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Silvergate’s delayed financial reporting sparks bankruptcy concerns, FTX reports an $8.6 billion deficit, and Binance’s balance sheet is being sought by US senators.
Top news of the week
Delayed filings send Silvergate shares plummeting, raising questions about the future
Silvergate made headlines this week after deferring the filing of its annual 10-K financial report. The collapse of cryptocurrency banks could prove costly for the rest of the industry. We have confirmed that we will scale back the partnership to some extent. MicroStrategy and Tether join a number of companies publicly denying any material exposure to banks. On March 2nd, Silvergate’s stock plummeted more than 50% on his NYSE.
FTX presentation shows significant shortage of corporate assets
Bankrupt cryptocurrency exchange FTX has revealed a significant shortage of digital assets and fiat holdings. Billions of dollars worth of customer funds are missing from both the exchange and his US-based FTX US. In total, FTX recorded a deficit of $8.6 billion for him across all wallets and accounts, while FTX US recorded a deficit of $116 million for him. In headlines this week, former FTX Engineering his director Nishad Singh pleaded guilty to charges of conspiracy to commit wire fraud and commodity fraud. Singh’s plea comes after many of Sam Bankman-Frieds’ close associates have reportedly agreed to work with US prosecutors in recent months.
Crypto Kids Fight Facebook For Metaverse Souls
Why Grayscale’s New Digital Currency Ad Will Bring Crypto Investments To Millions Of People
Celsius Custody Customers Finally Start Withdrawing After 263 Days From Freeze
For the first time in 263 days, Celsius customers were able to withdraw their funds after a pre-bankruptcy freeze. Affected customers received an email a few weeks ago listing who was eligible to withdraw their funds, and another email on March 2 notifying them that withdrawals were available. A customer who held funds in a custody account available only to US residents was able to withdraw his 94% of the original funds. A client who has transferred funds from an earning or borrowing account to a custody account can now withdraw her 72.5% of the funds.
Senator Elizabeth Warren and Colleagues Demand to Check Binance Balance Sheet
Three US Senators Led by Elizabeth Warren Written to Binance CEO CZ Zhao Changpeng and Binance.US CEO Brian Schroeder Concerning Many Aspects of Crypto Exchange Operations and requested balance sheets from both companies. Senators allege the company evaded U.S. regulators and sanctions and facilitated the laundering of at least $10 billion.Binance reportedly preparing to resolve outstanding US regulatory and law enforcement issues
Jack Dorsey’s Decentralized Twitter Rival Enters App Stores
Twitter co-founder Jack Dorsey is developing Bluesky, a decentralized Twitter alternative. Private beta testing of mobile applications is available as an invite-only app on the Apple App Store. This allows certain people to try new social media experiences by creating an account via an invite code. Bluesky is built on the AT protocol, a new federated he social network that integrates the latest decentralized technology ideas.
winner and loser
Bitcoin for the weekend (Bitcoin) is $22,352,ether (ethereum) and $1,562 and XRP and $0.36The total market capitalization is $1.02 trillion, according to Go to Coin Market Cap.
Among the 100 biggest cryptocurrencies, this week’s top 3 altcoin risers are Maker (MKR) 29.45% in earn.finance (YFI) 21.79% and stuck (STX) at 21.51%.
This Week’s Top 3 Altcoin Losers Are Conflux (CFX) -20.20% optimism (OP) -17.94% and Hedera (HBAR) -16.27%.
For more information on crypto prices, be sure to read Cointelegraph’s market analysis.
Decentralized Social Media: What’s Crypto’s Next Big Problem?
“Account Abstraction” Supercharges Ethereum Wallets: A Dummy Guide
most memorable quotes
Cryptocurrencies have covered some of the immediate needs of defenders. I literally had no other choice at the time.
Alona Shevchenkoco-founder of the Ukrainian DAO
Chairman Gensler may have preconceived notion that all digital assets other than Bitcoin are securities, but his opinion is not the law.
Jake CervinskyBlockchain Association Attorney and Chief Policy Officer
Our view remains that fiat-backed digital currencies running on public blockchains could play an important role in the payments ecosystem.
Qui SheffieldVisa Crypto Officer
[CBDC] the only best step we can take [to protect national interests] Because it keeps the crypto ecosystem out.
Daleep Singhformer Deputy National Security Advisor to the White House
Cryptocurrency investors and younger generations of Americans still believe that cryptocurrencies are a worthwhile investment in the future with social benefits.
morning consultation questionnaire
As the world’s first free zone dedicated to digital and virtual asset companies, we look forward to supporting the ambitions of entrepreneurs around the world.
Sheikh Mohammed bin Humaid bin Abdullah Al QasimiChairman of RAK International Corporate Center
Forecast for the week
Bitcoin Price Falls Amid Silvergate Uncertainty
Data from Cointelegraph Markets Pro and TradingView The cryptocurrency market reacted to Silvergate Bank’s liquidity, showing that the BTC bulls were unable to defend their already weak support.
For some traders, Bitcoin’s drop was already only a matter of time. BTC price action has spent weeks trying to overcome resistance above $25,000.
Kana Trader Credible Crypto I got it The update with the target support price around the $20,000 mark is the key psychological level that was first recovered as support in January. If they fail, my downside target will be met sooner or later, the trader said.
FUD of the week
The Decline of Bitcoin ATMs: Over 400 Machines Off the Grid in Less Than 60 Days
Crypto ATMs have dropped significantly this year. In the first two months of 2023, the net number of cryptocurrency ATMs installed worldwide decreased by 412. Between December 2020 and January 2022, over 1,000 cryptocurrency and Bitcoin ATMs were installed each month. However, that growth was hampered by a bear market. Crypto ATMs are considered one of the key infrastructure pillars for the mass adoption of cryptocurrencies.
Robinhood Subpoenaed By SEC Over Listing And Storage Of Cryptocurrencies
Robinhood Markets received an investigative subpoena from the U.S. Securities and Exchange Commission (SEC) in December, which the company disclosed on February 27. and was received in one month.Following several other major cryptocurrency exchanges and lending platforms in early 2022 after crypto exchange FTX filed for bankruptcy..
Coinbase Announces Suspension Of BUSD Trading From March 13th
Coinbase has suspended trading of the Binance USD coin, the exchange announced on Twitter, citing the listing criteria behind the move. This decision applies to Coinbase.com (simple and advanced), Coinbase Pro, Coinbase Exchange, and Coinbase Prime. BUSD funds will continue to be available for withdrawal, the exchange said. Paxos’ market cap fell by $2 billion within days after the New York State Department of Financial Services ordered him to stop issuing BUSD. The stablecoin is the third largest by market capitalization.
Best Features of Cointelegraph
Unstable Coins: De-Pegging, Bank Runs and Other Risks Looming
How stable are stablecoins? Growing suspicion of reserves and hostile regulation means a bank crackdown is possible.
Account Abstraction Powers Ethereum Wallets: A Dummies Guide
A guide to why “account abstraction” and “smart accounts” are currently the hottest thing on Ethereum and will help bring mainstream adoption.
$3M OKX Airdrop, 1 Hour Due Diligence at 3AC, Binance AI Asia Express
OKX will refund users for suspected market manipulation cases, 10,000 Binance AI NFTs within 3 hours, etc.