Silvergate Bank had a really rough week, to the point where a not-insignificant number of people were waiting for the Federal Deposit Insurance Corporation (FDIC) to announce the bank had entered receivership after close of business Friday. Source
The hacker behind the exploit of the decentralized finance (DeFi) lending platform Tender.fi has returned the stolen funds for a $97,000 bounty reward in Ether (ETH). The exploit was executed at 10:28 am UTC on Mar. 7, with Tender.fi confirming the incident on Twitter soon after citing “an unusual amount of borrows,” and adding it has paused all borrowing. Blockchain data showed the exploiter used a price oracle glitch to borrow $1.59 million worth of assets from the protocol by depositing 1 GMX token, valued at around $71. “It looks…
Yuga’s embrace of Ordinals is just a catalyst for embers that were already burning. Last year, for instance, Trust Machines, a startup looking to build the bitcoin ecosystem, raised $150 million last year to build bitcoin products. Counterparty, Liquid, Stacks, RSK, Lightning and others have been around for years building sound infrastructure on which people could use their sound money. Original
Bankrupt cryptocurrency lender Voyager Digital has won court approval to sell over $1 billion of its assets to Binance US. The approval was granted by United States Bankruptcy Judge Michael Wiles on Mar. 7, which came after four days of arguments presented by Voyager and the U.S. Securities Exchange Commission (SEC). Wiles said he would give the trading platform permission to close the Binance US sale and issue repayment tokens to impacted Voyager customers, which would give them back approximately 73% of what they’re owed. Wiles rejected a series of…
Federal Deposit Insurance Corp (FDIC) officials have been consulting with executives of troubled crypto-focused bank Silvergate Capital (SI) on how to keep the company in business, according to a report from Bloomberg, citing sources familiar with the matter. Source
A Solana (SOL)-based altcoin is exploding in price after earning surprise support from top Korean cryptocurrency exchange UpBit. According to UpBit, the crypto change is adding support for Access Protocol (ACS), which is a new content monetization crypto project built on top of Solana and Ethereum scaling solution Starknet. UpBit, which has the largest trading volume of any exchange in Korea, says trading of ACS on its platform is to begin March 7th. News of the listing sent the price of Access Protocol soaring by 296%, from a low of…
Perth Mint, Australia’s official bullion mint, currently faces a $9 billion recall from China for allegedly selling “doped” bullion and attempting to cover it up, as reported by Australia’s ABC News. The practice of doping gold involves adding impure ore like silver to the mix to cut costs and lower the quality of gold. Reportedly, Perth Mint started diluting the gold it issues in 2018. The report covered by ABC states that some refinery staff identified more impure ores being added than what’s allowed by the Shanghai Gold Exchange (SGE).…
Most other major cryptos were largely in the red, aligning with equities markets, which also wrestled with Powell’s remarks. The S&P 500, Wall Street’s benchmark equity index, closed down 1.5% and the Dow Jones Industrial Average (DJIA) and tech-heavy Nasdaq Composite dropped by 1.7% and 1.2%, respectively. The prospect of a 50 basis point (bps) interest rate hike instead of a more dovish 25 bps now rests at over 70%, roughly the reverse of the probability last week, according to the CME FedWatch Tool. Source 22KBitcoinChairEquitiesFedHigherPowellRatesReboundsStruggle CryptoX Portal
Now, the network has been shut down – closed last week as the bank’s parent company, Silvergate Capital Corp., acknowledged there were questions about its ability to continue as a “going concern,” and that it would be late in filing an annual report with securities regulators. Even before the announcement, key users of SEN, including the crypto firms Coinbase, Gemini, Paxos, Circle, Galaxy Digital, Cboe Digital and Bitstamp, were already dropping off, citing the need for caution. Source
Most other major cryptos were largely in the red, aligning with equities markets, which also wrestled with Powell’s remarks. The S&P 500, Wall Street’s benchmark equity index, closed down 1.5% and the Dow Jones Industrial Average (DJIA) and tech-heavy Nasdaq Composite dropped by 1.7% and 1.2%, respectively. The prospect of a 50 basis point (bps) interest rate hike instead of a more dovish 25 bps now rests at over 70%, roughly the reverse of the probability last week, according to the CME FedWatch Tool. Original