FDIC accidentally reveals the Silicon Valley Bank depositors it bailed out

> Sequoia Capital, the world’s most prominent venture-capital firm, got covered the $1 billion it had with the lender. Kanzhun Ltd., a Beijing-based tech company that runs mobile recruiting app Boss Zhipin, received a backstop for more than $900 million.

My lord some of these clients are actual investment firms.

Why the hell is Sequoia hanging on to a billion in cash? I can't imagine cash flow is an issue when you've got those kinds of numbers. They can't find overnight lenders instead of keeping it under SVB's mattress?

> Crypto stablecoin company Circle Internet Financial Ltd. previously disclosed its SVB deposits ... The document listed it as SVB’s biggest depositor with a balance of $3.3 billion.

just when you thought the government was anti-crypto

Previous discussion: https://news.ycombinator.com/item?id=36445278