On March 4, 2023, cryptocurrency exchange Bybit announced that it had suspended U.S. dollar deposits via bank transfer. Bybit cited “outages” from its partner as the reason for the suspension of USD deposits via bank transfers and the SWIFT network. Bybit Suspends USD Deposits, Wire Transfer Withdrawals Open Until March 10 The cryptocurrency exchange Bybit,…
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Silvergate Bank has discontinued its cryptocurrency payments network. The decision to shut down Silvergate Exchange Network followed the withdrawal of banking relationships by several major cryptocurrency firms, including Coinbase, Gemini, Paxos, and Circle. Silvergate Discontinues Crypto Payments Network Silvergate Bank announced Friday that its cryptocurrency payments network, the Silvergate Exchange Network (SEN), has been terminated.…
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BUSD’s market cap is down by nearly $14 billion from its all-time high of $23.49 billion, set on Nov. 15, 2022. Binance USD’s (BUSD) market cap has fallen below $10 billion for the first time in almost two years amid a United States regulatory crackdown on its token issuer and a planned delisting from a…
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On March 2, 2023, the cryptocurrency exchange Coinbase announced that, in light of recent developments, the company is “no longer accepting or initiating payments to or from Silvergate Bank.” The news follows the crypto bank’s delay of its annual 10-K filing with the U.S. Securities and Exchange Commission (SEC) and JPMorgan’s downgrade of the company’s…
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The filing is the latest proposed class action in a string of lawsuits aimed at Silvergate over the last two months about its links with Sam Bankman-Fried and defunct crypto exchange FTX. Silvergate Bank and its CEO Alan Lane have been accused of “aiding and abetting” a “multibillion-dollar fraudulent scheme orchestrated by Sam Bankman-Fried (SBF)”…
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Recent data shows that Silvergate Bank, a crypto-friendly financial institution, has become the most shorted stock in the United States, according to the Financial Industry Regulatory Authority. On Tuesday, Silvergate’s stock saw a rise after it was discovered that Citadel Securities holds a 5.5% stake in the bank, according to a Schedule 13G filing with…
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Federal prosecutors have seized $697 million in assets, mostly comprised of more than 56 million Robinhood shares worth $526 million, from FTX co-founder Sam Bankman-Fried. Court filings detailed that the U.S. government seized a series of bank accounts belonging to Bankman-Fried, holding millions in cash. US Government Seizes Millions in Cash and Robinhood Shares From…
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Silvergate has reportedly laid off 200 members of its staff, which is around 40% of its total number of employees. The FTX debacle has triggered a bank run on Silvergate, causing the company to sell off its assets at a loss and cut staff by 40% to cover $8.1 billion worth of customer withdrawals. According…
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Blockfi, a cryptocurrency lending platform, has announced that it is limiting the operations of its platform and pausing customer withdrawals. The company issued a letter where it states that this decision was caused by the “lack of clarity” on the current state of FTX, which had previously announced an investment of $250 million in the…
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The CEO of the Nasdaq-listed software company Microstrategy has debunked the rumor that his company is facing a margin call for a bitcoin-backed loan and will be forced to sell some coins. If the price of the cryptocurrency “falls below $3,562 the company could post some other collateral,” the executive explained. Microstrategy Hasn’t Received a…
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