Being VC money, it is possible many simply had balances that exceed that level.
It's this. It's where start-ups hold their cash. Something like 90% uninsured.
Circle (USDC) is stated as having some deposits there also. So now we have contagion back into crypto. Leaching into BUSD due to the Binance 1-1 USDC BUSD conversions.
There could potentially be some blockchain start-ups with money there also. Which could hit their token values once they announce.
RE: Silicon Valley Bank | The 16th Largest Bank in the U.S. Goes Under