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“Congratulations to everyone who wanted to be bankless, you got what you wanted.”
– American artist Addie Wagenknecht, subtweeting crypto enthusiasts as the collapse of Silicon Valley Bank wreaks havoc across the financial and the DeFi sector. On March 10, the California tech lender was shut down by regulators “after a stunning 48 hours in which a bank run and a capital crisis led to the second-largest failure of a financial institution in US history,” as CNN reports.