Month: March 2023

Crypto users turned to DEXs, loaded up on USDC after Silicon Valley Bank crash

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The collapse of Silicon Valley Bank (SVB) saw investors loading their bags with USD Coin (USDC), along with an exodus of funds from centralized exchanges (CEXs) to decentralized exchanges (DEXs). Outflows from centralized exchanges often spike when the markets are in turmoil, explained blockchain analysis firm Chainalysis in a March 16 blog post, as users are likely worried about losing access to their funds when exchanges go down. Funds sent from CEXs to DEXs following SVB’s collapse. Source: Chainalysis. Data from Chainalysis shows that hourly outflows from CEXs to DEXs spiked…

Signature Bank Collapsed Because It Embraced Crypto Customers Without Sufficient Safeguards – Regulation Bitcoin News

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U.S. Senator Elizabeth Warren alleges that Signature Bank failed because it “bought into its get-rich-quick narrative” and “embraced crypto customers with insufficient safeguards.” Emphasizing that the bank took “excessive risk,” the senator demanded answers from the CEO of Signature Bank regarding “the economically disastrous outcomes you created.” Senator Elizabeth Warren’s Letter to Signature Bank’s CEO U.S. Senator Elizabeth Warren (D-MA) has attributed the failure of Signature Bank to its acceptance of crypto customers without having sufficient safeguards, Yahoo Finance reported Thursday. Signature Bank was seized by the New York State…

FDIC Denies Report Signature Bank Purchaser Must Divest Crypto

The acquirer will tell the FDIC “what assets and liabilities from the failed bank it is willing to take,” the spokesperson said, citing the agency’s resolution handbook. The spokesperson also referred CoinDesk to two joint statements published by the FDIC, Office of the Comptroller of the Currency and the Federal Reserve, which state that banks are “neither prohibited nor discouraged” from providing services to any sector. Source

LinksDAO wins bid to buy its first golf course, says CEO

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The decentralized autonomous organization (DAO)-operated golf startup, LinksDAO is primed to become the new owner of the Spey Bay Golf Club in Scotland after successfully winning a bid to buy the course initially listed for just over $900,000. After winning the bid, the DAO has entered into an exclusivity agreement with the vendor and will look to formally close the deal in early April. We won the bid. WE’RE BUYING A GOLF COURSE!!! — Links (@LinksDAO) March 16, 2023 In the meantime, it is undergoing its “due diligence” phase before…

European Commissioner Says Impact of SVB Collapse ‘Limited’ as Credit Suisse Drags Down Banking Stocks – Finance Bitcoin News

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Silicon Valley Bank’s (SVB) collapse has had a “limited impact” on the European Union but authorities must still “stay alert” to events as they unfold, European Commissioner Mairead McGuinness has said. Despite McGuinness’ reassuring remarks, stocks of Europe’s largest banks still plunged by as much as 10% on March 15. Silicon Valley Bank’s ‘Limited’ EU Impact According to the European Commissioner for financial services, Mairead McGuinness, the collapse of the U.S. bank Silicon Valley Bank has so far had limited impact on the European Union (EU). However, in her March…

Is Ether a Security?

The NYAG sued KuCoin last week under state law, alleging that ether, post-Merge, is a security under the Ethereum blockchain’s proof-of-stake consensus mechanism. The NYAG also alleged that terraUSD (UST) and luna (LUNA) are securities, as well as KuCoin’s Earn platform. I’m not going to get into the last two – regulators have alleged for a while now that “earn” products are securities, and have settlements with various lenders to support that contention, and there are other cases looking at the terraUSD/luna ecosystem. Source

Lightning Labs’ Taro Project Faces Halt as Judge Issues Temporary Injunction for Trademark Infringement

“I was having dinner with a developer friend and he mentioned ‘taro,’” said Lightning Labs CEO and co-founder Elizabeth Stark in a declaration in the case. “I knew that taro is a common ingredient used in Latin American, Southeast Asian,and African cuisines, which were three key regions for the growth of this technology – so, I responded, ‘Wait, that’s a really cool name!’” Source FacesHaltInfringementInjunctionIssuesJudgeLabsLightningProjectTaroTemporaryTrademark CryptoX Portal