FDIC Says Signature Bank Cratered Due to Contagion Effects and Failure To Understand the Risks of Crypto.
30 Apr 2023, 08:00
FDIC Says Signature Bank Cratered Due to Contagion Effects and Failure To Understand the Risks of Crypto
Signature Bank (SBNY) primarily failed due to contagion that spread from other recently collapsed financial institutions, according to the U.S. Federal Deposit Insurance Corporation (FDIC).
The FDIC says in a new report that the self-liquidation of Silvergate Bank and the failure of Silicon Valley Bank (SVB) paved the way for Signature’s high-profile implosion last month.