Only 4% of Signature Bank's Outgoing Deposits Were Crypto-Related when Silicon Valley Bank Failed
New York Department of Financial Services (NYDFS) head Adrienne Harris refuted claims that Signature Bank collapsed due to its exposure to the crypto industry during a House hearing on stablecoins, saying it is inaccurate to link Signature Bank's failure to cryptocurrencies, The Block reports.
Among other things, on the night of the Silicon Valley bank's collapse, Signature had about 20 percent of its deposits out, but "only 20 percent of those" were cryptocurrency-related deposits, with the rest being normal business customers.
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
You may also like
Avalanche chain TVL doubles in two quarters to $2.1 billion
The net inflow of US spot Bitcoin ETFs reached $553.22 million yesterday.
Analysis: Bitcoin Poised to Reach $125,000 Based on Short-Term Holder Cost Basis
U.S. Spot Ethereum ETFs Saw Net Inflow of $6.22 Million Yesterday
Trending news
MoreCrypto prices
More








