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Many in the crypto industry have cried foul, arguing that Signature’s seizure was unnecessary and targeted specifically against them.
On Wednesday, however, Kevin Greene, the CEO of Tassat, whose technology underpins Signet, told TIME that Signet was operating normally, and predicted that it would continue to do so in the weeks to come despite Signature’s closure.
Signature’s collapse is expected to cost the deposit insurance fund, which is paid for by bank assessments, $2.5 billion.