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The United States Federal Deposit Insurance Corporation (FIDC) started an auction process the night of March 11 for Silicon Valley Bank, Bloomberg reported<\/a>, citing unnamed sources. Bids were to be only open for just a few hours before the process closes on March 12.\u00a0<\/p>\n According to Bloomberg\u2019s sources, the FDIC is seeking a buyer for the California bank over the weekend, ahead of the market open on March 13. However, a final decision has not been made and a deal may not be reached.<\/p>\n Earlier on March 12, U.S. Treasury Secretary Janet Yellen said that she is working with regulators to address the Silicon Valley Bank collapse<\/a> and protect investors but is not considering a major bailout. She noted that regulators \u201cwant to make sure that the troubles that exist at one bank don\u2019t create contagion to others that are sound.\u201d\u00a0<\/p>\n According to Yellen, the FDIC is considering \u201ca wide range of available options,\u201d including the acquisition of SVB by a foreign bank. \u201cWe certainly are working to address the situation in a timely way,\u201d she said.<\/p>\n A trading platform in bankruptcy cases, Cherokee Acquisition,\u00a0told<\/a> the Financial Times that some clients were being offered between 55 cents and 65 cents per dollar for their unsecured deposits. A second source said other customers received offers of 70 to 75 cents per dollar for deposits held at the bank.<\/p>\n \u201cI\u2019ve had a few companies sell 90 cents on the dollar to make sure they make payroll. All of these companies have the SVB effect,\u201d a venture capital investor told the Financial Times.\u00a0<\/p>\n The founder and managing partner of Ripple Ventures, Matt Cohen, said on Twitter that financial firms were offering affected companies \u201caggressive lending terms\u201d under receivership certificates as collateral:<\/p>\n Getting shopped some pretty aggressive lending terms from people spinning up lending facilities to affected companies, with receivership certificates as collateral (0.30 \/ dollar range, 18m, 12%+ equity) <\/p>\n As you know else seeing these offers???<\/p>\n \u2014 Matt Cohen (@mattybcohen) March 11, 2023<\/a><\/p><\/blockquote>\n It\u2019s unclear if Ripple has exposure to SVB collapse. Ripple\u2019s chief technology officer David Schwartz said<\/a> on Twitter that an official statement would be released soon regarding Ripple\u2019s potential exposure to Silicon Valley Bank.\u00a0Cointelegraph reached out to Ripple but did not receive an immediate response.<\/p>\n A Castle Hill audit report listing depositors went\u00a0dark<\/a> on March 12. Cointelegraph previously reported that assets from Web3 venture capitalists exceed more than $6 billion at the bank<\/a>, including $2.85 billion from Andreessen Horowitz, $1.72 billion from Paradigm and $560 million from Pantera Capital.<\/p>\n\n