blockchainreporter
  • News
    • Altcoins
    • Bitcoin
    • Blockchain
    • Ethereum
    • Adoption
    • NFT
    • DeFi
    • Metaverse
  • Education
  • Glossary
  • Advertise
No Result
View All Result
Buy Crypto
blockchainreporter
  • News
    • Altcoins
    • Bitcoin
    • Blockchain
    • Ethereum
    • Adoption
    • NFT
    • DeFi
    • Metaverse
  • Education
  • Glossary
  • Advertise
No Result
View All Result
blockchainreporter
BUY CRYPTO
No Result
View All Result
Bitcoin
BTC
1d:
7d:
Ethereum
ETH
1d:
7d:
Polkadot
DOT
1d:
7d:
Solana
SOL
1d:
7d:
Ripple
XRP
1d:
7d:
Shiba INU
SHIB
1d:
7d:

Blockchainreporter Weekly News Roundup, USDC Dying Amid SVB Closure

Umair Younas by Umair Younas
March 12, 2023 - 4:09 pm
in bitcoin news, Market
0
svb USDC
0
SHARES
0
VIEWS
Share on FacebookShare on Twitter

This week has seen some abrupt changes in the crypto industry. The respective events have been dissuading for the community. They take into account the Indian crackdown on digital assets, seizure of operations by the crypto-supporting bank Silvergate, and funds exploit at Hedera. Along with this, just recently, Tether accused Wall Street Journal of spreading false information. Additionally, Circle confirmed that its $3.3B is still kept by Silicon Valley Bank in USDC reserves. This, as a result, ignited a de-pegging crisis.

Indian Authorities Clamp Imposes Anti-Money Laundering Laws on Digital Assets to Crackdown on Crypto

Indian authorities have frequently been voicing concerns over crypto’s likely risks related to its use in terrorism financing, money laundering, and fraud. Keeping this in view, the government of the country has recently declared implementing Anti-Money Laundering (AML) provisions within the crypto space.

india

Irrespective of the initial skepticism, the authorities have been making efforts to offer regulatory clarity over crypto. The Ministry of Finance has issued a notification that NFT and crypto businesses will have reporting requirements in India. Along with this, the crypto entities will require fulfilling the analogous reporting standards as well as Know-Your-Customer requirements.

Silvergate Announces Ceasing Operations due to FTX Fiasco

Silvergate Capital Corp, a crypto-centred bank, has declared a strategy to stop its operations as well as go through voluntary liquidation. The decision was taken after witnessing huge losses because of the now-bankrupt crypto exchange named FTX. This declaration paved the way for a 35% drop in the shares of the banking platform at the time of after-hour trading.

In its statement, the bank labelled the move as the best decision to move ahead in line with the recent incidents in the regulatory space and the crypto industry. As per the platform, the strategy for its liquidation takes into account the total compensation to the depositors. This week, several business partners of Silvergate, including Galaxy Digital and Coinbase Global Inc., terminated their ties with the bank.

Hedera Says Its Mainnet Breach Led to the Exploit of Millions of Digital Tokens

Hedera Hashgraph, a prominent decentralized network, confirmed that it witnessed an infringement of its mainnet. This incident played a significant role in the exploitation of its service tokens. Numerous service tokens got stolen from the platform in the attack. The attack’s target was the liquidity pool-based tokens that were utilized in DEXs. The attacker effectively exploited the system’s vulnerability and took away the tokens. Additionally, no information is available about the exact number of stolen tokens.

Hedera

Tether Claims WSJ Spreads Misleading Information

Tether, the top stablecoin issuer across the globe and USDC rival, has alleged that The Wall Street Journal has been spreading wrong information regarding the platform as well as its activities. As per the firm, the recent story of the WSJ about its compliance activities implies that the company neglects the regulations. Nonetheless, it added, the platform pays considerable attention to the financial standards set by law enforcement organizations operating around the world.

Circle Confirms Its $3.3B Kept at Silicon Valley Bank Ignites USDC Depegging

Circle, the issuer of USDC stablecoin, revealed that the platform was unable to take redeem its $3.3B from Silicon Valley Bank (SVB). This amount denotes a significant proportion of SVB’s cumulative deposits. As a consequence of this withdrawal blockage, the stablecoin got depegged from its $1 mark.

To deal with the situation, Circle attempted to remove its funds via wire transactions as the banking institution was on the verge of stopping its activities. But it remained unsuccessful in doing that. After that, the prices of the USDC token plunged by up to 8% and touched the trading level of $0.9126.

Tags: AMLCryptocurrencyFTXIndiaMarketStablecoinsTetherUSDCUSDT
ShareTweet
Umair Younas

Umair Younas

Umair Younas is a cryptocurrency-related content writer linked with this work since 2019. Here, at Blockchainreporter, he serves as a news and article writer. He is a crypto, blockchain, NFTs, DeFi, and FinTech enthusiast. He has strong command over writing authentic reviews about brokers and exchanges and he has collaborated with our education team to write educational content as well. He has a dream to raise awareness among people about digital currencies. His works are well-researched and brimmed with information hence they provide fresh insights. Stay tuned to his posts if you want to stay up-to-date with the crypto-verse.

Recommended For You

Cardano’s Charles Hoskinson Urges Crypto Industry to Resist US Government’s Anti-Crypto Campaign

by Mushu Butt
March 25, 2023 - 3:46 pm
0
Charles Hoskinson Cardano

Cardano founder Charles Hoskinson is rallying crypto industry leaders to take action against the US government's rising crackdown on digital assets.

Read more

Bitcoin Faces Liquidity Squeeze as US Banking System Falters

by Mushu Butt
March 25, 2023 - 11:11 am
0
Bitcoin

The US banking system's instability has led to a Bitcoin liquidity crisis, causing inefficiencies and high slippage. Read our insightful analysis now!

Read more

Huobi and CopperHQ Partner to Enhance User Asset Protection and Trading Experience

by Kester Odero
March 24, 2023 - 2:53 pm
0
Huobi

Huobi has partnered with CopperHQ to join the ClearLoop network, enhancing user asset protection and providing a seamless trading experience.

Read more

Margex Exchange Adds Support for Arbitrum Airdrop, Deposits, and Withdrawals

by Samuel Edyme
March 24, 2023 - 2:28 pm
0
margex arbitrum

Margex exchange, a crypto trading platform became one of the first crypto trading platforms in the market to allow deposits and withdrawals of Arbitrum token.

Read more

Bitcoin Mining Rises from the Ashes in Texas Despite Industry Headwinds

by Shayan Chowdhury
March 23, 2023 - 3:54 pm
0
Bitcoin Mining

According to a report, the mining industry in Texas is experiencing a massive boom, as indicated by the spike in electricity consumption for Bitcoin mining.

Read more
Next Post
SKALE Price Prediction

SKALE Price Prediction: How High Will SKL Token Go in 2023?

PARTNERS LIST

  • sp

PRESS RELEASE

winz.io

Crypto Casino and Sportsbook Winz.io Turns Heads Following Major Gambling Award Nominations

by Max Clark
March 24, 2023 - 12:43 pm
0

Discover how Winz.io's commitment to transparency, user experience, and innovation sets it apart in the online gambling industry.

NarwhalTwitterFeedqaPRyQEbo

Narwhal Finance Secures $1M in Seed Funding Led by Animoca Ventures

by chainwire
March 24, 2023 - 12:33 pm
0

Denmark, Copenhagen, 24th March, 2023, ChainwireNarwhal Finance Secures $1M in Seed Funding Led by Animoca VenturesNarwhal Finance, the decentralized cross-market...

tms network tmsn

Spring 2023 Showdown: TMS Network (TMSN) Takes on Layer 1 Giants Cardano (ADA) and Binance Smart Chain (BSC) in the Battle for Crypto Supremacy

by Josh Fernandez
March 24, 2023 - 11:54 am
0

Explore the Spring 2023 showdown between TMS Network (TMSN), Cardano (ADA), and Binance Smart Chain (BSC) as they compete for...

gridex

Gridex’s Third Round of GDX Airdrop Offers Exciting Opportunity to Earn GDX by Trading ARB on Arbitrum

by Max Clark
March 23, 2023 - 1:58 pm
0

Join Gridex's third round of GDX Airdrop on Arbitrum One from March 23 to April 11, offering users an exciting...

n

BlockchainReporter is a trusted name in the cryptocurrency and blockchain technology news space, keeping its readers abreast of the latest and most significant trends in the industry.

Here at BlockchainReporter, our team of global writers is dedicated to providing price analysis on leading cryptocurrencies and covering the latest developments pertaining to bitcoin news, altcoins news, blockchain news, NFT news and cryptocurrency adoption news from around the world.

News

  • Altcoins
  • Bitcoin
  • Blockchain
  • Ethereum
  • Adoption
  • NFT
  • DeFi
  • Metaverse

Info

  • Education
  • Glossary
  • Market
  • Press Release

Company

  • About Us
  • Terms & Conditions
  • Advertise
  • Sitemap
  • Contact

@2022 – Blockchainreporter.net. All Right Reserved.

No Result
View All Result
  • News
    • Altcoins
    • Bitcoin
    • Blockchain
    • Ethereum
    • Adoption
    • NFT
    • DeFi
    • Metaverse
  • Education
  • Glossary
  • Advertise

@2023 - Blockchainreporter.net. All Right Reserved.