Founder and managing partner, Alpine Fox LP: FDIC has moved into First Republic Bank, where wire transfer transactions will cease completely today

According to BlockBeats, on March 12, Alpine Fox LP founder and managing partner Mike Alfred revealed on social media that the Federal Deposit Insurance Corporation (FDIC) has been on site at First Republic Bank, Trying to determine the best way to protect depositors, things are moving much faster than expected, given the accelerating bank runs that have reached a tipping point. First Republic Bank is restricting wire transfers from today and will stop processing wire transfers completely by the end of the day. The bank's wire transfer processing wording has been changed to "Thank you for your transaction and we will get back to you as soon as possible."