Van Overtveldt represents the right-wing European Conservatives and Reformers, the fifth-largest political grouping in the Parliament, in the Economic and Monetary Affairs Committee. He was Belgium’s finance minister from 2014 to 2018. The ECR says it’s dedicated to “individual liberty .. private property … limited government.” Source
Ten separate audits conducted over a two-year period of the Ethereum-based lending protocol Euler Finance deemed it to be “nothing higher than low risk” and having “no outstanding issues” prior to it suffering from a $196 million attack. In a series of tweets on March 17 Euler Labs CEO, Michael Bentley described the “hardest days” of his life after Euler’s $196 million flash loan attack on March 13. He retweeted one user sharing information that Euler had 10 audits from 6 different firms, and commented that the platform “has always…
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…
After the recent collapse of three banks – Silicon Valley Bank, Silvergate Bank and Signature Bank – many pointed fingers at crypto as the cause. But crypto may actually be the solution, not the problem. Source
The entire banking concept is based on the assumption that depositors will not want to withdraw their money at the same time. But what happens when this assumption fails? The answer lies in the asset-liability mismatch of banks, which can lead to disastrous consequences for the broader financial system. Silicon Valley Bank (SVB), one of the leading banks for startups and venture capital firms in the United States, failed because of a liquidity crisis that has reverberated throughout the startup ecosystem. Silicon Valley Bank’s struggles shed light on the many…
Euler has sent multiple on-chain messages to the attacker in the past 48 hours. Source
The decision to close down Signature Bank had “nothing to do with crypto,” said the New York State Department of Financial Services, the regulator that took possession of the troubled bank on Sunday. The financial watchdog insisted that its decision to put Signature Bank in receivership “was based on the current status of the bank and its ability to do business in a safe and sound manner.” ‘Nothing to Do With Crypto’ After the New York State Department of Financial Services (NYDFS) took possession of Signature Bank on Sunday, there…
The U.S. Treasury Department is close to releasing a risk assessment analyzing criminal use of decentralized finance (DeFi), according to Assistant Secretary for Terrorist Financing and Financial Crimes Elizabeth Rosenberg. Source
Decentralized finance (DeFi) lending protocol Euler Finance became a victim of a flash loan attack on March 13, resulting in the biggest hack of crypto in 2023 so far. The lending protocol lost nearly $197 million in the attack and impacted more than 11 other DeFi protocols as well. On March 14, Euler came out with an update on the situation and notified its users that they had disabled the vulnerable etoken module to block deposits and the vulnerable donation function. The firm said that they work with various security groups…
The British government and the central bank, the Bank of England, have facilitated a private sale of Silicon Valley Bank UK to HSBC, according to Chancellor of the Exchequer Jeremy Hunt. He stressed that “Deposits will be protected, with no taxpayer support.” British Government Announces Acquisition of Silicon Valley Bank UK by HSBC HSBC has acquired Silicon Valley Bank UK (SVB UK), the British subsidiary of Silicon Valley Bank (SVB) that was shut down by U.S. regulators on Friday. British Chancellor of the Exchequer Jeremy Hunt tweeted Monday: This morning,…