target=\"_blank\" rel=\"noopener\">app<\/a>ened until now<\/em><\/strong><\/p>\n<p>On March 10, California&#8217;s financial regulator shut down Silicon Valley Bank, a major financial institution catering to venture-backed companies. The shutdown makes it the first Federal Deposit Insurance Corporation-insured bank to fail in 2023.\u00a0<\/p>\n<p>On March 11, a bankruptcy filing revealed that defunct crypto lender BlockFi had $227 million worth of uninsured funds allocated to a money market mutual fund (MMMF) offered by the troubled Silicon Valley Bank (SVB).<\/p>\n<p>As previously reported by Cointelegragh,\u00a0Global banking giant HSBC has announced the acquisition of Silicon Valley Bank UK (SVB UK), a subsidiary of the now-collapsed Silicon Valley Bank, for just 1 British pound ($1.21). According to HSBC, as of March 10, 2023, SVB UK had loans worth around 5.5 billion pounds ($6.7 billion) and deposits of around 6.7 billion pounds ($8.1 billion).\u00a0<\/p>\n<p><template data-name=\"subscription_form\" data-type=\"defi_newsletter\"><\/template><\/div>\n<blockquote><p><strong><span style=\"color: #ff6600;\">If you liked the article, do not forget to share it with your friends. Follow us on\u00a0<span style=\"color: #ff0000;\"><a style=\"color: #ff0000;\" href=\"https:\/\/news.google.com\/publications\/CAAqBwgKMLG0nwswvr63Aw\" target=\"_blank\" rel=\"nofollow noopener noreferrer\">Google News<\/a><\/span>\u00a0too, click on the star and choose us from your favorites.<\/span><\/strong><\/p><\/blockquote>\n<blockquote>\n<p style=\"text-align: center;\">For forums sites go to <span style=\"color: #ff9900;\"><a style=\"color: #ff9900;\" href=\"https:\/\/forum.buradabiliyorum.com\/\" target=\"_blank\" rel=\"noopener\">Forum.BuradaBiliyorum.Com<\/a><\/span><\/strong>\n<\/p><\/blockquote>\n<blockquote>\n<p style=\"text-align: center;\"><strong>If you want to read more <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/news\/\" data-internallinksmanager029f6b8e52c=\"2\" title=\"News\" target=\"_blank\" rel=\"noopener\">News<\/a> articles, you can visit our <span style=\"color: #ff9900;\"><a style=\"color: #ff9900;\" href=\"https:\/\/en.buradabiliyorum.com\/general\/\" target=\"_blank\" rel=\"noopener\">General category.<\/a><\/span><\/strong><\/p>\n<\/blockquote>\n<p><span style=\"color: black;\"><a style=\"color: #ff9900;\" href=\"https:\/\/cointelegraph.com\/news\/blockfi-in-no-immediate-danger-despite-silicon-valley-bank-exposure-report\" target=\"_blank\" rel=\"noopener\">Source<\/a><\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>&#8221; BlockFi in no immediate danger, despite Silicon Valley Bank exposure: Report &#8220; According to a lawyer representing the bankrupt crypto lender BlockFi Inc.,the company is in a stable financial position with access to ample cash reserves, despite having over $200 million in exposure to Silicon Valley Bank, Bloomberg reported. According to the report, BlockFi&#8230;<\/p>\n","protected":false},"author":1,"featured_media":563187,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"fifu_image_url":"https:\/\/images.cointelegraph.com\/cdn-cgi\/image\/format=auto,onerror=redirect,quality=90,width=1200\/https:\/\/s3.cointelegraph.com\/uploads\/2023-03\/3077790c-033b-4946-b5f3-8ec94648eb32.jpg","fifu_image_alt":"","footnotes":""},"categories":[1],"tags":[74888,74894,76556,4978,71939,117,73711],"class_list":["post-563186","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-general","tag-banking","tag-blockchain","tag-fintech","tag-bankruptcy","tag-banks","tag-business","tag-investments"],"_links":{"self":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/563186","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/comments?post=563186"}],"version-history":[{"count":0,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/563186\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media\/563187"}],"wp:attachment":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media?parent=563186"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/categories?post=563186"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/tags?post=563186"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}