While some are still exercising caution, several prominent venture capitalists have told Pirate Wires they’ve advised founders to take their money out of Silicon Valley Bank (SVB).

“We are telling people to take their money out,” one VC told us. Another said “There’s a famous saying ‘Don’t panic, but if you’re gonna panic, better to panic first.’”

Several startup founders have told us they’ve removed their money from the SVB.