Signature Bank and former executives sued by shareholders for alleged fraud
Shareholders have accused the bank of falsely claiming to be “financially strong” just three days before it was seized by the state regulator.
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Shareholders have accused the bank of falsely claiming to be “financially strong” just three days before it was seized by the state regulator.
The company disclosed that it has approximately $142 million in cash deposits at Signature Bridge Bank, which was set up by the FDIC after the shutdown of Signature Bank.
“What happened over the last several days was a bit of an ironic black swan situation where the contagion was not from crypto to TradFi," said Caroline Hill.
Dozens of regional banks saw share price swings that triggered trading halts as banks of all sizes feel the impact of last week’s bank failures.
"Regulators wanted to send a very strong anti-crypto message,” said former House of Representatives member and Signature Bank board member Barney Frank.
The class-action suit was filed against Silicon Valley Bank, CEO Greg Becker and chief financial officer Daniel Beck.
Bitcoin price is up nearly 20% in days as Wall Street opens to multiple bank stocks halted over extreme losses.
Some foresee benefits if the U.S. finally gets sensible crypto regulation post-Silvergate, and traditional banks “may become warmer to establishing [crypto] relationships.”
Circle announced a new banking partner after Silicon Valley Bank’s failure, and is expanding ties with BNY Mellon.
Binance CEO says with recent “changes” in stablecoins and banks, the company’s recovery fund will be converted from BUSD to “native cryptos" such as BTC.