Some of Silicon Valley Bank’s customers are struggling to transfer funds out of their bank accounts, numerous sources tell TechCrunch.
The seeming wave of attempted withdrawals comes after SVB announced yesterday that it lost $1.8 billion in the sale of U.S. treasuries and mortgage-backed securities that it had invested in, owing to rising interest rates. The bank also said that it was raising more capital, and investing into higher-yield products. Concern ensued, leading the share price to tank more than 50% at time of publication.
Dozens of VCs are advising their portfolio companies to pull their assets from the bank, sources say, while others are pushing for founders to at least diversify where they hold their capital. Others, meanwhile, wa …
