Silicon Valley Bank went out of business, the second largest bank failure in history (the first was Washington Mutual in 2008). Direct trigger.
The assets were transferred to federal custody, and the federation announced that refunds would begin no later than Monday. The reasons behind this series of events: The decline in income in the technology industry has led to a decrease in the bank's deposits, while the Federal Reserve's continuous interest rate increases have led to a significant increase in financing costs and serious problems with cash flow.
