Browsing:Crypto

Signature Bank Failure Tied to Crypto Volatility, Says US Lawmaker
1 year ago 1 min read

Lawmaker Blames Crypto Instability for Signature Bank’s Collapse

United States senator Michael Bennet has criticized banks associated with crypto firms for making “prudentially unsound” decisions. During a hearing of the Senate Finance Committee on March 16, Bennet referred to the recent closure of the crypto-friendly Signature Bank and compared the relationship between banks and crypto firms to that of institutions and marijuana dispensaries. Bennet stated that a legal service in many U.S. states, marijuana dispensaries, is “frozen out of the financial system” while Signature Bank failed, with almost a fifth of its deposits coming from crypto. Bennet implied that crypto may have been a factor in the bank’s

Eleven major US banks have made a bold move to deposit a total of $30 billion
1 year ago 1 min read

US Banks Trust First Republic Bank with $30 Billion in Deposits During Volatile Month

Eleven major US banks have made a bold move to deposit a total of $30 billion into the troubled First Republic Bank. Bank of America, Citigroup, JPMorgan Chase, and Wells Fargo each made an uninsured deposit of $5 billion, while Goldman Sachs and Morgan Stanley each made a deposit of $2.5 billion. BNY-Mellon, PNC Bank, State Street, Truist, and U.S. Bank each made a deposit of $1 billion. First Republic Bank has been facing a tumultuous month, with its stock price plummeting 74% from $115 to $35. The bank had $212 billion in total assets as of last year, but

ArenaDAO's Token ARENA
1 year ago 1 min read

ArenaDAO’s Governance Token Skyrockets Nearly 50% After Successful Vote on Paradigm Purchase

ArenaDAO’s governance token, ARENA, has experienced an 11.12% increase in the past hour and a whopping 48.99% surge in the past 24 hours, as the voting period for authorizing crypto investment firm Paradigm to purchase 150 million tokens or 15% of the total supply for $6 million USDC opened. The fully diluted valuation or market capitalization of all tokens in circulation currently stands at $79.8 million, according to Dex Screener, with a 24-hour volume of roughly $61,000, as reported by GeckoTerminal. Data from Nansen shows that 142 unique addresses are holding ARENA, which is a 10% increase since Monday. The

the founder of Cardano, addressed concerns about the network’s governance structure, reassuring ADA enthusiasts
1 year ago 1 min read

Charles Hoskinson Addresses FUD Over Cardano’s Governance: What You Need to Know

Charles Hoskinson, the founder of Cardano, recently addressed concerns about the network’s governance structure, reassuring ADA enthusiasts and users that development processes will be robust and transparent. In a March 16 video, Hoskinson responded to FUD (fear, uncertainty, and doubt) about CIP 1694, a new governance proposal set to usher in the age of Voltaire to Cardano. The Voltaire era of Cardano will be the fifth major phase of the Cardano blockchain, and is expected to lay out the foundations for decentralized decision-making, ushering the network into a self-sustaining system. Thus, CIP 1694 seeks to build on and extend the

Hackers Breach Euler Finance Despite CEO's Claims of Extensive Auditing
1 year ago 1 min read

Euler Finance Suffers $196M Attack Despite 10 Audits in 2 Years, Says CEO

Despite undergoing 10 separate audits by six different firms over a two-year period, Ethereum-based lending protocol Euler Finance fell victim to a $196 million flash loan attack on March 13. Euler Labs CEO, Michael Bentley, described the attack as one of the “hardest days” of his life in a series of tweets on March 17. The audits conducted by blockchain security firms, including Halborn, Solidified, ZK Labs, Certora, Sherlock, and Omnisica, had deemed the platform to be “nothing higher than low risk” and having “no outstanding issues” prior to the attack. Halborn, which conducted its audit from May 2021 to

MakerDAO Sets Sights on $1.25B U.S. Treasury Bond Holdings Following Successful First Vote
1 year ago 1 min read

MakerDAO Votes to Raise U.S. Treasury Bond Holdings to $1.25B

Maker’s governance community has approved a preliminary vote to increase its U.S. Treasury bond holdings to $1.25 billion, marking a significant increase from its current $500 million holding. The proposal was first introduced in October 2022 through an improvement proposal called MIP65, which allowed Maker to invest in U.S. Treasury bonds. The latest proposal increases the debt ceiling for those investments, which will allow Maker to invest more in liquid bonds. If fully approved in a later vote, Maker will spend the $750 million made available through the proposal on U.S. Treasuries, with maturities split equally over six months. Notable

The Federal Deposit Insurance Corporation (FDIC) has denied reports that any purchaser of Signature Bank would be required to divest their crypto activities.
1 year ago 1 min read

FDIC Rejects Report on ‘s Buyer Being Required to Sell Crypto Holdings

The Federal Deposit Insurance Corporation (FDIC) has denied reports that any purchaser of Signature Bank would be required to divest their crypto activities. According to a Reuters report citing unnamed sources, “any buyer of Signature must agree to give up all the crypto business at the bank.” However, an FDIC spokesperson has denied this claim, stating that the acquirer will decide the conditions of their bid, and that the FDIC would not require divestment of crypto activities as part of any sale. In response to questions regarding the sale of Signature Bank, the FDIC spokesperson explained that the receivership does

Shiba Inu Token Tanks 10% Amid Shibarium Code Fiasco
1 year ago 1 min read

Shiba Inu Coin Plummets 10% as Shibarium Faces Code Controversy

Shiba Inu (SHIB) prices have fallen 10% in the past 24 hours, causing concern among investors and traders. This drop comes amid drama surrounding the codebase of the highly anticipated Shibarium blockchain. Last week, Shibarium released its beta version for the layer 2 network, which functions as a blockchain that mimics real-world functioning. The layer 2 network is built on top of layer 1 protocols that reduce bottlenecks with scaling and data. However, the launch was overshadowed by concerns raised by a top-ranked community member on Shiba Inu’s Discord channel. The concerns were related to Shibarium’s beta testnet using the

The Euler Labs hacker transferred 1,000 Ether
1 year ago 1 min read

Euler Hacker Sends Crypto through Mixer

The recent attack on Euler Finance, which resulted in the loss of $196 million, has sent shockwaves throughout the crypto community. As investigators try to uncover the identity of the hacker responsible, new developments have emerged. The hacker has now moved some of the stolen funds through a popular crypto mixer, Tornado Cash. PeckShield, a blockchain analytics firm, tweeted on March 16 that the exploiter behind the flash loan attack was “on the move.” The hacker transferred 1,000 Ether, worth approximately $1.65 million, through the Tornado Cash mixer. This move comes just hours after Euler Labs announced a $1 million

A wallet linked to Alameda Research's liquidators recently sent $100 million worth of stablecoins to crypto trading firms
1 year ago 1 min read

Alameda-Connected Wallet Moves $100 Million of Stablecoins to Trading Firms Amidst USDC Depegging

A wallet linked to Alameda Research’s liquidators recently sent $100 million worth of stablecoins to crypto trading firms Cumberland and GSR Markets over the weekend. On March 13th, GSR Markets received over $47 million worth of USD Coin (USDC), which suffered a depeg over the weekend due to banking concerns in the United States. On the other hand, Cumberland received $50.3 million in two transactions. Blockchain analytics firm Arkham Intelligence conducted an on-chain analysis to confirm these transactions. According to blockchain sleuth Lookonchain, three other wallets previously linked to FTX and Alameda sent $188.58 million to crypto exchanges Coinbase, Kraken,

NatWest
1 year ago 1 min read

UK’s Third Largest Bank, NatWest, Limits Crypto Deposits to £1,000 Daily

NatWest, one of the UK’s most popular financial institutions, has recently imposed restrictions on its customers’ crypto purchases. According to a Bloomberg report, the bank has implemented a daily limit of £1,000 ($1,215) or £5,000 ($6,090) every 30 days on its customers’ crypto purchases to reduce their exposure to volatile assets. NatWest stated that the restrictions would prevent its customers from losing “life-changing sums of money” on crypto investments and scams. The bank revealed that fraudsters use false promises of high returns to lure investors and take advantage of their lack of understanding of crypto and its unpredictability. This has

Poolz Finance has lost nearly $390,000 on both the Binance Smart Chain and Polygon
1 year ago 1 min read

Poolz Finance Falls Victim to Cyber Attack: Hackers Steal $390K

In a recent cyber attack, Poolz Finance has lost nearly $390,000 on both the Binance Smart Chain and Polygon. The hack was spotted by blockchain security company PeckShield on Wednesday. The firm suspects that an arithmetic overflow issue could have been the reason behind the hack. This occurs when a larger operation yield is performed against a smaller storage system, leading to bugs in the system. PeckShield’s analysis revealed a repeat pattern by the same sender on the Token Vesting contract. This issue has been identified in Solidity, which states that arithmetic operations wrap on overflow. In high-level programming languages,

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