1 / 2 Relevant items tagged with #Collapse
Posts: 55
Posts
Why Stablecoins Fail: Lessons From the Past
[Sep 29 4:30 AM] Stablecoins, the cryptocurrencies pegged to fiat currencies like the U.S. dollar to keep their value steady, can still face failures. Several well-known examples demonstrate that maintaining stability is more challenging than it appears. So, how…
US Banking Regulator Calls for Stronger Oversight of Crypto Risks
[Sep 5 5:30 AM] Acting Comptroller Michael Hsu has emphasized the importance of proactive oversight in managing crypto risks. He cited the 2022 crypto market collapse, with a $2 trillion loss, where effective supervision kept banks stable. Hsu emphasized the need…
Peter Schiff Warns Against Owning Bitcoin ETFs, Cites ‘Not Your Keys, Not Your Coins’
[Aug 6 11:18 PM] Economist and gold advocate Peter Schiff argues that bitcoin exchange-traded funds (ETFs) contradict the core principles of the cryptocurrency by undermining decentralization and peer-to-peer transactions. He criticizes recent buyers of bitcoin for…
Terraform Labs to sell 4 companies as part of wind-down
[Jul 10 11:14 PM] The bankrupt Terraform Labs is looking to sell four of its companies as it winds down operations to comply with its multi-billion SEC deal.
Robinhood to Buy Back SBF’s Stake for Over $605 Million
[Sep 2, 2023 11:30 PM] Online broker Robinhood is going to buy back the stake purchased by a company of crypto exchange FTX founder Sam Bankman-Fried (SBF). The fintech intends to pay $605.7 million for the shares that were transferred to the custody of the U.S…
Silvergate CEO to depart amid ongoing liquidation and investor suits
[Aug 15, 2023 6:45 PM] Silvergate is losing its CEO Alan Lane and two other top executives as part of an ongoing wind-down of the once crypto-friendly bank.
Report: FTX Co-CEO Ryan Salame in Plea Deal Talks; Private Jet May Be Forfeited
Ex-Alameda CEO Caroline Ellison’s Google Docs Diary Exposes Struggles Prior to FTX Collapse
[Jul 20, 2023 10:30 AM] According to the New York Times and several sources familiar with the matter, Caroline Ellison, former CEO of Alameda Research, maintained a diary on Google Documents that provides a brief glimpse into the challenges she faced before the collapse…
Temasek Has No Immediate Intentions to Invest in Crypto Exchanges After FTX Loss
[Jul 13, 2023 2:30 AM] Singapore’s state-owned investment fund Temasek does not plan to put money into crypto firms amid the current regulatory uncertainty, according to a top executive. The statement comes months after Temasek lost $275 million from its involvement in…
Crypto Exchange Thodex Founder Denies Fraud Charges in Turkey
[Jun 14, 2023 4:30 AM] The founder of failed cryptocurrency exchange Thodex has denied all fraud-related allegations in a Turkish court. The crypto entrepreneur was handed over to Turkey by Albanian authorities earlier this year to face charges for his leading role in…
Do Kwon Moved $29 Million Worth of Coins Since Arrest, Prosecutor Says
[Jun 8, 2023 2:30 PM] Founder of Terraform Labs, Do Kwon, has withdrawn millions of dollars in crypto from an entity linked to his failed blockchain firm, investigators claim. South Korean authorities are now trying to locate the digital assets that have been allegedly…
Silvergate Bank Faces Regulatory Deadline for Self-Liquidation Plan
[Jun 2, 2023 8:30 AM] In a recent press release from the U.S. Federal Reserve Board of Governors, it was disclosed that Silvergate Bank has been given a ten-day deadline to submit a plan outlining its self-liquidation procedure and the systematic cessation of…
Do Kwon to Be Released on €400,000 Bail, Pleads Not Guilty in Montenegro
[May 12, 2023 3:00 PM] Terraform founder Do Kwon will be released from jail but placed under police surveillance at a local residence, a Montenegrin court has decided. The trial against him and another Korean, on charges of travelling on false documents, opened on…
Stabilizing the Banking System: Biden Reassures Public Amid First Republic Bank Collapse, but Warns of National Debt Default
FTX Boss Ryan Salame’s Maryland Home Searched by FBI in Unexplained Raid
[Apr 28, 2023 8:00 AM] According to unnamed sources, the home of Ryan Salame, the former co-chief executive of FTX Digital Markets, was searched by the U.S. Federal Bureau of Investigation (FBI) on Thursday. The grounds for the raid remain unknown, and neither Salame nor…
Do Kwon’s Terraform Sent $7 Million to Law Firm Before Collapse, Report Unveils
[Apr 16, 2023 5:30 AM] Prosecutors investigating failed blockchain firm Terraform Labs have found out that its Singapore office sent millions of U.S. dollars to lawyers just before the crash of its cryptocurrencies. According to Korean media, the transfers suggest that…
US Bank Lending Drops by Record $105 Billion in Two Weeks, Trillions Moving to Money Market Accounts, Elon Musk Warns ‘Trend Will Accelerate’
[Apr 9, 2023 9:30 AM] The banking industry in the United States is still struggling after the collapse of three major banks. According to statistics, bank lending in the U.S. has dropped by close to $105 billion in the last two weeks of March, which is the largest…
Market Analyst Heralds the Collapse of ‘Everything,’ Calls for Hedging in Gold and Silver Before There Isn’t Any Left
[Apr 5, 2023 12:30 AM] Egon von Greyerz, market analyst and founder of Matterhorn Asset Management, is predicting the collapse of the central bank system in the next few years due to an increasing issuance of currency and debt. Von Greyerz states that in the face of an…
Do Kwon to Stand Trial in Montenegro, May Serve Time Before Extradition
[Mar 30, 2023 7:30 AM] Before extradition, Terraform Labs founder Do Kwon will first have to stand trial in Montenegro for traveling on a fake passport, according to his lawyer in the country. The fugitive crypto entrepreneur may also have to serve time in prison before…
Do Kwon’s Extradition Likely to Take Time, Montenegrin Prosecutor Says
[Mar 28, 2023 2:30 PM] A prosecutor investigating Terraform Labs CEO Do Kwon for alleged passport forgery in Montenegro has indicated that he will not be extradited soon. The law enforcement official told South Korean media that Montenegrin authorities intend to indict…
Shares of Deutsche Bank, Other Euro Lenders Tumble
[Mar 24, 2023 3:30 PM] Deutsche Bank shares plunged on Friday, along with the stocks of other European banks, amid investor concerns over the stability of the global banking sector. The drop comes in the aftermath of the recent emergency rescue of Credit Suisse and…
Treasury Secretary Yellen Holds Unscheduled Meeting With Top Financial Regulators Amid Turmoil in Banking Sector
[Mar 24, 2023 11:30 AM] U.S. Treasury secretary Janet Yellen initiated an unscheduled Financial Stability Oversight Council (FSOC) meeting with the country’s top financial regulators on Friday amid issues plaguing the U.S. banking sector. Banking stocks and all four U.S…
Several Major Central Banks Take Coordinated Action to Boost Liquidity Amidst Banking Crisis
[Mar 20, 2023 8:00 AM] On Sunday evening, March 19, 2023, at 5:00 p.m. Eastern Time, the U.S. Federal Reserve, along with several central banks including the Bank of England, Bank of Canada, Bank of Japan, the European Central Bank, and the Swiss National Bank, announced…
Chair of EU Parliament’s Committee on Budgets Calls for Crypto Ban Amid Banking Turmoil
[Mar 19, 2023 1:00 AM] A European lawmaker has urged authorities to impose a ban on cryptocurrencies citing the current crisis in the banking sector as a reason. Johan Van Overtveldt, former finance minister of Belgium, believes these assets bring no economic or social…
Crypto users turned to DEXs, loaded up on USDC after Silicon Valley Bank crash
[Mar 16, 2023 8:02 PM] The collapse of FTX led to a similar exodus from centralized exchanges, as users worried they may lose access to funds during crises.
Republican Congressman Tom Emmer Queries FDIC on Alleged Efforts to Purge Crypto Activity from US
[Mar 16, 2023 4:00 PM] On Wednesday, Tom Emmer, the U.S. Republican congressman from Minnesota, revealed he sent a letter to Martin Gruenberg, the chairman of the Federal Deposit Insurance Corporation (FDIC), regarding reports that the FDIC is “weaponizing recent…
British Bank Natwest Implements New Limits on Cryptocurrency Payments to Combat UK Crypto Scams
[Mar 15, 2023 12:00 PM] On March 14, 2023, the U.K.-based bank Natwest Group announced new limits on cryptocurrency payments, citing crypto scams that cost U.K. consumers £329 million annually. The limit imposed on crypto exchanges is £1,000 daily ($1,215), with a 30-day…
Federal Investigators Probe Silicon Valley Bank Collapse; SVB and Top Execs Sued by Shareholders
[Mar 14, 2023 1:30 PM] The parent company of Silicon Valley Bank, SVB Financial Group, and two senior executives have been sued by shareholders after SVB’s collapse last Friday. The proposed class action accuses SVB of hiding the fact that interest rate hikes would…
‘Fiat Is Fragile’ — Silicon Valley Bank’s Collapse Sparks Finger-Pointing and Concerns of Contagion
[Mar 11, 2023 2:30 PM] Silicon Valley Bank (SVB) has become the center of attention after its collapse prompted the U.S. Federal Deposit Insurance Corporation (FDIC) to shut the bank down on Friday. It was the largest U.S. bank failure since 2008, and various alleged…