The price of the crypto-focused bank Silvergate Capital’s shares fell by over 40% after it reported a more than $8 billion drop in customer deposits. The share price plunge came just days after U.S. prosecutors reportedly seized collapsed crypto exchange FTX’s accounts held at the bank. Alan Lane, the CEO of Silvergate, denied allegations that…
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The legal team confirmed the U.S. Departure of Justice was in the process of seizing the Robinhood shares but said SBF was “compelled to reply” given other claims. The legal team for former FTX CEO Sam Bankman-Fried has filed a motion in an effort to stop the exchange’s debtors from controlling more than $450 million…
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The founder of FTX pleaded not guilty to all criminal charges related to the collapse of crypto exchange FTX. After Sam Bankman-Fried was handed over to United States officials last month, his top lieutenants — Caroline Ellison and Gary Wang — had already been cooperating with the feds. The two pleaded guilty to a slew…
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According to statistics, the stablecoin BUSD saw a significant drop in its supply over the past 30 days, shedding roughly 23.8% from Dec. 5, 2022, to Jan. 6, 2023. Since Dec. 13, 2022, BUSD’s supply has been reduced by more than $5 billion, going from $21.84 billion to its current level of $16.77 billion. Stablecoin…
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Fabio Panetta, part of the Executive Committee of the European Central Bank (ECB), believes that unbacked cryptocurrency assets are vehicles for gambling without intrinsic value, which need to be regulated. In an opinion piece, Panetta states that while cryptocurrency regulation is a good answer to the problem, it must also touch on decentralized finance structures.…
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Silvergate Capital, a crypto-focused bank, suffered a bank run following the collapse of cryptocurrency exchange FTX, which forced the company to sell assets at a significant loss in order to honor $8.1 billion worth of customer withdrawals…. Read More: Silvergate Bank Suffers Run on Deposits as $8.1 Billion is Withdrawn – Will it Go Bust?…
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FTX’s bankruptcy filings show a $543 million loan to former engineering director Nishad Singh, who was reportedly a part of the secret ‘wirefraud’ chat group. The United States Securities and Exchange Commission and Commodity Futures Trading Commission and prosecutors are reportedly investigating former FTX engineering director Nishad Singh for potentially having a role in defrauding…
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Derar Islim, the interim CEO of crypto brokerage Genesis Global Trading, has told clients that they need more time to resolve the financial crisis plaguing its lending business. In a statement on Wednesday, Islim claimed that they will be able to sort out the current tough financial position but they need some more time. He said:… Read…
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According to onchain research, wallets connected to Sam Bankman-Fried, the disgraced co-founder of FTX, transferred a significant number of previously unreported transactions across various blockchains. The transfers were discovered by Conor Grogan, a director at Coinbase, and while most of the transactions took place on Dec. 28, there was some recent activity in the first…
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