Third-largest banking failure happened over the weekend\\

On Sunday, U.S. regulators shut down New York-based Signature Bank, the second biggest bank for the crypto industry, next to Silvergate. This is the third-largest bank failure in U.S. history. The move highlights US regulators’ efforts to prevent the spreading banking crisis and quell mounting concerns among customers about the safety of their deposits.

The bank raced to find a buyer or another solution to shore up its finances before Monday morning, but failed to get a sale done in time, The Wall Street Journal reported. Federal regulators swept the lender into receivership just days after the fall of two other crypto-friendly banks Silvergate Capital Corp. and SVB Financial Group’s Silicon Valley Bank.

Many experts downplayed the effects of Silvergate and SVB’s fall but the cracks are showing and it will swallow billions of dollars. Don’t let your retirement savings be taken down with it.