Silicon Valley Bank fails to find buyer as run on bank outpaced sale process

[palinny]

2. My son's start-up was forced by VCs to put all its funds in this bank

Now the one-year-old cyber-security start-up will be laying off all its software engineers. The only hope is for a company like Google to hire them to continue working on the new product, but that outcome doesn't seem very likely. I hate unregulated cryptocurrencies and unethical bankers who cashed out over the past year because they realized they had made bad bets (crypto & longterm, low-interest mortgages/bonds) with the bank's investments of depositors' funds.

The fallout now means that the U.S. will likely fall far behind other countries like China and Israel in the tech space which will impact our national secrutiy among other things.
Sigh.

edited for typo fixes.