Silicon Valley Bank (NASDAQ:SIVB), one of the leading banks for startups and tech companies, recently experienced a massive bank run when panicked investors tried to withdraw their money en masse.
The bank, which had roughly $209 billion in assets on its balance sheet, saw approximately $175.4 billion in customer deposits at risk.
Among those impacted was Roblox (NYSE:RBLX), the popular online game platform and game creation system that has around 60 million active players, as reported by Kotaku.
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According to a regulatory filing released on Friday, Roblox had around $150 million in deposits with Silicon Valley Bank, causing concern among its users and investors.
Roblox had about “$3 billion of cash and securities balance” as of Feb. 28, 2023. Approximately 5% was held at Silicon Valley Bank.
“Thus, regardless of the ultimate outcome and the timing, this situation will have no impact on the day-to-day operations of the Company,” the filing said.
However, on Sunday, the Federal Reserve and FDIC invoked a systemic risk exception and bailed out the customers’ deposits, easing fears of a broader financial crisis.
“This step will ensure that the U.S. banking system continues to perform its vital roles of protecting deposits and providing access to credit to households and businesses in a manner that promotes strong and sustainable economic growth,” the US government said about providing funds to SVB clients.
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