The cryptocurrency-friendly Signature Bank was reportedly being investigated by two United States government bodies prior to its collapse. According to a March 15 Bloomberg report citing people familiar with the matter, investigators with the Justice Department were examining whether Signature took adequate measures to detect potential money laundering by its clients. It was noted the
Month: March 2023
After the failure of three major U.S. banks last week, with two of them being the second and third largest banking failures in the country, Moody’s Investors Service has downgraded the rating of the U.S. banking system from “stable” to “negative.” As one of the “Big Three” credit rating firms, Moody’s cited a “rapid deterioration
NatWest, a retail and commercial bank in the United Kingdom, is taking measures to protect customers from potential crypto losses amid Bitcoin (BTC) hitting multi-month highs. On March 14, NatWest introduced major restrictions on payments to cryptocurrency exchanges, imposing daily and monthly caps for such transactions. According to an announcement shared with Cointelegraph, NatWest has
This week on The Market Report, the resident experts at Cointelegraph discuss all the details regarding the latest bank collapse and the USD Coin (USDC) depeg. We kick things off with this week’s top stories Silicon Valley Bank collapse: Everything that’s happened until now The sudden collapse of Silicon Valley Bank (SVB) has quickly unfolded
Wash trading on nonfungible token (NFT) marketplaces is back in the spotlight after critics claimed the fast-growing NFT marketplace Blur has incentivized the practice with its trading rewards scheme. 10% of Blur’s total token supply was distributed to users based on their trading activity in its second token reward scheme from Feb. 14. The platform
The Department of Justice (DOJ) and the Federal Bureau of Investigation (FBI) are reportedly investigating the collapse of the algorithmic stablecoin terra usd (UST) and the firm Terraform Labs. Unnamed sources say that former staff members from Terraform Labs, the company behind the Terra blockchain project, have been questioned by U.S. law enforcement. Unusual Relationship:
Amid the ongoing United States banking crisis, several major cryptocurrency firms have denied exposure to dissolved U.S. banks like Silicon Valley Bank (SVB). As potential implications of the SVB crisis for the crypto market continue to unfold, Cointelegraph highlighted several major crypto firms that have declared to be unaffected by the issues so far. Tether
The overnight collapse of two major traditional banks — Silicon Valley Bank (SVB) and Signature Bank — triggered a series of events that impacted millions of businesses, venture capitalists and bottom-line investors alike. However, United States President Joe Biden assured taxpayers that they would not feel the burn as the federal government takes action to
The depegging of USD Coin (USDC) and Dai (DAI) from the United States dollar prompted a frenzy of loan repayments over the weekend, allowing debtors to save a total of more than $100 million on their loans. Following the collapse of Silicon Valley Bank (SVB) on March 10, the USDC price dropped to lows of $0.87 on
The British government and the central bank, the Bank of England, have facilitated a private sale of Silicon Valley Bank UK to HSBC, according to Chancellor of the Exchequer Jeremy Hunt. He stressed that “Deposits will be protected, with no taxpayer support.” British Government Announces Acquisition of Silicon Valley Bank UK by HSBC HSBC has
The price of Bitcoin (BTC) increased by 14.4% between March 12-13 after it was confirmed that financial regulators had rescued depositors in the failing Silicon Valley Bank (SVB). The intraday high of $24,610 may not have lasted long, but $24,000 represents a 45% increase year-to-date. On March 12, U.S. Treasury Secretary Janet Yellen, Federal Reserve
Contagion from the March 13 flash loan attack against Euler has spread far and wide, resulting in frozen or lost funds for 11 different decentralized finance (DeFi) protocols, according to reports from each of them on Twitter. Balancer, an Ethereum protocol with over $1 billion total value locked (TVL), is among the affected protocols. Below is
In the wake of the Silicon Valley Bank collapse, Ripple CEO Brad Garlinghouse has assured investors that the company is in a strong financial position. There have been several cases of shuttered banks this month, which has affected many crypto firms. Some top banks, including Silvergate, Silicon Valley, and Signature bank, have shut down operations
The Federal Reserve is investigating the factors that led to the failure of Silicon Valley Bank — including how it supervised and regulated the now-collapsed financial institution. In a Mar. 13 announcement, the Federal Reserve outlined that Vice Chair for Supervision Michael Barr is “leading a review of the supervision and regulation of Silicon Valley
Bitcoin (BTC) hit its highest since the start of the month on March 13 as U.S. bank stocks saw the largest mass halt in history. BTC/USD 1-day candle chart (Bitstamp). Source: TradingView BTC price sees “phenomenal” rebound Data from Cointelegraph Markets Pro and TradingView tracked a thoroughly bullish hourly candle for BTC/USD, which reached $23,725 on
Circle Financial, the issuer of the stablecoin USDC, is partnering with Cross River Bank after its former settlement partner, Signature Bank, was closed by New York regulators, according to a statement from CEO Jeremy Allaire. “The 1:1 redeemability of all USDC in circulation is of paramount importance to Circle,” Allaire emphasized. Crypto Firms Scramble for
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