On Sunday, the government took control of Signature Bank due to a loss of trust in the management and significant withdrawal of deposits by customers. The New York Department of Financial Services stated that the seizure was not due to crypto-related issues and rejected the claim that it was intended as an "anti-crypto message." Following the intervention of the DFS, the Federal Deposit Insurance Corp. assumed control of Signature Bank and established a bridge bank to support clients. This event marks the third-largest bank failure in US history, which occurred after customers withdrew roughly 20% of the bank's deposits on Friday, according to an individual with knowledge of the matter.
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