Tag: Report

Signature Bank investigated for money laundering prior to demise: Report

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The cryptocurrency-friendly Signature Bank was reportedly being investigated by two United States government bodies prior to its collapse. According to a March 15 Bloomberg report citing people familiar with the matter, investigators with the Justice Department were examining whether Signature took adequate measures to detect potential money laundering by its clients. It was noted the regulator was particularly concerned as to whether the bank was taking preemptive measures to monitor transactions for “signs of criminality” and properly vetting account holders. A separate probe by the Securities and Exchange Commission (SEC)…

DOJ and SEC to probe SVB collapse and insider stock sales: Report

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The United States Justice Department and the Securities Exchange Commission (SEC) have reportedly launched inquiries into the sudden collapse of Silicon Valley Bank (SVB) — which was shuttered by regulators last week amid a historic bank run.  According to “people familiar with the matter,” — cited in a March 14 report from The Wall Street Journal — the probes will look into events that led to the bank collapse, along with the stock sales SVB financial officers undertook in the weeks leading up to the closure. Securities filing show the…

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…

Banks collapsing; stablecoins depegging — What is happening? Watch The Market Report live

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This week on The Market Report, the resident experts at Cointelegraph discuss all the details regarding the latest bank collapse and the USD Coin (USDC) depeg. We kick things off with this week’s top stories Silicon Valley Bank collapse: Everything that’s happened until now The sudden collapse of Silicon Valley Bank (SVB) has quickly unfolded over the last week, depegging stablecoins, leading regulators in the United States and the United Kingdom to prepare emergency plans and raising fears among small businesses, venture capitalists and other depositors with funds stuck at…

LTC Back Above $80, DOGE Extends Gains Following Inflation Report – Market Updates Bitcoin News

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Litecoin rose by as much as 15% in Tuesday’s session, as markets reacted to the latest inflation report from the United States. Figures from the monthly Consumer Price Index showed that inflation has fallen to 6% in February, down from 6.4%. Dogecoin was also higher on the news, extending recent gains. Litecoin (LTC) Litecoin (LTC) was once again in the green, as prices of the token rose above $80.00 on Tuesday. Following a low of $75.20 to start the week, LTC/USD surged to an intraday peak of $86.34 earlier today.…

FDIC to attempt another auction of Silicon Valley Bank: Report

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Silicon Valley Bank (SVB) could be returning to the auction block with United States regulators taking a second attempt at finding a buyer for the now-collapsed bank.  According to a Mar. 13 report from the Wall Street Journal, the Federal Deposit Insurance Corporation (FDIC) told Senate Republicans that they now have additional flexibility to sell the bank after regulators declared the SVB collapse a threat to the financial system. The regulators first attempted an auction of the fallen bank on Mar. 11 — only a day after its closure. Bids…

FBI, NY authorities probes collapse of TerraUSD stablecoin: Report

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The United States Justice Department is reportedly investigating the collapse of the TerraClassicUSD (USTC) stablecoin which contributed to a $40 billion wipe out in the Terra ecosystem last May. Two agencies within the department — the Federal Bureau of Investigation (FBI) and Southern District of New York (SDNY) have interrogated former staff at Terraform Labs in recent weeks, according to a Mar. 13 report by the Wall Street Journal (WSJ). The probe covers similar ground to a lawsuit filed against Terraform Labs and its founder Do Kwon by the U.S. Securities Exchange Commission…

BlockFi in no immediate danger, despite Silicon Valley Bank exposure: Report

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According to a lawyer representing the bankrupt crypto lender BlockFi Inc.,the company is in a stable financial position with access to ample cash reserves, despite having over $200 million in exposure to Silicon Valley Bank, Bloomberg reported. According to the report, BlockFi had $227 million invested in a money market mutual fund that Silicon Valley Bank marketed; nevertheless, the risk is probably related to the performance of the fund, not the bank’s financials. https://t.co/xsgWgQRsLy — Cointelegraph (@Cointelegraph) March 11, 2023 During a bankruptcy hearing on Monday, Christine Okike of Kirkland…

US regulators shut down Signature Bank despite ‘no insolvency’: Report

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Barney Frank, a former member of the United States House of Representatives, has reportedly suggested New York regulators closed the crypto-friendly Signature Bank as part of a seeming show of force. According to a March 13 CNBC report, Frank — also a board member of Signature Bank — said the only indication of problems at the bank was a deposit run of more than $10 billion on March 10, which he called “purely contagion” from the Silicon Valley Bank fallout. The New York Department of Financial Services took control of…

Shareholders file lawsuit against Silicon Valley Bank, alleging fraud: Report

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A group of shareholders have reportedly filed a lawsuit against Silicon Valley Bank’s parent company and some of its executives amid the unfolding crisis. Multiple news outlets reported on March 13 that many Silicon Valley Bank shareholders alleged fraud from the bank and chief executive officer Greg Becker and chief financial officer Daniel Beck. The lawsuit would likely be one of the first filed in court since California regulators shut down the bank on March 10, leading to USD Coin (USDC) temporarily depegging from the dollar amid reports Circle had…