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Only 4% of Signature Bank's Outgoing Deposits Were Crypto-Related when Silicon Valley Bank Failed

Only 4% of Signature Bank's Outgoing Deposits Were Crypto-Related when Silicon Valley Bank Failed

2023/04/20 04:01

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.

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