The deal was announced on March 26 by the Federal Deposit Insurance Corporation (FDIC). Source: https://cointelegraph.com/public/index.php/news/first-citizens-snaps-up-silicon-valley-bank-branches-open-monday
Month: March 2023
$4M ‘exit scam’ suspected as Kokomo Finance flies off radar, token plunges
Optimism-based lending protocol Kokomo Finance has been suspected of a $4 million “exit scam” that has seen user funds plucked out from the platform via a smart contract loophole. Blockchain security firm CertiK alerted its followers to the “exit scam” in a March 26 Twitter post, noting that the Kokomo Finance (KOKO) token has plummeted 95% in value in a…
First Citizens snaps up Silicon Valley Bank — Branches open Monday
North Carolina-based First Citizens Bank is set to acquire all deposits and loans of Silicon Valley Bank, according to a statement from the Federal Deposit and Insurance Corporation (FDIC). Under the agreement, 17 former branches of Silicon Valley Bank will open as First Citizens Bank and Trust Company on Monday, March 27, while all depositors of SVB will automatically become…
A Look at the Fed’s Recent Custodia Bank Denial and the Central Bank’s Push Back Against Narrow Banking – Economics Bitcoin News
Over the past century, the number of American banks has significantly decreased, dropping from 30,000 banks in 1921 to 4,997 U.S. banks in 2021, according to data from the Federal Reserve. Recently, the U.S. central bank denied Custodia Bank of Wyoming, a financial institution that holds $1.08 for every dollar deposited by customers. Although there appears to be a need…
Minecraft, GTA may change their tune on blockchain yet: GameFi execs
While several mainstream game studios have taken a noticeable step back integrating blockchain tech, three blockchain gaming executives say it’s only a matter of time before they change their tune. In July last year, Minecraft developer Mojang Studios announced a ban on NFTs and blockchain technology. By November, Rockstar Games updated its website to stipulate that fan-operated servers for Grand Theft…
Coinbase wants devs to build inflation-pegged 'flatcoins' on its new 'Base' network
Coinbase explained that it is now “more important than ever” to build an inflation-tracking stablecoin that negates poor monetary policy decisions of central ba… Source: https://cointelegraph.com/public/index.php/news/coinbase-wants-devs-to-build-inflation-pegged-flatcoins-on-its-new-base-network
Titanium Blockchain CEO behind BARs ICO fraud, put behind bars for 4 years
The California-based CEO of Titanium Blockchain has been sentenced to four years of prison — putting an end to a 2018 initial coin offering (ICO) saga that stripped investors of $21 million. Michael Stollery, who founded Titanium Blockchain Infrastructure Services (TBIS), was a key figure in a “cryptocurrency fraud scheme” which involved an initial coin offering for TBIS — conducted…
US Seizes 18 Crypto ATMs Purchased Using Fraudulent SBA Loans — Arrests Owner – Regulation Bitcoin News
U.S. law enforcement has seized 18 cryptocurrency ATMs that were purchased using fraudulent loans from the Small Business Administration (SBA) meant to assist small businesses financially harmed by the Covid-19 pandemic. The loans were also used to purchase bitcoin from a New York-based cryptocurrency exchange, said the U.S. Department of Justice (DOJ). Coindawg’s Crypto ATMs Seized The U.S. Department of…
Coinbase wants devs to build inflation-pegged ‘flatcoins’ on its new ‘Base’ network
Crypto exchange Coinbase sees inflation-pegged “flatcoins” as one of four “critical” innovations that should be built on its recently launched layer-2 network Base. The other three include an on-chain reputation system, an on-chain limit order book (LOB) exchange, and tools that make the decentralized finance (DeFi) ecosystem safer. The trading platform outlined the four areas in a March 24 post —…
US Lawmaker Introduces Bill to Affirm Blockchain Developers and Non-Custodial Services Are Not Money Transmitters – Regulation Bitcoin News
A U.S. lawmaker has introduced the Blockchain Regulatory Certainty Act to ensure that developers and non-custodial service providers in the crypto space are not considered money transmitters and are not subject to the same level of regulation as custodial cryptocurrency exchanges. “The longer we delay providing this commonsense clarification, the greater risk that this transformative technology is driven overseas, depriving…