• FDIC says Signature Bank failed due to mismanagement, risky crypto deposits.
• SEC fines Up Global, Coinme $3.9M; issues C&D.
• Ex Coinbase CTO Balaji clarifies 10% chance of sovereign default is ‘very high’.
FDIC Says Signature Bank Failed Due to Mismangement
The Federal Deposit Insurance Corporation (FDIC) has revealed that the failure of Signature Bank was due to mismanagement and risk crypto deposits. The bank reportedly failed despite its efforts to address these issues.
SEC Fines Up Global, Coinme $3.9M
The Securities and Exchange Commission (SEC) has fined Up Global and Coinme a total of $3.9 million for failing to register as securities brokers or dealers with the commission and for other violations of federal securities laws. Furthermore, the SEC has issued a cease-and-desist order against both companies in connection with their activities related to cryptocurrency transactions.
Dave Ripley Takes Over as Kraken CEO
Dave Ripley recently took over as Kraken CEO and is set on leading the company into its next phase of growth and expansion. During his presentation at Consensus 2023, he talked about how the company is focusing on building out more advanced features for its platform such as margin trading and derivatives trading options for institutional investors.
Polygon-based Protocol 0vix Exploited for $2M
A polygon-based protocol called 0vix was recently exploited by malicious actors who managed to steal roughly $2 million worth of cryptocurrency from the network’s users over the course of several weeks before being discovered by security researchers at white hat group HackenProof earlier this month. The hackers have since returned some funds after reaching an agreement with HackenProof but many victims are still waiting for their stolen funds to be recovered in full or partially reimbursed by 0vix developers or insurance providers associated with the project..
US Government Holds $6B Worth Of Bitcoin: Glassnode Data
Glassnode data shows that the US government holds approximately $6 billion worth of Bitcoin across various wallets it controls, including those belonging to law enforcement agencies such as FBI and ICE (Immigration & Customs Enforcement). This suggests that public authorities may be preparing for a possible future where cryptocurrencies play a significant role in economic activity around the world