Following the Signature bank crash, many top firms such as Paxos, Coinbase, and Celsius have revealed they had some funds tied up in them. 

In a tweet, one of the top exchanges, Coinbase, revealed it had up to $240 million of its funds in Signature Bank. The firm further stated that the funds would be fully recovered, given that the FDIC would protect its clients’ funds.

The second crypto firm that tweeted about its funds was Paxos. The stablecoin issuer revealed it had $250 million in Signature Bank. But in its case, the funds are not insured under FDIC. Paxos used private insurance to cover the whole amount instead of the standard $250,000 per depositor of FDIC.

The third announcement came from the Celsius Official Committee of Unsecured Creditors. This is the body representing the interest of Celsius account holders after it went bankrupt in June 2022. In its post, the firm had some funds in Signature bank, but the committee didn’t state the amount. 

(By Eli Dambell)