Look who's the #1 politician at the top of the "anti-crypto list"

[nbsmom]

15. That's not exactly correct.

The FTX collapse may have contributed, but Silicon Valley Bank collapsed due to a lack of diversification and a bank run caused by (wait for it) Peter Thiel. SVB had a large amount of bank deposits in long-term US treasuries and agency mortgage-backed securities, and those values fell as the Fed raised interest rates.

Thiel and his top operations executives started a whisper campaign on March 9 on social media for reasons that weren't clear at the time. They held conference calls with other SVB Founders Fund companies, saying that the Founders Fund was pulling money out of SVB.

I don't know about BlockFi, but First Republic and Signature Bank failed due to contagion with the SVB collapse.