FDIC plans to return $4B in Signature crypto deposits 'by early next week' — Martin Gruenberg

Nice to see people getting their money back

It's always nice to see people who lost their money getting it back, but there's still a lot of CEX's that operate in a shady way...

Nellie Liang, Under Secretary for Domestic Finance at the U.S. Treasury Department, said she didn’t believe crypto “played a direct role” in the failure of either Signature or Silicon Valley Bank

At least they're thinking about the crypto holders too

If only this was the case for the Terra Luna ponzi.

tldr; US Federal Deposit Insurance Corporation (FDIC) Chair Martin Gruenberg has said the FDIC plans to return roughly $4 billion in deposits connected to Signature Bank’s digital asset banking business by early April. The FDIC, along with New York financial regulators, closed the crypto-friendly bank on March 12, citing risks to the U.S. economy.

This summary is auto generated by a bot and not meant to replace reading the original article. As always, DYOR.

According to Gruenberg, Signature’s payments platform Signet — which, along with the digital asset deposits, was not included in the NYCB bid — was “in the process now of being marketed” to potential buyers.

Don’t cheer yet. There’s going to be another buyer, who knows what discount will be applied, and what actually gets returned to customers.