Crypto News Source

2023-03-21 07:15:10 Cosmos Largest DEX Osmosis Convert 10% Of Treasury Cash Into Bitcoin

As bitcoin records many positive signals for an uptrend, the co-founder of the Osmosis Foundation announced that he would convert 10% of his cash fund into Bitcoin. Osmosis is known to be the largest dex in the Cosmos ecosystem. Osmosis is open-source software built using the Cosmos Software Development Kit (SDK) under the Apache License 2.0. Unlike Bitcoin, Cosmos-based chains offer fast.

Osmosis is not only the leading decentralized exchange but also the leading application-specific chain on Cosmos by cross-chain transaction value. Previously, it mainly consisted of OSMO and USDC. The total amount of the treasury and the specific conversion rate to bitcoin are uncertain. The founder’s decision comes as the Bitcoin price shows a strong recovery. The cryptocurrency market is also offering many positive signs when the banking crisis in the US caused three central banks to close it also tends to spread to Europe when the large Swiss bank Credit Suisse was also acquired by USB group for $3.3 billion today.

Source

https://t.me/CryptoNewsSource Open / Comment

2023-03-20 06:28:02 Crypto Firms Are Retreating to Swiss Banks After Industry Meltdown

American crypto companies are quickly moving offshore to find reliable banking access. With the largest crypto-supportive banks in the U.S. crumbling at the seams, industry firms appear to be retreating to Switzerland for a financial lifeline. Crypto-focused banks in the region are reporting higher traffic after Silvergate, Signature Bank, and Silicon Valley Bank (SVB) all effectively failed over the past two weeks.

SEBA Bank managing director Yves Longchamp told Reuters via email that the bank has experienced a “pronounced uptick” in traffic from the United States, according to a report published Monday. Representatives from the bank’s Singapore, Hong Kong, Abu Dhabi, and Switzerland offices also noted more interest from American clients. Meanwhile, the country’s Arab Bank has seen increasing interest from crypto venture capital businesses since early March, when doubts around Silvergate’s finances began to circulate. Arab Bank’s head of treasury, Rani Jabban, said 80% of its prospective client increase came from former Silvergate customers.

Source

https://t.me/CryptoNewsSource Open / Comment

2023-03-19 06:54:03 Euler exploiter returns $5.4 million in ETH to DeFi protocol

The exploiter of Euler Finance returned 3,000 ether (ETH) worth about $5.4 million to the DeFi lending protocol on Saturday, according to tweets from on-chain sleuth ZachXBT. The return indicates the exploiter may have reached a deal with Euler Finance after stealing $197 million from the protocol on Monday. Euler Finance offered a 10% bounty ($19.7 million) to the attacker on Tuesday.

Euler lost the $197 million in a flash-loan attack. Flash loans allow DeFi users to borrow large amounts of funds against zero collateral, but the loans must be repaid before the transaction ends. The Euler attacker drained $136 million of staked ether (stETH), $34 million of USDC, $19 million of wrapped bitcoin (WBTC) and $8.7 million of DAI from the protocol. It remains to be seen whether the attacker returns the rest of the funds. "They stopped at 3k ETH so could be trolling again," tweeted ZachXBT. "They were [previously] trolling with that transaction to Lazarus.". Then they transferred 1,100 ETH ($1.8 million) to the cryptocurrency mixer Tornado Cash.

Source

https://t.me/CryptoNewsSource Open / Comment

2023-03-18 07:46:02 Republic Capital Has Recently Transferred 24.5 Million MATIC To Coinbase

Republic Capital moved 24.5 million MATIC (about 27.2 million US dollars) to Coinbase on March 17, according to Spot On Chain monitoring. The price of MATIC when it was transferred to Coinbase was 1.11 US dollars. Republic Capital, which was one of the investors in Polygon’s US$450 million private placement fundraising earlier.

Republic Capital, a prominent US investment business, recently moved 24.5 million MATIC to Coinbase, one of the world’s major cryptocurrency exchanges. This significant purchase exemplifies the rising trend of institutional investors entering the cryptocurrency market and becoming more involved in the management of their digital assets. Republic Capital’s decision to invest in MATIC, a popular cryptocurrency noted for its rapid and low-cost transactions, indicates the firm’s belief in the cryptocurrency industry’s future growth.

Source

https://t.me/CryptoNewsSource Open / Comment

2023-03-17 06:37:02 SEC, DOJ charge businessman connected to Steve Bannon with fraud involving crypto

Miles Guo, an exiled businessman, was arrested this morning in New York over a $1 billion fraud conspiracy involving cryptocurrency. Guo, who goes by multiple names, defrauded thousands of online followers and bought himself and people close to him “a 50,000 square-foot mansion, a $3.5 million Ferrari, and even two $36,000 mattresses,”.

Guo is also reportedly linked to Steve Bannon, former White House chief strategist to former President Donald Trump. In 2020 Bannon was charged with fraud and arrested on Guo's yacht, before Trump pardoned him as one of his last acts in office. The Securities and Exchange Commission also brought its own charges against the pair on Wednesday for raising more than $850 million in “unregistered and fraudulent offerings.” Guo was charged solely for raising hundreds of millions of dollars through the Himalaya Coin and the related stablecoin, the SEC said.

Source

https://t.me/CryptoNewsSource Open / Comment

2023-03-16 06:34:02 Biggest USDC burn on record just occurred, net redemptions since Friday reach $4.5 billion

Circle's stablecoin continues to struggle to win back confidence, and the biggest redemption on record just occurred as $723.5 million was sent to a null address and burnt, according to data via Arkham. More than $6.2 billion USDC has been redeemed since Friday, with around $1.66 billion minted — bringing net redemptions to a little over $4.5 billion.

U.S. federal bank regulators then guaranteed the full return of Silicon Valley and Signature Bank customer deposits, and Circle CEO Jeremy Allaire said operations would resume on Monday. They did, as did a steady stream of redemptions. "Despite Circle turning on redemptions and providing assurance that redemptions will be met with reserves, it seems like USDC holders are still nervous about the current environment," said Steven Zheng, director of research at The Block Research. Given Circle holds its cash reserves with many other banks.

Source

https://t.me/CryptoNewsSource Open / Comment

2023-03-15 06:55:04 Some banks are still willing to play ball with crypto: CoinDesk

The high-profile failures of Silicon Valley Bank, Silvergate and Signature Bank have left something of a void for crypto firms needing banking partners — but certain banks remain open for business. Santander, HSBC, Deutsche Bank, BankProv, Bridge Bank, Mercury, Multis and Series Financial are among the banks still reportedly willing to work with crypto firms.

The list is based on messages — obtained by CoinDesk — exchanged between staff at the outlet's parent company Digital Currency Group, who had been discussing the pursuit of new banking partners for portfolio companies. DCG also contacted BlackRock, JPMorgan and Bank of America — as well as international banks Revolut, United Overseas Bank and Bank Leumi — according to CoinDesk. Even if some tradfi banks are still willing to play ball with crypto firms in the U.S., however, services may be restricted based on crypto exposure. crypto firms, based on messages exchanged by DCG.

Source

https://t.me/CryptoNewsSource Open / Comment

2023-03-14 06:28:02 PeopleDAO hacked via Google Sheets, $120,000 worth of ether stolen

PeopleDAO, a group formed to buy a copy of the U.S. Constitution, has lost 76.5 ETH ($120,000) to a social engineering hack on March 6 that targeted the project’s monthly contributor payout form on Google Sheets. the accounting lead mistakenly shared a link to the payout form with edit access to a public channel on the project’s Discord Server.

The hacker was able to use this edit access on the form to insert their address and a 76.5 ETH payment. The hacker then made this row invisible on the form. This hidden row on the form escaped the team’s notice during rechecks. It also was not picked up by the multi-signature signers who executed the transfers after data from the form had been sent to the airdrop tool on Safe. As such, the attacker’s wallet received the 76.5 ETH payment. The hacker subsequently transferred the ether to two centralized exchanges — HitBTC and Binance.

Source

https://t.me/CryptoNewsSource Open / Comment

2023-03-13 06:36:02 Blockchain.Com Quits Asset Management After Less Than a Year: Report

The startup’s asset management division, BCAM, announced its plans to wind down due to market conditions. Following years of growth, the company decided that 2022 was the year they would expand into asset management services. Unfortunately, the years of experience did not save the firm from the bear market.

Blockchain.com, which was worth about $14 billion when BCAM was launched, created the asset management service in collaboration with Altis Partners. The service was geared towards high-net-worth individuals and institutional investors and upsold the idea of investing in cryptocurrency with less risk due to “algorithm-based risk-managed exposure” – a string of words that don’t mean much, considering all trades, crypto or not, are done using algorithms. Margin calls, for instance, are technically based on an algorithm that reduces the risk for the broker.

Source

https://t.me/CryptoNewsSource Open / Comment

2023-03-12 06:32:02 Stablecoin issuers seek to diversify banking partners in the wake of Silicon Valley Bank's meltdown

The failure of California-based Silicon Valley Bank today leaves the crypto market with one fewer lending partner, adding further pressure on stablecoin issuer Circle to beef up its portfolio of bank partners. Silicon Valley Bank, which ranks many tech companies and startups among its clients, became the largest bank to fail since the 2008 financial crisis on Friday.

Silicon Valley Bank is one of six banking partners Circle uses for managing the ~25% portion of USDC reserves held in cash," Circle said in a tweet late Friday. "While we await clarity on how the FDIC receivership of SVB will impact its depositors, Circle & USDC continue to operate normally. That leaves Circle with two fewer banks to hold the cash tied to its USDC stablecoin. Circle is in the process of establishing new banking relationships, according to sources. The stablecoin issuer also banks with BNYMellon and Citizens Trust Bank.

Source

https://t.me/CryptoNewsSource Open / Comment