The company’s downward spiral began late Wednesday, when it surprised investors with news that it needed to raise $2.25 billion to shore up its balance sheet. “This was a hysteria-induced bank run caused by VCs,” Ryan Falvey, a fintech investor of Restive Ventures, told CNBC. All told, customers withdrew a staggering $42 billion of deposits by the end of Thursday, according to a California regulatory filing. Over the weekend U.S. Federal government officials rushed to keep the bank run contagion from spreading by Monday morning. Meanwhile, Crypto markets (Bitcoin, Ethereum, and altcoins) began skyrocketing despite stablecoin troubles with Circle's USDC and affected crypto companies (including Ripple).
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