CRYPTRIQ

2023-03-31 14:05:14 https://cointelegraph.com/news/ftx-eu-launches-withdrawal-website-to-pay-back-european-users Open / Comment

2023-03-24 14:53:49 Binance has announced that all spot trading is currently temporarily suspended due to an issue impacting spot trading on Binance.

The exchange team works to resolve this as soon as possible.

https://twitter.com/binance/status/1639230280119775234 Open / Comment

2023-03-20 14:56:39 With the Arbitrum airdrop announcement, a lot of scam Twitter accounts/websites calling users to claim airdrop have been created.

Up until now, 273 phishing sites related to $ARB have been detected and this number is growing!

Only legal website: https://arbitrum.foundation Open / Comment

2023-03-18 22:26:41 Time has came Open / Comment

2023-03-16 07:10:26 ChatGPT creator OpenAI launches GPT-4, its most powerful AI model.

https://watcher.guru/news/openai-announces-gpt-4-language-model Open / Comment

2023-03-12 21:39:45 https://www.hindustantimes.com/business/us-treasury-secretary-says-no-federal-bailout-for-silicon-valley-bank-101678628006556.html Open / Comment

2023-03-11 04:28:22 Silicon Valley Bank shut down by California regulator

What does the Silvergate collapse mean for crypto?

The collapse of Silvergate bank will likley have a significant impact on the crypto ecosystem and its ties with the banking sector in the U.S. 

Click Here Open / Comment

2023-03-09 14:32:39 Silvergate Goes Down

Silvergate Bank, a La Jolla-based financial institution known for its favourable stance on cryptocurrency, has announced its decision to wind down operations and liquidate its assets. This comes after its holding company, Silvergate Capital Corp., revealed that it will delay filing its annual report due to discrepancies in financial figures identified by independent auditors.

Regulators and the Department of Justice have raised concerns about the bank's ability to remain a "going business" in the next year, causing several major crypto clients to terminate their association with the bank, leading to a 58% drop in the holding company's stock price to a record low of $5.72.

The company has assured its customers that all deposits will be repaid in full. According to a company press release, the bank's decision to close its operations is due to recent regulatory and industry changes. While not on the Federal Deposit Insurance Corp.'s "failed bank" list, this is the first significant bank collapse since October 2020 and possibly the most significant since 2009.

The news of Silvergate Bank's closure has sent shockwaves through the financial industry, particularly among crypto-friendly banks. Signature Bank, another crypto-friendly bank, saw its stock fall by approximately 5% in after-hours trading, almost dipping 10% before slightly rebounding. The collapse of Silvergate Bank raises concerns about the stability and security of the cryptocurrency market and the wider financial system.

Since 2013, Silvergate Bank has provided banking services to crypto companies and launched its own internal settlement tool, the Silvergate Exchange Network (SEN). When it filed to go public in November 2018, the company disclosed it had nearly 500 crypto clients.

Its initial public offering (IPO) was completed in 2019, and it traded on the New York Stock Exchange, with over 750 crypto clients at the time.

As the cryptocurrency market continues to evolve, regulators and financial institutions must deal with the unique risks and challenges presented by this emerging sector. Unfortunately, Silvergate couldn’t deal with the pressure… Open / Comment

2023-03-09 05:42:18 A major warning signal has flashed for the markets

Everytime this indicator collapses, equities fall rapidly Open / Comment

2023-03-03 18:02:30 Silvergate Bank – The Next Big Fall

Silvergate Bank, once the biggest bank to collaborate with crypto companies on Wall Street, is now under the pressure of insolvency and bankruptcy. Following a delay in filing its annual financial report, Silvergate Bank's stock has plummeted by 31%, which resulted in a massive crypto market crash.

The crypto-friendly bank has stated that it requires an additional two weeks to complete its 10-K report for the 2022 fiscal year, which is a document required by the Securities and Exchange Commission that provides a comprehensive overview of a company’s business and financial condition. The bank attributed the delay to its sale of additional debt securities in January and February and expected further losses in the future.

Right after the announcement, a series of big crypto companies terminated their collaboration with Silvergate. Coinbase, Circle, Bitstamp, Galaxy Digital and Paxos are just some of them.

Gemini also stopped accepting customer deposits and processing withdrawals through Silvergate ACH and wire transfers. Others who have seemingly cut or reduced ties include Crypto.com, Blockchain.com, Wintermute, GSR and Cboe Digital.

However, the biggest loss for the company is probably Coinbase. The cryptocurrency exchange has revealed yesterday that it has ended its partnership with Silvergate Bank as its US dollar banking partner due to an ongoing investigation.

To support its prime customers' institutional client cash transactions, the exchange will utilize its other banking partner, Signature Bank, Silvergate’s biggest competitor.

As a consequence of all that, over $300M have been liquidated from the crypto market in the last 24 hours. It seems like we found the next big crash… Open / Comment