NFT Projects Share Updates on SVB Connections

NFT Projects Share Updates on SVB Connections

***UPDATE March 12, 6:38 PM ET: SVB depositors will have access to their funds tomorrow, Monday, March 13. Signature Bank was also closed on Sunday, March 12, according to @tier10k.

The fallout from Silicon Valley Bank (SVB) is rippling across the NFT ecosystem and many NFT community members are seeking clarity about the potential impacts on their favorite NFT projects and their respective treasuries. 

Below, Lucky Trader has compiled an active list of NFT projects and founders who have spoken out and provided transparency on project treasuries. 

Because this data is not on-chain, Lucky Trader is not directly capable of independently verifying these statements. 


The official Circle account tweeted, "Silicon Valley Bank is one of six banking partners Circle uses for managing the ~25% portion of USDC reserves held in cash. While we await clarity on how the FDIC receivership of SVB will impact its depositors, Circle & USDC continue to operate normally." At the end of the day on Friday, Circle tweeted an additional update: "Following the confirmation at the end of today that the wires initiated on Thursday to remove balances were not yet processed, $3.3 billion of the ~$40 billion of USDC reserves remain at SVB."

On Saturday, co-founder and CEO Jeremy Allaire shared a blog post in which Circle said it would "stand behind USDC and cover any shortfall using corporate resources, involving external capital if necessary."


Roblox stated in an 8-K filing that approximately 5% of the company's $3 billion of cash and securities (as of February 28, 2023) is held at Silicon Valley Bank, but that "regardless of the ultimate outcome and the timing, this situation will have no impact on the day to day operations of the Company." 

Yuga Labs

When asked if Yuga had funds at SVB, Garga replied in a Discord message: "We have super limited financial exposure. Thankfully doesn't impact our business or plans in any way. Know that may not be the case for other crypto/tech companies so trying to be supportive."


According to a Discord message from ZAGABOND, "SVB is is only one of our multiple banking partners, and the amount of funds we have in custody with them is minimal (under 5% of our fiat treasury). Our finance and legal teams believe that the funds are recoverable. Regardless, we are lucky that our SVB exposure does not impact operations."


PROOF alerted holders that it did hold cash at SVB, but its treasury is diversified beyond cash. The company assured holders that it will not affect the immediate roadmap. 

Pudgy Penguins

Luca Netz tweeted that the project was "not affected by SVB in any way."


9GAGCEO tweeted, "We have ~$40,000 deposit at SVB for sundry expenses and we are NOT withdrawing."


Frank DeGods tweeted that DeLabs had no exposure to SVB.

Dapper Labs (NBA Top Shot / NFL ALL DAY)

According to a Discord announcement from the Dapper Labs team, "Dapper Labs is not materially impacted by the situation involving SVB. We had minimal cash balances with SVB."

Cool Cats

Cool Cats hasn't been impacted by SVB in any way, per a tweet from the project.


Chimpers has no exposure to SVB because the project is UK based, per a Discord message from the team.


Co-founder and CEO Chris Maddern tweeted that Floor wasn't impacted by the SVB incident.

Gutter Cat Gang

Co-founder Gutter Dan tweeted, "For those asking: the GUTTER had zero funds in SVB."

Knights of Degen

Co-founder Drew Austin tweeted that Knights of Degen was not affected by the SVB collapse, cheekily adding that "our funds are safe and diversified across institutions such as DraftKings, FanDuel, and Underdog. ⚔️"

Limit Break

When asked on Twitter if SVB had an impact on Limit Break, Gabe Leydon simply responded, "No."


LinksDAO used SVB for day-to-day operations, but the vast majority of funds were held elsewhere, according to a Discord announcement from the team. 


Llamaverse wasn't impacted by SVB at all, according to a tweet from NFTLlama.

OnChainMonkey (Metagood)

OCM creator Danny Huuep tweeted, "Metagood and OnChainMonkey do not have direct exposure to or relationships with Silicon Valley Bank."

0N1 Force

The project tweeted, "Attention: Neither 0N1 Force nor OFR has any exposure to SVB."

Overlord (Creepz)

Founder dom3 stated in Discord, "We do not bank with SVB, so our funds are safe."

Pixel Vault

When asked if PV had any exposure to SVB, Pixel Vault director Michael Lazerow replied, "None." Pixel Vault founder and CEO GFunk also reiterated that Pixel Vault doesn't use SVB.

Sappy Seals

Sappy Seals has zero exposure to Silicon Valley Bank, according to a tweet from founder Wab. The project is "diversified between fiat, stables, and a small amount of ETH."


VeeFriends is not affected by SVB, per a tweet from the project.

Wilder World / Zero Tech

In response to a question on if any WW funds were held on SVB or Silvergate, Wilder World architect n3o answered: "We moved all of our money out of Silvergate several months ago due to concerns. No exposure to SVB. Funds are #SAFU."

World of Women

COO Shannon Snow tweeted, "WoW does not have funds at SVB, and we're not affected by the collapse."


ZED RUN has no Exposure to Silicon Valley Bank and or Silvergate Bank, according to a Discord announcement from the team.


ZenAcademy has never banked with SVB and had zero direct exposure, per a Discord announcement from Zeneca.

Curious Addys' Trading Club

The project was not affected by SVB bankrupcy and didn’t have any exposure to it, per a Discord announcement from founder Mai.


Binance has no exposure to SVB and funds are safe, per a tweet from CZ.


Blur founder indicated that Blur's Core Contributors do not have exposure to SVB.

CEO Kris Marszalek tweeted, " has $0 exposure to Silvergate and SVB."


Per an email from Team Gemini on Monday morning, "Please note that Gemini has zero customer funds and zero Gemini dollar (GUSD) funds held at Signature Bank, Silicon Valley Bank, and Silvergate Bank. All Gemini customer U.S. dollars are held at JPMorgan, Goldman Sachs, and State Street Bank."


KuCoin has no exposure to SVB and all funds are safe, according to a tweet from CEO Johnny Lyu.


Chief Technology Officer of Tether indicated the stablecoin issuer doesn't have exposure to SVB.


Avalanche tweeted, "We would like to confirm that the Avalanche Foundation has no exposure to Silvergate and a little over $1.6mm of exposure to Silicon Valley Bank."

Axie Infinity / Sky Mavis

Axie Infinity and parent company Sky Mavis do not have exposure to SVB, according to a tweet from co-founder and COO.

BPX Collective

The creator of BPX Collective indicated that the ecosystem has no banking relationship with SVB.

Galaxy Villains

Galaxy Villains has no exposure to SVB and funds are safe, according to a tweet from the project.


Immutable has no exposure to Silvergate or SVB and has more than "A$280M in the bank (predominantly in USD)," according to a tweet from the co-founder.

LayerZero Labs

The co-founder and CEO of LayerZero Labs tweeted that they have effectively 0 exposure to SVB, with only a negligible amount (~0.3%) that's covered by the FDIC limit.

Lazy Lions

Co-founder Ashur tweeted that Lazy Lions aren't impacted by SVB in any way.

Lucky Ducky

Lucky Ducky wasn't impacted by SVB, according to a tweet from the project.

Magic Internet Money ($MIM)

Co-lead BD and community manager Romy tweeted, "@MIM_Spell is not affected by SVB or SilverGate collapses."

Non-Fungible Films

The project tweeted, "For transparency, NFF is unaffected and has never banked with SVB or Silvergate."

Origin Protocol

Origin Protocol has 0 exposure to SVB and "will be 100% OK," per a tweet from the co-founder.

Parallel TCG

Co-founder Kalos tweeted, "PSA @ParallelTCG has NOT been impacted by the recent events with SVB nor any currently known downstream impacts."

Particle Collection

CEO Harold Eytan tweeted, "@Collectparticle does not bank with either SVB nor Silvergate. Our funds are safe, and our plans remain unaffected."

Purrnelope's Country Club

PCC is unaffected by the SVB situation and joked, "We had no funds to hold there anyway."

Real Third Web / Real Agency

Jonah Blake tweeted, "Obligatory post. We did not bank with SVB at our companies."


According to a Discord message from Sam Squiggle, "SquiggleDAO holds all assets in its multisig and does NOT have any exposure to SVB, other banks or exchanges."

Treasure DAO

Treasure DAO, Smolverse, and Dark Bright games do not have any exposure to SVB, according to a tweet from the co-founder.

UltraDAO / Woodies

UltraDAO founder and Woodies project lead Chris Wallace tweeted that no funds were held at SVB, amusingly adding that today's news "was the first I've heard of the existence of SVB."


This is a developing story and will be updated with additional information and sources. 






Disclaimer: The author or members of the Lucky Trader staff may own NFTs discussed in this post. Furthermore, the information contained on this website or the Lucky Trader mobile application is not intended as, and shall not be understood or construed as financial advice. AI may have assisted in the creation of this content.