Former Bank CEO Pleads Guilty to Embezzling $47M to Buy Crypto, Leading to Bank Collapse

May 24, 2024 Bitcoin.com

Former Bank CEO Pleads Guilty to Embezzling M to Buy Crypto, Leading to Bank Collapse

Former Heartland Tri-State Bank CEO Shan Hanes pleaded guilty on Thursday to embezzling $47.1 million for personal cryptocurrency purchases, leading to the bank’s collapse. From May to July 2023, Hanes executed at least 10 wire transfers from the Elkhart-based bank to cryptocurrency accounts. The bank’s failure resulted in a total loss of equity for investors. […]

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$10,000,000,000 Bank Shut Down by US Regulators in First Bank Failure of 2024

April 26, 2024 The Daily Hodl

bank

US regulators just announced the first bank failure of 2024. The FDIC says it has stepped in to protect $6 billion in assets and $4 billion in customer deposits at Philadelphia-based Republic Bank. The assets will be immediately handed over to Fulton Bank, a former rival that’s also located in Philadelphia. “Republic Bank’s 32 branches […]

The post $10,000,000,000 Bank Shut Down by US Regulators in First Bank Failure of 2024 appeared first on The Daily Hodl.

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JPMorgan Chase Assumes Control of First Republic Bank Following Seizure by California Regulators

May 1, 2023 Bitcoin.com

Bank Failure

On May 1, 2023, the California Department of Financial Protection and Innovation (DFPI) seized First Republic Bank, placing it into Federal Deposit Insurance Corporation (FDIC) receivership. According to reports, this move came after the bank’s financial troubles made it insolvent and unable to meet its obligations. Following the seizure, JPMorgan Chase submitted the winning bid […]

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Google Trends Data Reveals Searches for ‘Banking Crisis,’ ‘Bank Runs,’ Skyrocket

March 19, 2023 Bitcoin.com

Bailout

Interest in the U.S. banking crisis has risen greatly over the past two weeks, as shown by Google Trends data. There has been a sharp increase in queries related to search terms such as “banking crisis,” “bank collapse,” and “bank failure.” On March 13, 2023, the search term “banking crisis” reached the top Google Trends […]

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Bank Board Member and Dodd-Frank Co-Sponsor Barney Frank Suspects ‘Anti-Crypto’ Message Behind Signature Bank Failure

March 13, 2023 Bitcoin.com

anti-crypto

Barney Frank, a former member of the U.S. House of Representatives from Massachusetts and leading co-sponsor of the 2010 Dodd-Frank Act, discussed his opinion on the recent failure of Signature Bank. In an interview, Frank stated that he believes regulators aimed to “send a very strong anti-crypto message.” Frank, who also serves as a Signature […]

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Bank of England Shuts Down Silicon Valley Bank’s UK Branch After US Regulators Close Parent Company

March 11, 2023 Bitcoin.com

Bank Closures

After U.S. regulators shut down Silicon Valley Bank (SVB) on Friday, the Bank of England has closed the company’s U.K.-based arm. The central bank explained that it intends to place the subsidiary into bank insolvency procedures. Fallout From SVB Failure Prompts BOE to Close U.K. Branch The ripple effect of the 16th largest bank in […]

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‘Fiat Is Fragile’ — Silicon Valley Bank’s Collapse Sparks Finger-Pointing and Concerns of Contagion

March 11, 2023 Bitcoin.com

Balance Sheet

Silicon Valley Bank (SVB) has become the center of attention after its collapse prompted the U.S. Federal Deposit Insurance Corporation (FDIC) to shut the bank down on Friday. It was the largest U.S. bank failure since 2008, and various alleged catalysts have been pointed to. Some believe venture capitalists caused a bank run, while others […]

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US Regulators Close Silicon Valley Bank in One of the Largest Bank Failures Since Washington Mutual

March 10, 2023 Bitcoin.com

Assets

After Silicon Valley Bank (SVB) experienced financial turmoil, the U.S. Federal Deposit Insurance Corporation (FDIC) and the California Department of Financial Protection and Innovation closed the financial institution. Insured depositors can withdraw their funds on Monday after the FDIC took over the failed bank. Federally Insured Depositors to Withdraw Funds on Monday, Uncertainty Looms for […]

Bank Failure

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