Tag: Report

314M USDC sent to null address as redemptions begin: Report

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According to Web3 analytics platform Watchers, a total of 314.167 million USD Coin (USDC) was sent by its issuer, Circle, to the Ethereum null address with header 0x00 on March 13. The null address is typically used to remove tokens from circulation via one-way transactions. Stablecoin Burn Alerts:314,167,155.05 $USDC ($311,419,134) just burned by #CircleTx: https://t.co/ggqMMIhwS8 — Watchers ( . ) (@0xWatchers) March 13, 2023 On March 12, Circle announced that following a joint announcement by U.S. Treasury Secretary Janet Yellen and other regulators, all depositors with Silicon Valley Bank (SVB)…

FDIC bidding for Silicon Valley Bank is in progress: Report

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The United States Federal Deposit Insurance Corporation (FIDC) started an auction process on March 11 night for Silicon Valley Bank, Bloomberg reported citing unnamed sources. Bids are allegedly open for just a few hours, before the process closes later this Sunday.  According to Bloomberg sources, the FDIC is seeking a buyer for the California bank over the weekend, ahead of the markets open on March 13. However, a final decision has not been made, and a deal may not be reached. Earlier today, the U.S. Treasury Secretary Janet Yellen said…

U.S. Treasury Janet Yellen working on SVB collapse, not at bailout: Report

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United States Treasury Secretary Janet Yellen is reportedly working with regulators to address Silicon Valley Bank collapse and protect investors, but not considering a major bailout. Yellen made the comments during an interview with CBS News on March 12, claiming that regulators are designing “appropriate policies to address the situation” at the bank. She stated: “During the financial crisis, there were investors and owners of systemic large banks that were bailed out, and we’re certainly not looking. And the reforms that have been put in place means that we’re not…

Failed tech bank SVB held over $5B for prominent crypto VCs: Report

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According to a report that began circulating on March 11 in the aftermath of the collapse of Silicon Valley Bank (SVB), prominent blockchain venture capitalists (VCs) have over $6 billion worth of assets held by the now-defunct financial entity. These include $2.85 billion from Andreessen Horowitz (a16z), $1.72 billion from Paradigm and $560 million from Pantera Capital. A16z currently holds active investments in projects such as Alchemy, Sky Mavis and Yuga Labs, and was previously an investor in cryptocurrency exchange Coinbase. Paradigm has invested in projects such as Compound, Cosmos…

Silicon Valley Bank Rocks Crypto and Equity Markets Ahead of Jobs Report

“Silicon Valley Bank (SIVB), another crypto-friendly bank, comes under pressure. The bank is generally regarded as one of the default fallback options for industry participants impacted by the collapse of Silvergate. Operation Chokepoint 2.0 continues tightening its grip,” Ilan Solot, co-head of digital assets at Marex, said in an email, referring to Silvergate Bank, a crypto bank that is closing down, and to a government crackdown in 2013 on banks that did business with the gun sellers. Source

Blockchain.com suspends its asset management subsidiary launched in April: Report

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Cryptocurrency financial services company Blockchain.com will suspend operations of its asset management subsidiary, according to a Bloomberg report published March 9. The service had existed less than a year and appears to be the latest casualty of the crypto winter. The subsidiary, known as Blockchain.com Asset Management, is based in London. It applied to be removed from the U.K. companies register on March 5. The application itself is dated Feb. 15. The company had not yet filed its first annual account. Blockchain.com Asset Management was opened in April 2022 in…

Credit Suisse Postpones Its Annual Report

The management of the company, in a statement, said that it will be wise to postpone the publication for a short period of time to examine and understand more completely the comments received. Credit Suisse recently announced that it is planning to postpone the emergence of its annual 2022 report following a late call from the US Securities and Exchange Commission (SEC) on Wednesday night. In a public announcement from the perturbed investment banking company, it was claimed that the conversation with SEC revolved around the technical examination of previously…

BIS Releases Report On ‘Project Icebreaker’ — Develops Cross-Border Retail CBDC Payment Model – Bitcoin News

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The Bank for International Settlements (BIS) has released a report summarizing the “Project Icebreaker” trial, which explored the potential advantages and difficulties of utilizing a retail central bank digital currency (CBDC) in cross-border payments. The experiment was designed to test “the technical feasibility of conducting cross-border – cross-currency transactions between different [distrubuted ledger technology]-based CBDC proof of concepts.” Technical Feasibility of Cross-Border Retail CBDC Payments Reportedly Proven in Project Icebreaker Trial Central bank digital currencies (CBDCs) have been a key focus for the Bank for International Settlements (BIS) in recent…