The legal teams representing Alameda Research, FTX US, and FTX Trading have filed a complaint against the Bahamas-based FTX Digital Markets, claiming the company was a “fraudulent enterprise” used as a shell entity to obfuscate the question of the firm’s ownership. In a March 19 filing with the United States Bankruptcy Court for the District…
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USD Coin (USDC), the world’s second-largest stablecoin, may simply have been in the wrong place at the wrong time. The place was Silicon Valley Bank (SVB), a commercial bank with $209 billion in assets, where USDC issuer Circle had deposited $3.3 billion of its cash reserves for safekeeping. The time was the present: one of…
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Silicon Valley Bank (SVB) boasted over $200 billion in assets and was a lifeline for crypto companies. Notably, it was one of the few institutions offering services to crypto companies in the United States as other banks shied away from the sector, fearing risk and the possibility of a sudden regulatory crackdown. The downfall of…
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Crypto.com announced it has obtained a minimal viable product (MVP) preparatory license from Dubai’s Virtual Asset Regulatory Authority (VARA). This preparatory phase operations license came after the exchange obtained provisional approval from the Dubai regulator in 2022. In the preparatory stage, the MVP license allows the exchange to fulfill the conditions to operate within set…
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Bitcoin (BTC) starts a new week in an unmistakably bullish position as it passes $28,000. Crypto markets continue to climb on the back of the banking crisis, which still rages in the United States and abroad — where will they go next? After a week of chaos for macro markets and solid gains as a…
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The Financial Supervisory Commission (FSC) of Taiwan will become the main regulator of cryptocurrencies in the island country, according to the head of the authority. FSC chairman Huang Tien-mu has announced that the regulator will assume the supervisory authority on the crypto industry in Taiwan, the local news agency United Daily News reported. Huang addressed…
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The trade association for the Australian banking industry — Australian Banking Association (ABA) — launched a cost of living inquiry to closely study the impact of the COVID-19 pandemic, global supply chain constraints and geopolitical tensions, among others, on Australians. An analysis of the rising inflation and concurrent collapse of three major traditional banks —…
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More than 80 virtual asset-related firms across Mainland China and foreign nations have expressed interest in establishing a presence in Hong Kong, amid efforts from the city to become a leading hub for Web3. In a March 20 speech in Hong Kong, the Secretary for Financial Services and the Treasury, Christian Hui, stated that Hong…
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Only a week after its collapse, Signature Bank’s deposits and loans are set to be sold to Flagstar Bank, a subsidiary of New York Community Bancorp — crypto-related deposits however, will not be part of the deal. The United States Federal Deposit Insurance Corporation (FDIC) announced the agreement on March 19, which will see $38.4…
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Bitcoin ATM manufacturer General Bytes has shuttered its cloud services after discovering a “security vulnerability” that allowed an attacker to access users’ hot wallets and gain sensitive information, such as passwords and private keys. The company is a Bitcoin (BTC) ATM manufacturer based in Prague, and according to its website, has sold over 15,000 ATMs…
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