Failure of real estate lender hobbled by crypto bet is third-largest in history
Signature Bank was closed by regulators on Sunday, the second massive bank failure in three days.
The New York-based bank faced a crisis of confidence after midsize lender SVBFinancial Corp. was seized by regulators on Friday. Signature was also reeling from a bet on crypto banking that foundered after the sector imploded and banking regulators cracked down on lenders’ exposure to digital assets. The failure is the third-largest in history.
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