The Federal Reserve is investigating the factors that led to the failure of Silicon Valley Bank — including how it supervised and regulated the now-collapsed financial institution. In a Mar. 13 announcement, the Federal Reserve outlined that Vice Chair for Supervision Michael Barr is “leading a review of the supervision and regulation of Silicon Valley Bank, in light of its…
Goldman Sachs has revised its U.S. interest rate forecast due to “stress in the banking system.” The global investment bank no longer expects the Federal Reserve to raise interest rates at its Federal Open Market Committee (FOMC) meeting in March after the central bank announced measures to rescue depositors of failed Silicon Valley Bank and Signature Bank. Goldman Sachs Revises…
The United States Justice Department is reportedly investigating the collapse of the TerraClassicUSD (USTC) stablecoin which contributed to a $40 billion wipe out in the Terra ecosystem last May. Two agencies within the department — the Federal Bureau of Investigation (FBI) and Southern District of New York (SDNY) have interrogated former staff at Terraform Labs in recent weeks, according to…
The famous author of the best-selling book Rich Dad Poor Dad, Robert Kiyosaki, has reiterated his bitcoin, gold, and silver recommendation. Emphasizing that government bailouts have begun following the collapses of Silicon Valley Bank and Signature Bank, Kiyosaki warned that the Fed will inject more “fake money” into the “sick economy.” Robert Kiyosaki’s ‘Crash Landing’ Warning Rich Dad Poor Dad…
Nick Sadler’s film was about five hours away from winning an Oscar, and a mysterious material would not dislodge itself from the interior of his showtime jacket. “Oh my fuckin’ lord. Sorry. My language,” he said. “What the fuck is that? What do I do?” It was cat hair, it turned out, courtesy of a quiet orange cohabitant of the…
Over the past week, investors understandably became concerned over the news that billions of dollars backing USD Coin (USDC) — the second-largest stablecoin — were locked up in the distressed Silicon Valley Bank (SVB). The market reacted violently, causing USDC to lose its dollar peg. But while the concern was understandable, it has become clear that USDC creator Circle will…
After just a year of supporting the sharing of digital collectibles on its Instagram platform, Meta is pausing the project. Meta Commerce and Fintech lead Stephane Kasriel announced the change on Twitter. The tech and social media giant is winding down its digital collectibles initiative “to focus on other ways to support creators, people, and businesses,” Kasriel wrote. Last year,…
Crypto mining firm Marathon Digital Holdings has assured investors that the firm’s cash deposits at Signature Bank are secure and available for use as of Mar. 13. In a statement following the closure of New York’s Signature Bank, Marathon disclosed that it has approximately $142 million in cash deposits at Signature Bridge Bank. The Signature Bridge Bank was set up by…
Big Tech firm Meta is scrapping its nonfungible token (NFT) feature across its social media platforms Facebook and Instagram just under a year after it launched. Stephane Kasriel, Meta’s head of commerce and financial technologies, tweeted the news on Mar. 13, saying Meta is “winding down” its NFT support as it wishes to “focus on other ways to support creators,…
Contagion from the Dec. 12 flash loan attack against Euler has spread far and wide, resulting in frozen or lost funds for 11 different decentralized finance (DeFi) protocols, according to Dec. 13 reports from each of them on Twitter. Balancer, an Ethereum protocol with over $1 billion total value locked (TVL), is among the affected protocols. Below is a rundown of…
