The parent firm of Silicon Valley Bank is announcing that it is filing for bankruptcy as the price of Bitcoin (BTC) skyrockets 30% in a week. In a new press release, the SVB Financial Group, the conglomerate that owns SVB, says it’s going to file for Chapter 11 bankruptcy as a means of preserving value. […]
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On March 17, 2023, SVB Financial Group, the parent company of Silicon Valley Bank, filed for Chapter 11 bankruptcy protection in the Southern District of New York. The company stated that it is no longer associated with Silicon Valley Bank (SVB) after the Federal Deposit Insurance Corporation (FDIC) placed it into receivership last week. 3 […]
The parent company of Silicon Valley Bank, SVB Financial Group, and two senior executives have been sued by shareholders after SVB’s collapse last Friday. The proposed class action accuses SVB of hiding the fact that interest rate hikes would leave the bank in jeopardy. Additionally, anonymous sources say the U.S. Department of Justice (DOJ) and […]