Signature Bank, a New York-based financial institution that became a big lender in the crypto industry, was ordered to close over the weekend. The bank was part of only a handful of financial institutions allowing customers to deposit crypto assets. 

That didn’t bode well for the bank when crypto plunged as a result of FTX’s collapse last year.

As of Dec. 31, 2022, Silicon Valley Bank had approximately $209.0 billion in total assets and about $175.4 billion in total deposits, according to the FDIC.

The Justice Department has begun a preliminary inquiry into the failure of Silicon Valley Bank, a person familiar with the matter said Tuesday. The Justice Department, however did not immediately respond to inquiries about possible investigation.

Justice’s involvement as well as a preliminary investigation by the Securities and Exchange Commission were first reported by The Wall Street Journal. 


Free Legal Advice

The FDIC will likely step in to protect customer deposits, up to $250,000 per account. If you have deposits in excess of the insurance limit, you may not recover all of your funds. Contact the FDIC for guidance, file a claim for uninsured deposits, and seek legal advice if needed. Keep your deposits within the FDIC insurance limit to ensure protection.

If you were a client of SVB and wish to hire our office or have any questions regarding your legal status you can contact us via our DefendMe Platform ( or via email