It is unclear how much assets custodied on behalf of crypto VCs are stuck in Silicon Valley Bank. 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…
Read more
According to insiders, 50% of uninsured deposits will be paid out by next week. According to a post on Mar. 11 by Bob Elliot, chief investment officer of Unlimited Funds, relief efforts may already be underway less than 72 hours after the collapse of prominent American tech bank Silicon Valley Bank (SVB). Elliot claimed, among…
Read more
The trading freeze follows an analysis from DeFi’s risk manager firm Gauntlet Network considering different scenarios for the USD Coin price. Lending protocol Aave has frozen stablecoins trading and set Loan-to-Value (LTV) ratio to zero in response to recent price volatility on stablecoins after the USD Coin (USDC) depegged on March 11. According to the…
Read more
“Proposal(s) implementing the above changes are expected to be posted in the next ~12 hours or less,” says MakerDAO. According to a forum post from MakerDAO, the issuer of the U.S. dollar-pegged Dai (DAI) stablecoin, on March 11, the firm requested an “urgent executive proposal to mitigate risks to the protocol.“ Maker said it possessed…
Read more
The depegging of the USDC stablecoin has affected other stablecoins, wreaking havoc on crypto projects and stakeholders in a massive chain reaction. 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…
Read more
The DAI stablecoin supported the price of GHST for over two years. According to play-to-earn nonfungible token (NFT) protocol Aavegotchi, on March 11, the entity closed the bonding curve defining the exchange rate between its Aavegotchi (GHST) token and the Da (DAI) U.S. dollar-pegged stablecoin. The same day, DAI lost its U.S. dollar peg due…
Read more
Amid the demise of Silvergate Bank and the troubles faced by Silicon Valley Bank (SVB), market analysts believe Signature Bank (SBNY) may be a buy as it’s considered the “last game in crypto-town,” according to Wells Fargo equity analyst Jared Shaw. Silvergate’s liquidation caused SBNY shares to sink on Friday, dropping more than 13% as…
Read more
Cryptocurrency exchange Binance has introduced new restrictions for Russian users, in accordance with the latest European sanctions. The platform is restricting access to peer-to-peer (P2P) transactions in U.S. dollars and euros for traders based in the Russian Federation. Binance Prohibits US Dollar and Euro Transactions for Russians on Its P2P Market The world’s largest crypto…
Read more
Authorities in Kazakhstan have busted an illegal crypto trading platform, seizing over $350,000. The exchange allegedly processed almost $34 million in transactions through wallets on Binance, two of which have been blocked during the ongoing investigation. Digital Asset Exchange Making Millions in Turnover Closed Down in Kazakhstan A platform illegally trading cryptocurrencies in Kazakhstan, ABS…
Read more
The majority of the DeFi tokens in the top 100 traded in the red on the weekly charts due to a downturn in the broader financial market. Welcome to Finance Redefined, your weekly dose of essential decentralized finance (DeFi) insights — a newsletter crafted to bring you significant developments over the last week. DeFi has…
Read more
