The Federal Reserve and the FDIC published reports on Friday concerning the fall of the second and third-largest U.S. bank failures in history.

The first report, published by the Fed’s vice chair for supervision Michael Barr, claims the central bank’s supervisors failed to recognize the extent of vulnerabilities at Silicon Valley Bank (SVB) as it grew in size and complexity. Michael Barr, the vice chair for supervision at the U.S. Federal Reserve, wrote that SVB had 31 open supervisory findings while other banks had much fewer in comparison.

The FDIC published its report on Signature Bank’s (SBNY) collapse and the report authored by Marshall Gentry. On page 13, the FDIC report goes into great detail about the crypto industry turmoil that bolstered SBNY’s failure. ”The strategy exposed SBNY to greater susceptibility to liquidity, reputation, and regulatory risk due to the uncertainty and volatility of the digital asset space,” Gentry explained.