Mar 13, 2023 | Celebrity

Tech Industry Plays ‘Blame Game’ over Silicon Valley Bank Collapse

The collapse of Silicon Valley Bank has resulted in finger-pointing and blame being passed around the financial tech industry. The cryptocurrency sector and the traditional tech sector are busy blaming each other over the massive failure of the tech industry’s favorite bank.

The New York Times reports that bitter arguments over the function of centralized banking and the potential advantages of decentralized financial systems, such as cryptocurrency, has been sparked by the recent collapse of Silicon Valley Bank, which sent shockwaves through the technology sector.

SANTA CLARA, CALIFORNIA - MARCH 10: A Brinks armored truck sits parked in front of the shuttered Silicon Valley Bank (SVB) headquarters on March 10, 2023 in Santa Clara, California. Silicon Valley Bank was shut down on Friday morning by California regulators and was put in control of the U.S. Federal Deposit Insurance Corporation. Prior to being shut down by regulators, shares of SVB were halted Friday morning after falling more than 60% in premarket trading following a 60% declined on Thursday when the bank sold off a portfolio of US Treasuries and $1.75 billion in shares to cover declining customer deposits. (Photo by Justin Sullivan/Getty Images)

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