A crypto analytical platform Mr. Whale tweeted on March 12, 2023, that the capital market company, Morgan Creek Capital, is found to be a large depositor at the commercial banking giant Silicon Valley Bank (SVB) that recently collapsed.
Notably, Mr. Whale tweeted that the venture capitalist Anthony Pompliano, the partial owner of Morgan Creek Capital, has been “urging the government to bail the bank out”:
On March 10, the California Department of Financial Protection and Innovation (DFPI), ordered SVB to shut down and appointed the Federal Deposit Insurance Corporation (FDIC) as a receiver. Being the receiver, the FDIC transferred all the insured deposits to the newly created Deposit Insurance National Bank of Santa Clara (DINB).
Significantly, the sudden fall of the financial giant has sunken the whole financial sector creating fear and anxiety among investors and financial institutions. Subsequent to the debacle, it was found out that many banks are at risk, showing “contracting margins”.
Though the FDIC assured the depositors of access to their insured deposits “no later than Monday”, the depositors and individual investors were shocked.
Ashley Tyrner, the CEO of FarmboxRx, an SVB client wrote in an email that she was shocked to know about the financial challenges the bank has been facing. She added:
Similarly, as per the revelations by Mr. Whales, Morgan Creek Capital was another institution that has been seriously affected by the fall of SBV.
The post Morgan Creek Capital Pleads Government to Bail SVB; Says Analyst appeared first on Coin Edition.
See original on CoinEdition
Source: Cryptocurrency - investing.com
