What Happened to US Treasuries?

Silicon Valley Bank bought a bunch of US treasuries at 2% interest. The problem is those are locked up for 10 years and nobody anticipated on the Silicon Valley bank team that the rate hike would happen so quickly, so violently. They needed to sell these early and they sold them early and they took a massive loss billions of dollars. That's what lit the fuse. In the last 18 months, not enough folks read the memo.