BlockFi has been warned by the bankruptcy trustee that the $227m the company has in Silicon Valley Bank (SVB) may go against bankruptcy laws
Highlights
- BlockFi has $227m in Silicon Valley Bank, which may go against bankruptcy laws.
- This is because these funds are allegedly not protected by FDIC deposit insurance.
- The FDIC provides covers deposits up to $250,000 per depositor but not the full range of money market funds.
- BlockFi is one of many companies scrutinized for its lack of FDIC insurance.
- This highlights the need for greater regulatory oversight in the industry to protect investors.
- As the cryptocurrency industry grows, companies must be transparent about their practices and comply with all laws and regulations.
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