According to a new bankruptcy filing, defunct crypto lender BlockFi has $227 million worth of uninsured funds allocated to a money market mutual fund (MMMF) offered by the troubled Silicon Valley Bank (SVB).

SVB — one of the Unites States’ largest banks and a key partner to venture-backed companies — was shut down by the California Department of Financial Protection and Innovation on March 10, with no specifics offered at the time of the closure.

The move adds to the recent Silvergate bankruptcy carnage, which has seen crypto markets tumble since the crypto-friendly bank’s financial woes came to light at the beginning of March.

Looking at the ongoing BlockFi bankruptcy case, a March 10 filing indicates that the firm has $227 million worth of capital in an MMMF offered by SVB.

Notably, the filing highlights a balance summary statement from SVB, which states that BlockFi’s investment is not a Federal Deposit Insurance Corporation (FDIC) insured deposit, not insured by any federal government agency and “not guaranteed by the bank.”

The FDIC’s federal deposit insurance covers up to $250,000 per depositor but does not cover the scope of money market funds.

A money market mutual fund invests in highly liquid near-term instruments such as cash, cash equivalents and high-quality short-term debt instruments, and is regulated by the U.S. Securities and Exchange Commission.

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Investors are issued fund shares in exchange for their capital, so BlockFi’s funds may not be at risk despite SVB’s troubles.

SVB offered several mutual fund investment services, but according to its website, it doesn’t appear to have managed any of the funds. The firm lists big names such as BlackRock, Morgan Stanley and Western Asset Management as the fund managers.

As such, the risk to BlockFi in this instance is most likely the fund’s performance — not anything related to SVB’s financial woes.

One firm that looks to be directly impacted by the SVB closure — and the Silvergate bankruptcy — is USD Coin (USDC) issuers Circle.

According to the company’s latest audit report, as of Jan. 31, $8.6 billion, or roughly 20% of its reserves, were held in several U.S. financial institutions, including SVB, Silvergate Bank and Bank of New York Mellon.

The exact value held in SVB and Silvergate is unclear; however, Circle issued a statement via Twitter on March 10, noting that the firm and USDC will continue to “operate normally” as it awaits “clarity on how the FDIC receivership of SVB will impact its depositors.”

At the time of writing, USDC has dropped below the $1 peg to sit at $0.98, as per CoinGecko data.