Month: March 2023

21Shares Closes 6 Crypto Exchange-Traded Products

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The products on the chopping block include the 21Shares Crypto Layer 1 ETP (LAY1), the 21Shares DeFi 10 Infrastructure ETP (DEFII), 21Shares S&P Risk Controlled Bitcoin Index ETP (SPBTC), the 21Shares S&P Risk Controlled Ethereum Index ETP (SPETH) and the 21Shares USD Yield ETP (USDY), which will all close after the April 6 trading day. The sixth product – 21Shares Terra Classic ETP (LUNA) – will keep trading until June 12. The six closures have less than $700,000 in assets under management combined. Source

Friendliness Toward Crypto ‘Does Not Exist’

Two days later, Santa Clara, California-based Silicon Valley Bank (SVB), a go-to institution for venture-backed tech startups, was taken over by the California Department of Financial Protection and Innovation, which said the firm had “inadequate liquidity and insolvency.” This past Sunday, New York-based Signature Bank was closed by state regulators in what they called an effort “to protect investors.” Like Silvergate, Signature Bank operated its own real-time payments platform, Signet. Source

US Government Auctions Off Failed Banks SVB and SNBY, Crypto Restrictions Apply – Bitcoin News

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The U.S. government and the Federal Deposit Insurance Corporation (FDIC) are auctioning off two failed American financial institutions, Silicon Valley Bank (SVB) and Signature Bank (SNBY), this week, with bids due by March 17. However, sources familiar with the matter said the qualifications to purchase the banks are stringent, and reportedly, the purchasers cannot deal with crypto businesses anymore. Controversy Surrounds Alleged Crypto Restrictions for Potential Bank Buyers Last week, the second- and third-largest bank failures in America occurred within 48 hours of each other, and the two financial institutions…

ChipMixer, Cryptocurrency Mixer Shut Down for Allegedly Laundering Over $3 Billion in Illicit Transactions

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Cryptocurrency service ChipMixer has been shut down by authorities in the US and Germany for its alleged involvement in laundering over $3 billion in illicit transactions since 2017. The platform was reportedly used by ransomware groups, suspected North Korean hackers, and darknet market users to obfuscate the source of stolen cryptocurrency. Europol revealed that up to $46.3 million in crypto had been seized from ChipMixer. One North Korean cyberattack alone, against the online game Axie Infinity and Horizon Bridge, saw $700 million in stolen funds processed by the mixer, according…

FTX influencers face $1 Billion class-action lawsuit over alleged crypto fraud promotion

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A class-action suit led by Edwin Garrison has been filed against “FTX influencers,” mostly on YouTuber, seeking $1 billion because they “promoted FTX crypto fraud without disclosing compensation.” The suit was filed March 15 in the Southern District of Florida Miami Division. Kevin Paffrath, Graham Stephan, Andrei Jikh, Jaspreet Singh, Brian Jung, Jeremy Lefebvre, Tom Nash, Ben Armstrong, Erika Kullberg and Creators Agency LLC were named as respondents. The Moskowitz Law Firm is representing the plaintiffs. The suit is a consolidation of several class actions suits, according to the law…

The Banking Crisis Has Been Good for Stablecoin Experimentation

If you balk at the idea of a crypto-based tool like stablecoins essentially functioning like a “proxy” central bank digital currency (CBDC), as host Ryan Sean Adams suggested, making Allaire smile, then you’re likely not alone. Stablecoins may be the bridge between crypto and the real economy, but they should also retain some of the aspects that make crypto crypto, beyond 24-hour access and a different transaction settlement mechanism. Censorship resistance is all but impossible if crypto nuzzles close to the banking system. Source