By 10:00 AM, the FDIC arrived to seize the bank. The Pastebin post ends with a single line of code from a terminated engineer: system.out.println("Game over. SVB has $0.00 left.");
By 6:00 AM on March 9, CEO Greg Becker was on a call. He told investors, "We have ample liquidity. Don't panic."
This is where the Pastebin story gets juicy. According to the leaked chat logs, a junior associate at (a major VC) read the SEC filing. He saw the $1.8 billion loss. He didn't read the fine print about the back-up capital raise. site%3apastebin.com+silicon+valley+bank
Fast forward to March 8, 2023. The Fed had been raising rates like a sledgehammer. SVB’s bond portfolio—bought when rates were zero—was now worth 20% less than face value. The leak reveals a panicked 2:00 AM internal memo: "We need to sell $21 billion in available-for-sale securities. We will take a $1.8 billion loss. Do not tell the VCs yet."
Reply: "He is on a private jet to the Napa Valley office. He is not taking calls." By 10:00 AM, the FDIC arrived to seize the bank
The Group Chat That Broke the Bank
At 9:45 AM, an employee asked, "Where is Greg?" He told investors, "We have ample liquidity
Nobody replied to that message.