In a statement, the FDIC said that all depositors of Silicon Valley Bridge Bank, the bridge bank set up by the FDIC after SVB’s failure, will automatically become depositors of First Citizens Bank & Trust Company. All deposits assumed by First Citizens Bank & Trust Company will continue to be insured by the FDIC up to the insurance limit. Source
Crypto firms setting up in Hong Kong ahead of a new licensing regime for crypto exchanges in June have reportedly found some unexpected allies in the region — Chinese state-owned banks. According to a March 27 report from Bloomberg, Chinese banks including Shanghai Pudong Development Bank, the Bank of Communications Co., and Bank of China Ltd. have either started offering banking services to crypto firms in Hong Kong or made inquiries with crypto firms, according to “people with knowledge of the matter.” One source claims that a Chinese bank sales representative even…
Optimism-based lending protocol Kokomo Finance has been suspected of a $4 million “exit scam” that has seen user funds plucked out from the platform via a smart contract loophole. Blockchain security firm CertiK alerted its followers to the “exit scam” in a March 26 Twitter post, noting that the Kokomo Finance (KOKO) token has plummeted 95% in value in a matter of minutes. CertiK also noted that Kokomo Finance removed all social media accounts immediately following the alleged rug pull too. Kokomo Finance has either deactivated or deleted its Twitter…
North Carolina-based First Citizens Bank is set to acquire all deposits and loans of Silicon Valley Bank, according to a statement from the Federal Deposit and Insurance Corporation (FDIC). Under a March 26 purchase and assumption agreement, 17 former branches of Silicon Valley Bank will open as First Citizens Bank and Trust Company on Monday, March 27, while all depositors of SVB will automatically become depositors of First Citizens Bank. “Today’s transaction included the purchase of about $72 billion of Silicon Valley Bridge Bank, National Association’s assets at a discount…
Liquidity is a big problem in the cryptocurrency market today and decentralized finance (DeFi) has not been immune to this. One of the most interesting developments in the Defi space has been the emergence of decentralized derivatives exchanges. These exchanges are more efficient than centralized exchanges, making them attractive to investors despite the regulatory risks. However, they are currently struggling with liquidity, which is a cause for worry, a report in Coindesk said. dYdX, the first perpetual futures decentralized derivatives exchange, has been successful, but it is not completely decentralized…
Over the past century, the number of American banks has significantly decreased, dropping from 30,000 banks in 1921 to 4,997 U.S. banks in 2021, according to data from the Federal Reserve. Recently, the U.S. central bank denied Custodia Bank of Wyoming, a financial institution that holds $1.08 for every dollar deposited by customers. Although there appears to be a need for such a bank after the collapse of three major U.S. banks, the Federal Reserve stated that board members have “heightened concerns” about institutions with plans to focus solely on…
While several mainstream game studios have taken a noticeable step back integrating blockchain tech, three blockchain gaming executives say it’s only a matter of time before they change their tune. In July last year, Minecraft developer Mojang Studios announced a ban on NFTs and blockchain technology. By November, Rockstar Games updated its website to stipulate that fan-operated servers for Grand Theft Auto V can no longer utilize crypto assets, specifically non-fungible tokens (NFTs). Rip NFT worlds? pic.twitter.com/5bEy5oqtjm — DeeZe (@DeeZe) July 20, 2022 Walter Lee, Gaming Growth Lead at BNB Chain,…
Cathy Wood’s ARK Invest bought $12.6 million of Coinbase (COIN) shares on Friday, the second straight day the fund bought the crypto exchange’s stock after the company received a Wells Notice from the U.S. Securities and Exchange Commission (SEC) on March 22, sending COIN tumbling 16% the next day. The shares gained 1.5% on Friday to close at $67.83 apiece. Source
While Silicon Valley Bank didn’t provide fiat on-ramps to exchanges, like Silvergate or Signature bank, a number of key crypto companies like Circle Financial banked there. Circle’s USDC stablecoin fell from its $1 peg for a few days after the company announced that $3.3 billion of its deposits were at Silicon Valley Bank. Source
The California-based CEO of Titanium Blockchain has been sentenced to four years of prison — putting an end to a 2018 initial coin offering (ICO) saga that stripped investors of $21 million. Michael Stollery, who founded Titanium Blockchain Infrastructure Services (TBIS), was a key figure in a “cryptocurrency fraud scheme” which involved an initial coin offering for TBIS — conducted between late 2017 and early 2018, according to the Department of Justice. Investors purchased a crypto token called BARs to participate in the ICO. Approximately $21 million was raised from…