Month: March 2023

Signature Bank regulator says it was closed for not providing data: Report

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The New York Department of Financial Services (NYDFS) shut down Signature Bank for “failing to provide consistent and reliable data” and not because of a bias against crypto, according to a March 14 report from the International Business Times. Signature Bank Board Member Barney Frank had previously accused the regulatory agency of shutting it down merely to “send a very strong anti-crypto message.” According to the report, an NYDFS spokesperson said that the shutdown had “nothing to do with crypto.” Instead, there was “a significant crisis of confidence in the…

Europarliament approves Data Act that requires kill switches on smart contracts

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The European Parliament passed the Data Act on March 14. The comprehensive bill was intended to “boost innovation by removing barriers obstructing access to industrial data.” Among its provisions is an article that would require smart contracts to be alterable.  The legislation established rules for fairly sharing data generated by “connected products or related services,” such as the Internet of Things and “industrial machines.” Eighty percent of industrial data generated is never used, the Europarliament noted in a statement, and this act would encourage greater use of those resources to…

Signature Bank and former executives sued by shareholders for alleged fraud

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On March 14, a class action lawsuit was filed against the recently shut down crypto-friendly, New York-based Signature Bank, and its former chief executive office, Joseph DePaolo, chief financial officer, Stephen Wyremski, and chief operating officer, Eric Howell, for allegedly committing fraud Reuters reported.  Shareholders have accused the bank of falsely claiming to be “financially strong” just three days before it was seized by the state regulator. The lawsuit seeks unspecified damages for shareholders who held stock between March 2 and 12, 2023. The lawsuit was filed in federal court in…

Bitcoin exchange net inflow highest in 10 months

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On-chain data shows that bitcoin (BTC) has been flowing to centralized cryptocurrency exchanges at an impressive rate amid the recent market chaos. Data provided by Glassnode shows that the net transfer value of BTC to exchanges just reached $547.6 million. This is the highest positive BTC inflow to centralized crypto exchanges since May 10, 2022 — when $936 million more flowed into crypto exchanges than out of them. Bitcoin net transfer volume to and from crypto exchanges daily chart. | Courtesy of Glassnode This notable increase in bitcoin inflows to…

Accounting Platform Cryptio Partners With Protocol Labs to Help Filecoin Miners Go Public

For bitcoin, the world’s largest cryptocurrency by market value, a number of mining companies of the cryptocurrency are listed on public stock exchanges, Marathon Digital (MARA) and Riot Platform (RIOT) to name a few. The publicly traded bitcoin miners have seen a massive exodus from investors during the recent crypto winter, which included a slump in bitcoin prices and rise in energy costs for the mining companies. Source

Federal Investigators Probe Silicon Valley Bank Collapse; SVB and Top Execs Sued by Shareholders – Bitcoin News

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The parent company of Silicon Valley Bank, SVB Financial Group, and two senior executives have been sued by shareholders after SVB’s collapse last Friday. The proposed class action accuses SVB of hiding the fact that interest rate hikes would leave the bank in jeopardy. Additionally, anonymous sources say the U.S. Department of Justice (DOJ) and the Securities and Exchange Commission (SEC) are investigating the collapse of Silicon Valley Bank. Report Says Investigations Into Silicon Valley Bank’s Collapse Include Stock Sales by Senior Executives SVB Financial Group, the parent company of…

Coinbase files brief in SEC Wahi case, says it doesn’t sell securities but would like to

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Cryptocurrency exchange Coinbase filed an amicus brief in support of a motion to dismiss the case brought by the United States Securities and Exchange Commission against former Coinbase product manager Ishan Wahi and others for insider trading. Coinbase says it condemns the defendants’ conduct but supports their motion because of the SEC’s assumption that the exchange listed securities on its platform. Coinbase states in its amicus (“friend of the court”) brief that it has fully cooperated with the investigation of Wahi, his brother and their friend, and it implies that…

Coinbase files brief in SEC Wahi case, says it doesn’t sell securities, but would like to

Cryptocurrency exchange Coinbase filed an amicus brief in support of a motion to dismiss the case brought by the United States Securities and Exchange Commission (SEC) against former Coinbase product manager Ishan Wahi and other for insider trading. Coinbase condemns the defendants conduct, it said in the brief, but supports the defendants’ motion because of the SEC’s assumption that the exchange listed securities on its platform. Coinbase stated in its amicus (“friend of the court”) brief that it had fully cooperated with the investigation of Wahi, his brother and their…