Day: March 15, 2023

SVB mixup forces India’s SVC Bank to issue a notice of clarification

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The shockwaves caused by the collapse of Silicon Valley Bank (SVB) were felt by countless businesses, including a bank from India that had no relation with the California-based banking institution.  Soon after reports of SVB’s imminent shutdown surfaced on March 10, panic spread across the globe as investments tied to one the biggest banks in the US depicted an uncertain future. However, a Mumbai-based 116-year-old cooperative bank — Shamrao Vithal Co-operative Bank (SVC Bank) — got caught in the line of fire. The similarity in the short forms of the…

US officials appeal protections for Voyager execs in Binance.US sale

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United States officials want to remove a provision included in bankrupt lender Voyager Digital’s plan to sell its digital assets to crypto exchange Binance.US that would prevent them from legally pursuing anyone involved with the sale.  In a motion filed on March 14 in a New York Bankruptcy Court, U.S. Trustee William Harrington and other government attorneys argued: “the court improperly exceeded its statutory authority” in approving a the pardoning. They requested the court’s approval of the sale be delayed for two weeks to allow them to file an appeal.…

Keep $20M or face the law

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Ethereum-based noncustodial lending protocol Euler finance is trying to cut a deal with the exploiter that stole millions from its protocol, demanding the hacker returns 90% of the funds they stole within 24 hours or face legal consequences. The platform was exploited for $196 million on March 13 and Euler Labs sent its ultimatum to the flash loan attacker by transferring them 0 Ether (ETH) with an attached message on March 14: “Following up on our message from yesterday. If 90% of the funds are not returned within 24 hours,…

Over Two Billion USDC Stablecoin Burnt in Single Day, Data Shows

The dollar-pegged stablecoin has failed to win back investors following last week’s depegging. Circle Internet Financial’s USDC stablecoin massively depegged from its intended $1 price on Friday night after Silicon Valley Bank (SVB), where Circle parked over $3.3 billion in treasury assets, was shut by regulators. Source BillionBurntdatadayShowsSingleStablecoinUSDC CryptoX Portal

Central Bank Digital Currency Transactions to Reach $213 Billion Annually by 2030, Research Shows – Featured Bitcoin News

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A new study shows that payments via central bank digital currencies (CBDCs) are expected to reach $213 billion annually by 2030. Furthermore, 92% of the total value transacted via CBDCs will be paid domestically, the research found. $213 Billion Annually Research and market intelligence firm Juniper Research published a report on central bank digital currencies (CBDCs) Monday. The firm wrote: The value of payments via CBDCs (central bank digital currencies) will reach $213 billion annually by 2030; up from just $100 million in 2023. This radical growth of over 260,000%…

Over $2B in USDC Stablecoin Burnt in Single Day, Data Shows

The dollar-pegged stablecoin has failed to win back investors following last week’s depegging. Circle Internet Financial’s USDC stablecoin massively depegged from its intended $1 price on Friday night after Silicon Valley Bank (SVB), where Circle parked over $3.3 billion in treasury assets, was shut by regulators. Source