Circle’s USDC stablecoin briefly de-pegged after news that $3.3 billion of its cash reserves were stuck with collapsed bank Silicon Valley Bank. USDC’s dollar peg has since recovered, but mass redemptions have led to a drop in the stablecoin’s market cap by nearly 10% since March 11. (Read More)
US DOJ and SEC launch inquiries into Silicon Valley Bank collapse
The DoJ and SEC have started investigations into the sudden collapse of Silicon Valley Bank and the stock sales made by its financial officers leading up to its closure. The probes are in their early stages and may not result in charges or allegations of wrongdoing. (Read More)
Signature Bank Under Investigation by US Government Bodies
Signature Bank is reportedly under investigation by both the Securities and Exchange Commission and the Department of Justice over concerns that the bank did not take adequate measures to detect potential money laundering by its clients. The bank was closed on March 12 as part of a series of bank closures that also included Silvergate […]
GPT-4 AI Chatbot Scores High on Tests
The latest version of AI chatbot GPT-4 has achieved high scores on high school and law school tests, including the LSAT and Uniform Bar Exam. GPT-4 also scored well on SAT and AP exams in various subjects. (Read More)
Crypto Bank Anchorage Cuts 20% of Workforce
Anchorage Digital has laid off 75 employees, citing regulatory uncertainty and market volatility. The crypto bank expressed confidence in the digital asset landscape but acknowledged headwinds for its business and the crypto industry. (Read More)
US Officials Oppose Voyager Sale Provision
US officials request removal of a provision in Voyager Digital’s bankruptcy plan, arguing it would impede government’s regulatory powers; the provision prevents legal pursuit of those involved in the sale to Binance.US. (Read More)
SVC Bank Caught in SVB Collapse Confusion
India’s SVC Bank faced panic due to a mixup with collapsing Silicon Valley Bank, as their acronyms’ similarity caused confusion among Indian citizens. (Read More)
KuCoin Ventures Invests in Yuan-Pegged Stablecoin
KuCoin Ventures leads a $10 million investment in CNHC, a Chinese yuan-pegged stablecoin issuer and blockchain payment service provider. (Read More)
Ethereum-Based Uniswap V3 Now Expands to BNB Chain
With the support of 55 million users, Uniswap went live on BNB Chain. The expansion with Binance has expected to lower Uniswap’s gas fees. Decentralized exchange Uniswap version 3 (V3) is officially live on the BNB Chain, the smart contracts-based blockchain developed by the crypto exchange Binance. Significantly, the DEX executed this integration after receiving […]
Sberbank Executive Touts Blockchain for Russia
Sberbank executive Alexander Vedyakhin believes blockchain technology could help Russia solve current settlement issues, offering new capabilities for payment systems. (Read More)