Insiders of defunct Signature Bank reportedly sold over $100 million of shares in the years after the bank shifted its focus to attract cryptocurrency companies. The bank's deposits surged by 68% in 2021, and the launch of the bank's shares recorded a 140% gain in the same year. A major chunk of shares was sold by the executives in the spring of 2021 at nearly $220. Bank disclosures show that the chairman sold $5.4 million of stock in 2021, and the chief executive and chief operating officer sold $13.9 million and $14.9 million of shares, respectively, in 2021. Signature Bank was reportedly being investigated by two US government authorities prior to its fall, with the Justice Department investigating whether the company took necessary measures to identify potential money laundering by its clients, and the SEC also looking into the bank's dealings. Signature was placed in receivership by the Federal Deposit Insurance Corporation (FDIC), with the agency now intending to market a $60-billion loan portfolio in the coming months.

(By Chayanika Deka)