Filing Shows BlockFi Has $227 Million Uninsured In Silicon Valley Bank MMMF By Cointelegraph

According to a new bankruptcy filing, defunct crypto lender BlockFi has $227 million in uninsured funds allocated to a money market mutual fund (MMMF) offered by troubled Silicon Valley Bank (SVB).

SVB, one of the largest banks in the US and a key partner of venture capital-backed companies, it was closed by the California Department of Financial Protection and Innovation (DFPI) on March 10, without providing details at the time of closing.