Collapse of Silicon Valley Bank Leaves $175 Billion in Deposits Under Regulatory Scrutiny

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What put SVB into trouble was a combination of years of lax lending practices, over-leveraging, and ballooning bad debt. The bank made some rash investments in technology start-ups, such as Airbnb and Uber, that turned out to be much riskier than expected. In the end, it couldn’t keep up with the mounting losses from these ventures and its other activities.

Some startups were hit the hardest by the sudden value bust, as their products or services had little to no intrinsic value and were quickly devalued in the market. As a result, many of these startups found themselves struggling to manage dwindling cash flow and raised even fewer funding rounds as a result. Ultimately, this caused many startups to fold or face an even more difficult future as they faced competition from more established companies.

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• Regulators stepping in: Natasha M reports that the bank and its 17 branches were closed by the California Department of Financial Protection and Innovation. The agency appointed the Federal Deposit Insurance Corporation (FDIC) as receiver.
• So, er, what happened?: (TG++): Alex can be trusted to provide the context, and concludes that it seems like the rumor of SVB being in trouble caused a run on the bank, which put it in actual trouble soon after.
• What the founders think: Several of my colleagues took to the (virtual) streets and got the lowdown on how founders are reacting to the bank’s collapse.

Conspiracy theorists and financial pundits were quick to attribute the closure of Indy bank to federal regulators. But within a single day, much happened that quickly obscured what actually closed Indy’s doors. First, rumors circulated that Indy Lakes Mall was the target of a “raid” by FBI and IRS agents; Though no such raid took place,

• For you, special price: Manish and Ingrid caught wind that Silicon Valley Bank was in talks to sell itself.
• Get out while you can: Natasha M and Alex reported that VC firms started advising their portfolio companies to move money out of SVB (TG++).
• A bump in the road: Natasha M wrote that some SVB customers were struggling to wire funds out of the bank.
• In free fall: Natasha M and Alex followed up with their report that SVB’s shares were tanking, as the whole mess was unfolding.
• Filling the void: Never ones for wasting a good crisis, startups are leaping into the breach to fill the vacuum SVB is leaving behind for the ecosystem, Natasha M and Mary Ann reported.
• Maybe aim better: You might imagine that someone at Silicon Valley Bank would have paused to think: “Hmm, maybe today is not the right time to declare that we’re shoring up our balance sheet,” Connie writes, and concludes that SVB shot itself in the foot rather spectacularly in the wake of crypto bank Silvergate’s announcement that it’s shutting down. Jacquelyn analyzed the Silvergate downward spiral for TG++.
• So, er, what now?: As SVB funds are locked up (at least until Monday, regulators say), how do you meet payroll, etc.? Alex takes a closer look at what startups are up against (TG++).

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The other things that happened today include a mountain lion being struck by a train in California and North Korea testing another intercontinental ballistic missile.

Carly reports that the SEC charges Blackbaud for failing to disclose the ‘full impact’ of a ransomware attack. In this case, the attack impacted over 200,000 users and Blackbaud only disclosed the issue after being contacted by The Wall Street Journal. This failure to disclose highlights a concerning issue with cyber security – companies often fail to warn their customers of potential threats even when they are aware of them.

1) Cybercrime continues to be a pressing concern for businesses and individuals around the world. It is important that everyone stays vigilant and aware of the risks associated with online security, especially as cybercriminals become more skilled and bold in their attacks.

2) The number of reported cyberattacks is on the rise, with 41% of businesses citing this as a major