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RE: Silicon Valley Bank: Had Nothing To Do With Cryptocurrency

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Flynn Jameson
@mercadomaestro
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I was an early investor in Galaxy Digital stock back in 2021. I made some money off it, but I was very angry with how ZERO RISK ASSESSMENTS WERE MADE regarding the LUNA/UST investment, that Novogratz cashed out of at the top (after he hyped and pumped it for months), THEN the same shit happened with FTX, ZERO RISK ASSESSMENT. NO HEDGES. When FTX collapsed, Galaxy Digital's stock plummeted along with it. It has not recovered since. Novo will never be held accountable for stock promotion or anything else, as he is a former Goldman banker, and they're practically untouchable.

The SVB debacle is no different, imo. No Risk assessment, no hedges, no protections from downside due to interest rate increase risk, nothing. Just a bunch of VCs and tech startup speculators that got burned - and then ultimately got bailed out and bought.

It appears Goldman Sachs bought SVB's portfolio and sold it for a ~$1.7B loss

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