Bloomberg quoted unnamed sources as saying that American Deposit car Insurance Company (FIDC) opened the auction process for Silicon Valley banks on the evening of March 11. The auction will only be open for a few hours, and the whole process will be completed on March 12.

According to Bloomberg sources, the Federal Deposit Auto Insurance Company is looking for customers for the California bank, just before the stock market opened on March 13. However, the final decision has not been made and the sale may not be achieved.

Earlier on March 12th, U.S. Treasury Secretary Emily Yellen said she was working with regulators to deal with the bankruptcy of Silicon Valley banks and protect investors, regardless of large-scale aid. She points out that regulators "expect to ensure that the shortcomings of one bank do not easily flow to other healthy life banks."

According to Ms Yellen, FDIC is working on a "wide range of alternative plans" that include the recycling of SVB by a bank in other countries. "of course we have been trying to solve this problem immediately," she said.

Cherokee Acquisition, a trading website in the bankruptcy case, told the Financial Times that some customers received prices of 55 cents to 65 cents per dollar for their unsecured deposits. Another source said that other customers received bank deposits at a price of 70 to 75 cents per dollar.

"I sell it to several companies at 90% of the price to make sure they get paid. All these enterprises have SVB utility. A professional investor told the Financial Times.

Seth Vorster, founder and managing partner of Ripple Ventures, said on Twitter that financial investment companies provide "aggressive lending policies" as collateral to affected companies based on bankruptcy administration qualifications:

At this stage, it is not clear whether Ripple has anything to do with the bankruptcy of SVB. David Schwartz, Ripple's technical director, said on Twitter that an official announcement about the potential openness of Ripple to Silicon Valley banks would be made soon. Cointelegraph contacted Ripple but did not get an immediate reply.

On March 12, a financial audit report listing depositors in the ancient city of Baoshan was revealed. Cointelegraph previously reported that Web3 venture capitalists have more than $6 billion in assets at the bank, including $2.85 billion by Andreessen Horowitz, $1.72 billion by Paradigm and $560 million by Pantera Capital.

Silicon Valley was shut down by California's financial regulator on March 10 after announcing a large-scale sale of property and stocks in an effort to raise $2.25 billion in assets to support the business process.