The U.S. Federal Deposit Insurance Corporation (FDIC) investigation into the collapse of Signature Bank found that the root cause of its troubles was “poor management” and risky crypto deposits.

Regulator found that the vast majority of Signature’s deposits were uninsured and prone to withdrawal if there were ever concerns about the bank failing — and that is essentially what happened when two banks considered to have a similar customer base collapsed.

“Signature’s reliance on uninsured deposits posed a risk that the Bank had to manage carefully to ensure adequate liquidity while maintaining a safe and sound business.”

The FDIC said the bank’s management did not understand the inherent risks of uninsured deposits and was not prepared for the kind of bank run that Signature experienced. It added that almost all of the digital asset-related deposits at the bank were uninsured.

Essentially, the lender’s “growth outpaced the development of its risk control framework.”