Silicon Valley Bank shut down by California regulator, holding over $5 billion for prominent crypto VCs. Catch up on more important headlines from last week on our Hodler's Digest.
The BTC/USD pair saw the majority of its losses during the previous day’s Wall Street trading as risk assets everywhere suffered setbacks courtesy of the market’s cold feet on the back of major restructuring at Silicon Valley Bank — the United States’ 16th largest commercial lender.
“Will probably wick into 18-19k before this is over- but it’s just a retest,” pseudonymous trader Credible CryptoUncertainty remains in the air as the aftermath of the meltdown at SVB is far from over — crypto stablecoins in particular are feeling the heat. USD Coin depegged from the U.S. dollar on March 11, trading at $0.93 an hour after disclosing it had $3.3 billion held SVB, triggering a domino effect on other stablecoins.
confirmed that a smart contract exploit on the Hedera mainnet led to the theft of several liquidity pool tokens. The attacker targeted liquidity pool tokens on decentralized exchanges that derived its code from Uniswap V2 on Ethereum, which was ported over for use on the Hedera Token Service. The suspicious activity was detected when the attacker attempted to move the stolen tokens across the hashport bridge. Hedera didn’t confirm the amount of tokens that were stolen.
has rebuffed reports claiming it had ties to entities that faked documents and used shell companies for access to the banking system. Based on leaked documents and emails, The Wall Street Journal reported that entities tied to Tether and its sister crypto exchange, Bitfinex, faked sales invoices and transactions in order to open bank accounts. Tether called the findings of the report “stale allegations from long ago” and “wholly inaccurate and misleading.
has filed a lawsuit against cryptocurrency exchange KuCoin after she was able to buy and sell crypto on the exchange, which is not registered in New York. James alleges that KuCoin violated securities law when it “sold, offered to sell, purchased and offered to purchase cryptocurrencies that are commodities and securities” to New Yorkers. The action is one of the first times a regulator claimed in court that ETH is a security.
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Column: The Silicon Valley Bank collapse is Silicon Valley's problem, not yours'Based on the information that has been made public, the bank unwisely put its eggs in one basket by taking deposits from an insular group of depositors: venture-funded startups.' Column by hiltzikm:
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How Silicon Valley Turned on Silicon Valley BankThe fallout from Silicon Valley Bank threatens to engulf Silicon Valley—and has put the rest of the banking system on edge
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Scrutiny Falls on $43B USDC Stablecoin’s Cash Reserves at Failed Silicon Valley BankCircle’s USDC, the second largest stablecoin with $43 billion market capitalization, held an undisclosed part of its $9.8 billion cash reserves at failed Silicon Valley Bank. sndr_krisztian reports
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USDC Issuer Circle Says it 'Awaits Clarity' From FDIC on Silicon Valley Bank CollapseCircle declined to specify how much of the cash backing USDC is stuck at Silicon Valley Bank in its first statement since the tech lender's collapse. realDannyNelson reports
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