Waking up to the SVB (Silicon Valley Bank) and USDC crises?
I wrote this thread to give you the TLDR of what's happened over the last 24hrs
- What is SVB
- Why it collapsed
- The fallout
- Why USDC is de-pegging
- What all this means
Let's dive in ๐งต๐
1) DO NOT LEAVE YOUR MONEY ON EXCHANGES I DONโT CARE HOW BIG THEY ARE YOUR MONEY CAN DISAPPEAR IN A FLASH AND THERE IS NOTHING YOU CAN DO ABOUT IT! GET A LEDGER! ๐
These exchanges will flag profitable accounts and ask you to prove where the funds is from, imagine how many people will just say forget that because they are worried about taxes this is a scare tactic which works and it is an easy excuse to steal peopleโs funds!