Blockfi did the same until FTX didn't overtake it to destroy it completely. The good thing is that now the government stepped in in time, it still has most of the money.
From what I understand #SVB (https://nitter.moomoo.me/search?q=%23SVB) picked a poor time to refinance. It wasn’t that they were lending to wildly unqualified people or were over leveraged. VCs got spooked & thought that they were in trouble & caused a bank run. Very different then #FTX (https://nitter.moomoo.me/search?q=%23FTX) who were illegally over-leveraged.
https://nitter.moomoo.me/MinaSalib09/status/1634620551682486273#m
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