Month: March 2023

Shanghai Bank Mulls Buying Silicon Valley Bank’s Stake in Chinese Subsidiary – Featured Bitcoin News

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According to reports, Shanghai Pudong Development Bank may acquire the China-based subsidiary of Silicon Valley Bank (SVB). Authorities in the Chinese city of Shanghai reportedly back the acquisition, which may help minimize the impact of SVB’s shutdown. In its statement following SVB’s demise, SPD Silicon Valley Bank reportedly said its operations remained stable. Shanghai Authorities Seek to Limit Impact of SVB’s Demise Silicon Valley Bank’s joint venture partner Shanghai Pudong Development Bank (SPDB) plans to take over the collapsed financial institution’s China-based subsidiary, a report has said. According to the…

CBDCs could provide smooth cross-border payments: Tel Aviv FinTech Week

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At Tel Aviv FinTech Week 2023, Yoav Soffer, the advisor to the deputy governor at the Bank of Israel, touched on the topic of central bank digital currencies (CBDCs) as an efficient cross-border payment option. The talk comes after the Bank for International Settlements (BIS) concluded its research on international retail and remittance payments via CBDCs between the central banks of Israel, Norway and Sweden. The BIS project is called “Project Icebreaker.” Soffer, who is also the project manager for the CBDC program for the Central Bank of Israel, said…

Is Credit Suisse Next in Line for Turmoil after Major Backer Halts Funding?

The firm’s Chairman Axel Lehmann declined to comment on whether it will need assistance from the government in the future, he highlighted that the bank has no problems as it has good return capital ratios. With the banking industry in the United States currently experiencing financial strain, there may be a trickle-down to Europe where eyes are now fixed on banks like Credit Suisse Group AG (SWX: CSGN). The bank’s shares are witnessing a massive freefall at the moment, sliding below 27% in what comes off as the second day…

Crypto Winter Ends Era of Bitcoin Mining ‘Hodlers’

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The liquidation of bitcoin holdings was particularly strong in June 2022, when miners sold 14,200 bitcoins, according to Zhao’s analysis. Roughly half of that was from now-bankrupt Core Scientific. Since then, miners tracked by Zhao have been selling 5,000 to 7,000 bitcoins per month, more than twice as many as they were selling between January and May 2022. Original

Europol seizes $46M from crypto mixer after $2.88B allegedly laundered

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According to The European Union Agency for Law Enforcement Cooperation, commonly known as Europol, on March 15, the agency seized assets of cryptocurrency mixer ChipMixer for its alleged involvement in money laundering activities. Total assets seized include 1,909.4 Bitcoin (BTC) in 55 transactions amounting to 44.2 million euros ($46 million). Decentralized finance analyst ZachXBT previously alleged on Nov. 25, 2022, that the hacker(s) of defunct cryptocurrency exchange FTX laundered 360 BTC ($5.9 million) using ChipMixer after an $372 million exploit.  ChipMixer website after law enforcement seizure. Source: Europol In addition, the…

‘AI can be defeated with cryptography,’ says Chelsea Manning at SXSW

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Artificial intelligence (AI) has become a hot topic following the launch of ChatGPT, an AI chatbot created by research company OpenAI. Yet, while ChatGPT has the potential to write blogs and create crypto trading bots, some worry that AI could be harmful.  A survey conducted by sales platform Tidio found that 69% of college graduates believe AI could take their job or make it irrelevant in the coming years. Others have pointed out that the rise of AI will make it increasingly challenging to verify accurate information versus fake news…

VC-Backed NFT Social Platform Metalink Launches Mobile App

Metalink also announced a previously undisclosed $6 million seed round with funding from an impressive list of venture capital funds and Web3 personalities. Investors include Guy Oseary, Gary Vaynerchuk, MoonPay CEO Ivan Soto-Wright, The Sandbox founder Sebastien Borget, former Coinbase Chief Technology Officer Balaji Srinivasan, DJ Justin Blau, Social Capital, Arrington Capital and Sound Ventures. NFT collectors including Cozomo de Medici, Gmoney, Seedphrase, SobyLife, Tony Herrera, Meltem Demirors and Farokh, as well as corporate investors Gemini Frontier Fund, Dapper Labs’ venture arm, BallerVC, and Genies’ Human Ventures also provided funding.…

Blockchain is the answer to Russia’s settlement issues, banking exec says

The adoption of blockchain is the right direction for Russia to solve its current settlement issues, according to an executive at Russia’s largest bank, Sberbank. Blockchain technology has matured over the past few years to offer new capabilities that potentially enable Russia to create more efficient payment systems, Sberbank’s first deputy chairman Alexander Vedyakhin said. On March 14, Vedyakhin took part in the meeting of Russia’s Federation Council on the budget and financial markets committee, highlighting the promising future of blockchain in Russia, the local news agency Interfax reported. According…

Germany and U.S. Seize Over $46M Crypto Tied to ChipMixer Investigation

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