NEW YORK CITY: The former head of Silicon Valley Bank (SVB) blamed the lender's sudden collapse on a 'social media fueled run' on it, according to congressional testimony released Monday.

In a written statement ahead of his first major public appearance Tuesday since the bank's sudden March demise, former chief executive Gregory Becker defended SVB's risk management practices and suggested the 40-year-old California lender fell victim to forces beyond its control, such as the Federal Reserve's (Fed) abrupt shift in monetary policy to counter inflation.