Day: March 13, 2023

BlockFi in no immediate danger, despite Silicon Valley Bank exposure: Report

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According to a lawyer representing the bankrupt crypto lender BlockFi Inc.,the company is in a stable financial position with access to ample cash reserves, despite having over $200 million in exposure to Silicon Valley Bank, Bloomberg reported. According to the report, BlockFi had $227 million invested in a money market mutual fund that Silicon Valley Bank marketed; nevertheless, the risk is probably related to the performance of the fund, not the bank’s financials. https://t.co/xsgWgQRsLy — Cointelegraph (@Cointelegraph) March 11, 2023 During a bankruptcy hearing on Monday, Christine Okike of Kirkland…

BlockTower Capital Funds Had Exposure to Silvergate, Signature Bank

According to the Form ADV Filing dated May 11, 2022, the BlockTower Blue Signum SPV fund, which had about $4.6 million in gross asset value at the time of the filing, used Silvergate Bank as its sole custodian. The BlockTower DeFi SPV I fund ($74.6 million in gross assets) also listed only Silvergate, while the BlockTower Gamma Point Master Fund ($89 million) had Signature Bank as the custodian Source

Is This a Crypto Banking Bailout?

As the wreckage that started inside crypto banking threatens financial institutions beyond the sector’s border, the federal government is eager to make it clear that it’s not going to let it get out of hand. But is it a bailout? Source

US regulators shut down Signature Bank despite ‘no insolvency’: Report

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Barney Frank, a former member of the United States House of Representatives, has reportedly suggested New York regulators closed the crypto-friendly Signature Bank as part of a seeming show of force. According to a March 13 CNBC report, Frank — also a board member of Signature Bank — said the only indication of problems at the bank was a deposit run of more than $10 billion on March 10, which he called “purely contagion” from the Silicon Valley Bank fallout. The New York Department of Financial Services took control of…

C’est quoi une blockchain ? Tout comprendre en 5 minutes !

▶ Coinbase Website: Coinbase.com ▶ CEX Website: cex.io Beaucoup de gens parlent de la blockchain, mais peu savent exactement de quoi ils parlent. Dans cette vidéo, nous allons donc observer comment cette technologie est née pour mieux comprendre de quoi il s’agit exactement et comment elle fonctionne. 🌎 Site : 🐦 Twitter : 📘 Facebook : 💼 LinkedIn : 📸 Instagram : 🎵 TikTok : 🎮 Twitch : Qui sommes-nous ? Journal du Coin est le média francophone de référence concernant la blockchain et les cryptomonnaies. À travers ses articles…

Shareholders file lawsuit against Silicon Valley Bank, alleging fraud: Report

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A group of shareholders have reportedly filed a lawsuit against Silicon Valley Bank’s parent company and some of its executives amid the unfolding crisis. Multiple news outlets reported on March 13 that many Silicon Valley Bank shareholders alleged fraud from the bank and chief executive officer Greg Becker and chief financial officer Daniel Beck. The lawsuit would likely be one of the first filed in court since California regulators shut down the bank on March 10, leading to USD Coin (USDC) temporarily depegging from the dollar amid reports Circle had…

Coinbase disables trading for BUSD

US-based cryptocurrency exchange Coinbase announced the suspension of trading for the Binance  USD (BUSD) stablecoin on March 13 via Twitter.  We have disabled trading for Binance USD (BUSD). Your BUSD funds will remain accessible to you, and you will continue to have the ability to withdraw your funds at any time. https://t.co/jfpCZX7UTC — Coinbase Assets (@CoinbaseAssets) March 13, 2023 On Feb 27, Coinbase cited “listing standards” as the reason behind its decision to disable trading for BUSD on March 13. The February announcement read;  We regularly monitor the assets on our…