A bank that was used by a bunch of crypto projects had a liquidity crisis and went bankrupt. The crypto guys are trying to get their money, but they won't (or at least not enough to stave off collapse themselves) because the FDIC only insures something like 250,000 if the bank goes bust.
I’m confused. What happened?
A bank that was used by a bunch of crypto projects had a liquidity crisis and went bankrupt. The crypto guys are trying to get their money, but they won't (or at least not enough to stave off collapse themselves) because the FDIC only insures something like 250,000 if the bank goes bust.
Crypto collapse baby!
A bunch of startups kept all their money in one bank that just went belly up.
Because the FDIC only covers $250,000, these startups may only get a fraction of their money back after the bank's assets are sold off.
250,000 always seemed like so much to me as a kid :blob-no-thoughts:
Fucking. Lmao.