Signature Bank emerged late Sunday as the latest institution to collapse amid a series of bank failures, and multiple crypto companies took to Twitter to declare whether they were affected by the government shutdown of the crypto-friendly firm.

Signature Bank was shut down by U.S. regulators, according to a joint statement released by the Federal Reserve, U.S. Treasury, and Federal Deposit Insurance Corporation (FDIC). The regulatory trio said, however, that the bank would reopen Monday, and promised that all depositors in the New York-based institution would be made whole.

The group stated that New York’s state chartering authority had initially shut down Signature Bank and replaced its senior management.

The disclosures, and public calls for them, echoed the series of updates issued on Twitter by companies when Silvergate Bank and then Silicon Valley Bank failed in the last few days.

Stablecoin issuer and crypto brokerage firm Paxos said it currently holds $250 million at Signature Bank. The company added that it holds insurance for private deposits in excess of the balance Paxos currently has at Signature Bank.

Paxos said it expects the funds will be available Monday when Signature Bank reopens, citing the “extraordinary measures” taken by the government to protect the bank’s customers.

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Author: André Beganski

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