SBF legal fees, BTC market cap flips Meta,USDC climbs back to $1

Top news of the week

Sam Bankman-Fried Petitions Court to Prioritize Reimbursement of Lawyer’s Fees

Sam Bankman-Fried (SBF) is seeking to cover his legal costs using FTX’s commercial insurance, according to a March 15 court filing. Fried. The move puts the former CEO at the top of FTX’s payout list. Another headline shows that Bankman-Fried’s entourage received his $3.2 billion payment and loan from his FTX-affiliated entity. That sum doesn’t include his $240+ million spent on luxury real estate purchases in the Bahamas, political and charitable contributions, and “substantial remittances” to non-FTX subsidiaries. In another headline, the FTX debtor reported his $11.6 billion claims and his $4.8 billion assets. This means there is a $6.8 billion hole for him on the exchange’s balance sheet.

Signing banks were shut down by New York regulators for not providing data

The crypto-friendly signatory bank was officially shut down on March 12 and handed over to the New York Department of Financial Services for “failure to provide consistent and reliable data.” The bank is being investigated by two US government agencies on whether it has taken appropriate steps to monitor and detect potential money laundering by its customers. Former US Congressman Bernie Frank has suggested that New York regulators have closed signatures as part of a show of power over crypto markets.

USDC Bounces Towards $1 Peg After Fed Announcement

Circle’s stablecoin USD Coin (USDC) returns to the $1 peg following positive developments on Circle’s $3.3 billion worth of reserves held at Silicon Valley Bank and its new banking partners . USDC redemptions are now handled by Cross River Bank and BNY Mellon. The stablecoin was depegged from the US dollar on March 10 following the sudden collapse of SVB, triggering the depegging of many other stablecoins. The de-pegging of the stablecoin prompted an increase in weekend loan repayments, allowing debtors to save over $100 million on loans.

US Federal Reserve Announces $25 Billion Funding for Backstop Banks

US federal regulators have announced “decisive action” to “fully protect depositors” at both Silicon Valley Bank and the now-closed signatories. The Federal Reserve is investigating the failure of Silicon Valley banks. It also includes an internal investigation into how the Federal Reserve Board supervised and regulated financial institutions. In a sudden collapse, SVB’s UK arm was bought by HSBC for £1.21 (£1.21), with £5.5 billion ($6.7 billion) in loans and £6.7 billion ($8.1 billion) in deposits. was there.

Bitcoin Market Cap Upends Tech Giant Meta, Widening Gap With Visa

Despite a week of crypto turmoil following the collapses of Silicon Valley Bank and Signature Bank, Bitcoin’s market cap has managed to overtake tech giant Meta’s market cap. According to Companies Market Cap data, Bitcoin’s market capitalization reached $471.86 billion on March 14, surpassing Meta’s $469 billion. The major cryptocurrency rises to 11th among the top assets by market capitalization, second only to electric car maker Tesla. Wall Street’s top bank stocks outperformed as crisis fears grow.

SBF legal fees, BTC market cap flips Meta,USDC climbs back to

winner and loser

Bitcoin for the weekend (Bitcoin) is $27,571,ether (ethereum) and $1,823 and XRP and $0.38The total market capitalization is $1.18 trillion, according to Go to Coin Market Cap.

Among the 100 biggest cryptocurrencies, this week’s top 3 altcoin risers are Conflux (CFX) Mask network at 186.02% (mask) 120.56% and stuck (STX) at 102.97%.

UNUS SED LEO is this week’s top 3 altcoin loser (Leo) -2.22%, Tether (USDT) -0.35% and Binance USD (USD) -0.16%.

For more information on crypto prices, be sure to read Cointelegraph’s market analysis.

most memorable quotes

“The recent closure of financial institutions may present an opportunity for widespread adoption of cryptocurrencies.”

Johnny LiuCEO of KuCoin

“We believe that the future of finance will be blockchain-enabled, and we are already witnessing rapid changes in the tokenization market.”

Drew BradfordExecutive General Manager, National Australia Bank Markets

“Massive adoption by mainstream businesses and their consumers is imminent, thanks to recent developments in scaling and privacy technology.”

Mark SmurgonCEO of Fuse Network

“Stop talking about blockchain/NFT/Play-to-Earn (P2E)/Metaverse/Web3. […] they [players] I just want a fun play experience, not a science class. ”

Peter BergstromFormer Producer of Age of Empires, CEO of BitBlock Ventures

“There will be a credit crunch in the US and globally. […] you wanna be long gold and silver […] And I want to go long Bitcoin. ”

Michael NovogratzFounder and CEO of Galaxy Digital

“I think regulators are using cryptocurrencies as scapegoats because they have failed to oversee traditional banking.”

Cathy WoodCEO of Arkinvest

Forecast for the week

Bitcoin price hits $27,000 for 9-month high as Federal Reserve injects $300 billion

Bitcoin hit a nine-month high on March 17 as the latest event in the US banking crisis boosted the crypto market. Cointelegraph Markets Pro and TradingView It showed BTC/USD reached $27,025 on Bitstamp before the consolidation. A new upswing catalyst came overnight in the form of Federal Reserve balance sheet data, which showed nearly $300 billion had been pumped into the economy as part of its response to the banking crisis. .

Cointelegraph contributor Michael van de Poppe, founder and CEO of trading firm Eight, looked up and down certain levels.

“Chopperno landing on Bitcoin probably means there is some sideways structure,” he wrote on Twitter. Next is $28 to $30,000.If you lose $26,000, punt about $25,000 long.Relatively straightforward.”

FUD of the week

Euler Finance hacked over $195 million in flash loan attack

Lending Protocol Eurler Finance faced a flash loan attack on March 13th. Abusers executed multiple transactions, stealing approximately $196 million worth of stablecoins DAI and USDC, staking Ether, and wrapping Bitcoin. This attack is what he called the biggest hack of 2023 so far. Some of the stolen funds began to be transferred to Tornado Cash, a cryptocurrency mixer, shortly after he was offered a $1 million bounty to identify the hackers. As of March 18, only a small portion of the funds (approximately 3,000 Ether ($5.4 million)) had been recovered.

Europol seized $46 million from crypto mixers after $2.88 billion was allegedly laundered.

Law enforcement agency Europol has seized assets of cryptocurrency mixer ChipMixer worth $46 million on suspicion of involvement in money laundering activities. of servers have been seized. Europol claims ChipMixer has laundered more than 152,000 BTC ($2.88 billion) since its launch in 2017.

FBI and NY Authorities Investigate TerraUSD Stablecoin Collapse

The US Department of Justice is reportedly investigating the collapse of the TerraClassicUSD (USTC) stablecoin, which contributed to the $40 billion wipeout of the Terra ecosystem last May. A former Terraform Labs staffer has been questioned by US agencies, including the FBI, in recent weeks. The investigation covers similar grounds to a lawsuit filed by the U.S. Securities and Exchange Commission against his Terraform Labs and its founder Do Kwon in February, including misleading investors.

editorial staff

Writers and reporters from Cointelegraph Magazine contributed to this article.

Author

GC Journalist

As the in-house writer for GallantCEO.com I prefer to remain anonymous as I do not seek anything from my writing only the self gratification of writing for a good cause such as this.

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