collapse Archives - The Block

HSBC acquires Silicon Valley Bank’s UK arm in £1 rescue deal

Global banking firm HSBC is acquiring the UK branch of the recently collapsed Silicon Valley Bank, SVB UK.

The company announced on 13 March that its subsidiary, HSBC UK Bank, would be acquiring SVB UK for £1.

HSBC said in its announcement that SVB UK had outstanding loans of approximately £5.5 billion and held deposits of £6.7 billion as recently as 10 March.

In the financial year ending 31 December 2022, SVB UK recorded profits of £88 million before tax,...

13 March 2023 | Banking

Sam Bankman-Fried deepfake aims to scam FTX collapse victims

A deepfake of former FTX CEO Sam Bankman-Fried aims to scam victims of the exchange’s collapse.

FTX was the third-largest cryptocurrency exchange and Bankman-Fried was seen as the face of crypto in Washington. The exchange enjoyed many celebrity endorsements and secured a 19-year, $135 million sponsorship agreement with Miami-Dade county that included the local stadium being renamed the FTX Arena.

All of that success went up in smoke when concerns around the...