Silicon Valley Bank deleted its Twitter account, Youtube videos and scrubbed its website after the bank went up for auction on Saturday.
Regulators shut down Silicon Valley Bank on Friday.
Not long after the auction began, users noticed the official Silicon Valley Bank Twitter accounts had been deleted.
SVB’s Twitter account faced ridicule recently for tweeting a Forbes article that ranked the bank as one of the top banks in the U.S.
Silicon Valley Bank’s website was also scrubbed and now only displays a message on the homepage that reads:
“On Friday, March 10, 2023, Silicon Valley Bank, Santa Clara, CA was closed by the California Department of Financial Protection & Innovation. Subsequently, the Federal Deposit Insurance Corporation (FDIC) was named Receiver. No advance notice is given to the public when a financial institution is closed.”
SBV’s deleting spree didn’t end there. we
The now-collapsed bank also deleted all of its YouTube videos.
The news comes following revelations the Bank acted as a bridge to China and Chinese tech engineers.
The South China Morning Post noted the bridge between the bank and China:
The collapse of Silicon Valley Bank (SVB) has created a sense of panic within China’s tech start-up and venture capital (V.C.) sector, as the lender served as a bridge between U.S. capital and Chinese tech entrepreneurs.
As of Sunday afternoon, topics related to the collapse of the bank, including “SVB bankruptcy has spread to multiple countries” and “SVB bankruptcy affects Chinese entrepreneurs,” were trending on Chinese microblogging site Weibo, with posts receiving hundreds of millions of views.
CNN noted that the SPD Silicon Valley Bank, which was owned 50-50 owned by SVB and local partner Shanghai Pudong Development Bank, said its operations were “sound.”
“The bank has a standardized corporate governance structure and an independent balance sheet,” it said in a statement. “As China’s first technology bank, SPD Silicon Valley Bank is committed to serving Chinese science and technology companies, and has always had sound operations in accordance with Chinese laws and regulations.”
SVB Financial Group, which is the parent company of SVB, also has two business consulting firm in mainland China, according to corporate database Tianyancha.
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China, China, China. Everywhere you turn. If the Chinese say their arm in SVB is sound, you can bet that havoc will soon ensue there, as well.