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I'm surprised the top comment wasn't focusing on this bit of the statement:

"We are also announcing a similar systemic risk exception for Signature Bank, New York, New York, which was closed today by its state chartering authority."

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This is probably why they had to make this announcement. Regional banks were going to be a bloodbath tomorrow morning.

Crypto focused bank and pretty small, even in consideration of historical bank runs

Signature had 100Bn in assets and is the third-largest bank to have failed in US history (after WaMu and SVB).

I was just surprised crypto hasn't caused more carnage in the banks. SBF had more or less made that small bank his and was pumping massive amounts through it. I feel like that couldn't have been the only bank tied up with crypto.

Apologies. Thought it was something else. Much bigger than I thought.

I suspect you’re confusing it with Silvergate, another crypto-focused bank that is in the process of going out of business.

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