Business Financial News

11.03 / 20:09

business Blockchain Curve Finance Crypto whales suffer huge losses due to USDC depeg, SVB collapse

In response to the extraordinary depegging event of the USD Coin (USDC) stablecoin caused by the collapse of its counterparty Silicon Valley Bank (SVB), crypto whales have reported severe losses and appear to have embarked on a series of capital flights to protect assets. Du Jun, the co-founder of cryptocurrency exchange Huobi Global, posted:

11.03 / 14:15

business Stablecoin Altcoin Tether MakerDAO DAI Usd Coin Circle’s USDC instability causes domino effect on DAI, USDD stablecoins

The stablecoin ecosystem felt an immediate effect as USD Coin (USDC) depegged from the US dollar due to a subsequent sell-off after Silicon Valley Bank (SVB) did not process $.3.3 billion of Circle’s $40 million transfer request. Given USDC’s collateral influence, major stablecoin ecosystems followed suit in depegging from the dollar.

11.03 / 14:15

business Blockchain Technology Adoption Hackers Cybersecurity security What is ethical hacking, and how does it work?

Ethical hacking, also known as “white hat” hacking, is the process of identifying and exploiting vulnerabilities in a computer system or network in order to assess its security and provide recommendations for improving it. Ethical hacking is done with the permission and knowledge of the organization or individual that owns the system being tested.

11.03 / 11:05

business regulation Senate Sen. Warren calls out 'sham audits' while SVB threatens crypto bankruptcy

United States Senators Elizabeth Warren and Ron Wyden asked the Public Company Accounting Oversight Board (PCAOB) to hold auditors accountable for failed crypto projects.

11.03 / 11:05

business Investments Altcoin Tether Uniswap investigation Usd Coin USDC investor shells out $2M to receive $0.05 USDT trying to evade crash

Soon after Circle revealed that Silicon Valley Bank did not transfer $3.3 billion of its USD Coin (USDC) reserves, the market responded with a massive sell-off — depegging the stablecoin from the US dollar. However, not all investors were lucky enough to walk away with their funds amid the uncertainty.

11.03 / 09:31

business SEC coinbase services Coinbase reiterates that staking services will continue, despite SEC crackdown

Despite the recent crackdown by the U.S. Securities and Exchange Commission (SEC) on staking services offered by centralized providers, Coinbase has reiterated to customers that its staking services will continue, and “may actually increase.”

11.03 / 08:31

business Stablecoin regulation Circle Banks Usd Coin USDC depegs as Circle confirms $3.3B stuck with Silicon Valley Bank

Almost immediately after USD Coin (USDC) issuer Circle revealed it was not able to withdraw $3.3 billion of its $40 billion from Silicon Valley Bank (SVB), the resultant sell-off caused the price of the stablecoin to fall below its $1 mark.

11.03 / 07:15

business Stablecoin regulation Circle Banks Usd Coin Circle discloses $3.3B tied up at Silicon Valley Bank

On March 10, Blockchain payment technology company Circle confirmed that wires initiated on Thursday to remove balances have not yet been processed, leaving $3.3 billion of its $40 billion USDC reserves at Silicon Valley Bank (SVB).

11.03 / 04:45

business lending Banks banking Silicon Valley Bankruptcy Filing shows BlockFi has uninsured $227M in Silicon Valley Bank MMMF

According to a new bankruptcy filing, defunct crypto lender BlockFi has $227 million worth of uninsured funds allocated to a money market mutual fund (MMMF) offered by troubled Silicon Valley Bank (SVB).

11.03 / 01:17

business Blockchain Technology Fraud FTX Fried Sam bail Sam Bankman-Fried's bail conditions still too lenient, says judge

On Mar 10, Reuters reported that the U.S. District Judge Lewis Kaplan has expressed concerns over the proposed bail conditions for former FTX cryptocurrency exchange founder Sam Bankman-Fried.

11.03 / 00:37

business Grayscale Digital Currency Group Bankruptcy Crypto Biz: Silvergate shutting down, Alameda suing Grayscale

With the Bitcoin (BTC) halving more than a year away, don’t expect crypto industry narratives to change anytime soon. Nay, crypto winter is still in full force, and the nasty headlines show no signs of abating.

11.03 / 00:37

business Stablecoin regulation Circle Banks Circle's exposure to U.S. banks could top $9B

USD Coin (USDC) issuer Circle exposure to the United States banking system sits near to $9 billion, according to its latest audit report from January. Circle's reserves are held in a number of regulated financial institutions in the country, including Silvergate, Silicon Valley Bank, and Bank of New York (BNY) Mellon.

10.03 / 22:27

business Blockchain Banks banking Bitcoin What does the Silvergate collapse mean for crypto?

The collapse of crypto-friendly bank Silvergate will likley have a significant impact on the crypto ecosystem and its ties with the banking sector in the U.S.

10.03 / 20:25

business Adoption Federal Reserve S&P 500 How does a stock’s price-to-earnings ratio relate to cryptocurrencies?

The show Macro Markets, hosted by Marcel Pechman, which airs every Friday at 12 pm ET on the Cointelegraph Markets & Research YouTube channel, explains complex concepts in layman’s terms and focuses on the cause and effect of traditional financial events on day-to-day crypto activity.

10.03 / 20:25

business Government Banks Bitcoin Regulation Silicon Valley Bank shut down by California regulator

Silicon Valley Bank, a major financial institution for venture-backed companies, was shut down by California’s financial watchdog on March 10 — marking the first Federal Deposit Insurance Corporation-insured bank to fail in 2023.

10.03 / 15:39

business Investments coinbase Ark stocks Bitcoin Coinbase still a buy for Cathie Wood: ARK buys its biggest batch of COIN in 2023

Amid Coinbase, which trades as COIN, tumbling about 8% on Thursday, Cathie Wood’s investment manager ARK Invest bought the biggest amount of the stock since the start of 2023.

10.03 / 12:39

business Adoption Social Media Decentralization Meta network Meta working on text-based decentralized social network codenamed P92

Meta, the parent company of Facebook and Instagram, is reportedly creating a separate text-based content app that will support ActivityPub. ActivityPub is a decentralized social networking protocol that powers Mastodon and other decentralized apps that compete with Twitter.

10.03 / 11:29

business regulation SEC Rapper The Game’s crypto startup gets registration revoked

A crypto startup backed by the American rapper Jayceon Terrell Taylor, better known as “The Game,” had its registration revoked by the United States Securities and Exchange Commission (SEC) for violating securities laws after failing to file periodic reports.

10.03 / 11:03

business Binance regulation Court Bankruptcy U.S. Deal US Trustee appeals NY Judge’s approval of Voyager deal with Binance.US

The United States Department of Justice (DOJ) has filed an appeal against the latest decision in the case for the selling of assets between Voyager Digital and Binance.US.

10.03 / 09:09

business defi hacks Altcoin Smart Contracts Hedera Exploit Hedera confirms exploit on mainnet led to theft of service tokens

Hedera, the team behind distributed ledger Hedera Hashgraph, has confirmed a smart contract exploit on the Hedera Mainnet that has led to the theft of several liquidity pool tokens.

10.03 / 06:07

business Banks banking Tech Silicon Valley bank stocks US bank woes? Silicon Valley Bank stocks plunge 1 day after Silvergate downfall

Fears have been heightened over the future of another United States bank this week after Silicon Valley Bank (SVB) announced a significant sale of assets and stocks aimed at raising additional capital.

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