Soon after reports of SVB’s imminent shutdown surfaced on March 10, panic spread across the globe as investments tied to one the biggest banks in the US depicted an uncertain future. However, a Mumbai-based 116-year-old cooperative bank — Shamrao Vithal Co-operative Bank (SVC Bank) — got caught in the line of fire.

Silicon Valley Bank CEO Greg Becker sold nearly $30 million of stock over the past two years, raising new questions over insider stock sales.

Circle CEO and co-founder, Jeremy Allaire, confirmed that, as of March 13, the stablecoin issuer has been “able to access” its $3.3 billion of funds held with the collapsed bank, Silicon Valley Bank (SVB).

Now, two other agencies — the U.S. Securities and Exchange Commission and the U.S. Department of Justice (DOJ) — are probing the failed depository institution.

After the FDIC auction process for finding a potential buyer for the Silicon Valley Bank (SVB) did not yield results over the weekend, another round of auction appears to be in the making. This comes after reports said the Federal Deposit Insurance Corp (FDIC) felt it had more reasons to sell the bank in the context of the larger market impact it had over the last few days. Meanwhile, the crypto market is showing bullish signs as Bitcoin price breached the $26,000 milestone for the first time in about three months.

According to reports, the Justice Department and the Securities and Exchange Commission of the United States are conducting an investigation into the failure of Silicon Valley Bank. The investigation comes after the California-based financial institution — majorly catering to venture capitalists and startups — was taken over by regulators last week in the midst of an unprecedented run on its deposits.

Huobi disclosed to Reuters that its customers’ funds remain unaffected by the recent banking crisis in the USA since it has previously transferred all its assets from Silvergate and Signature Bank to other monetary institutions.

Credit Suisse shares sank to a new low Monday on fears about the ability of banks to hang onto deposits following the collapse of Silicon Valley Bank.

The overnight collapse of two major traditional banks — Silicon Valley Bank (SVB) and Signature Bank — triggered a series of events that impacted millions of businesses, venture capitalists and bottom-line investors alike. However, US President Joe Biden assured that no American taxpayer would feel the burn as the federal government takes action to protect the affected depositors.

After one of the most consequential weeks of 2023, the digital asset industry is short three crypto friendly banking institutions in the US. However the principle investor response thus far appears to be a seeking safety in the most trustless major assets BTC and ETH.