TOP STORIES OF THE WEEK
UBS Group agrees to $3.25B ‘emergency rescue’ of Credit Suisse
CointelegraphUBS Group agreed to buy its ailing competitor Credit Suisse for ~$3.3b on March 19 as part of an “emergency ordinance” to prevent financial market instability. While a sharp increase from the initial $1b offer, it’s a steep discount from Credit Suisse’s March 17th market cap of ~$8b. To close the deal, Swiss authorities agreed to change the country’s regulations to bypass a shareholder vote and announce the deal over the weekend, ahead of the market opening. Also, as part of the deal, the Swiss National Bank committed to providing over $100 billion in liquidity to UBS.
FDIC sells Signature Bank deposits to Flagstar, crypto not included
Cointelegraph
Only a week after its collapse, Signature Bank’s deposits and loans are set to be sold to Flagstar Bank, a subsidiary of New York Community Bancorp. The deal was not without controversy though, as the deal does not include ~$4b of deposits held by Signature Bank’s digital assets business, which the FDIC confirmed it would directly return to depositors. The sale follows a ‘Top Story’ we highlighted last week reporting the FDIC asked potential buyers to discontinue the bank’s crypto services. While the report was subsequently denied by the FDIC, the report’s claim ultimately came to fruition.
SEC Warns Coinbase It’s Pursuing Enforcement Action Over Securities Violations
CoinDeskCoinbase disclosed the SEC alleged it may be operating in violation of securities laws. The regulator targeted Coinbase with a so-called Wells notice that informs the business that the agency is planning a future action that could include an injunction or cease-and-desist without specifying exactly what activity it found in violation. Coinbase believes the action relates to aspects of its spot market trading services, staking services, Coinbase Prime, and Coinbase Wallet. The company has until March 29 to let the agency know whether it intends to rebut the SEC enforcement division’s findings that securities law have likely been violated. Coinbase seemingly intends to rebut the SEC’s claims, with its Chief Legal Officer stating, “we welcome a legal process to provide the clarity we have been advocating for and to demonstrate that the SEC simply has not been fair or reasonable when it comes to its engagement on digital assets.”
ZkSync Era: First zkEVM goes live in major development for Ethereum
The BlockTerra Founder Do Kwon Arrested In Montenegro
The DefiantDo Kwon, the co-founder and CEO of Terraform Labs, the company behind the $50b Terra ecosystem that blew up last year, has been arrested in Montenegro. Kwon was charged with document forgery, and local media reported Kwon was in possession of falsified travel documents from Costa Rica and Belgium. Kwon was arrested alongside Terraform Labs CFO, Hon Chang Joon, as they tried to board a flight to Dubai. Kwon was charged by U.S. prosecutors later yesterday evening, and they are seeking his extradition to New York.
BITCOIN
Stablecoins being converted into Bitcoin approach a four-year high
Bitcoin Soars 30% Over the Week as Global Banks Roil
Open Interest in Bitcoin Futures Hits Yearly High of $12B
Bitcoin options reach highest point since 2021 amid banking crisis
Bitcoin Is a Clear Winner of the U.S. Banking Crisis
ETHEREUM
Ethereum Foundation doubles bug bounty to half a million dollars as Shapella upgrade nears
DRPC Launches With Aim to Decentralize Ethereum Access
Latest Ethereum Blocks Suggest Validators Are Reversing Censorship
Ethereum voluntary exit count explodes in wake of Shanghai upgrade
ALTCOINS
Uniswap V3 To Be Deployed On Avalanche
The Graph integrates on-ramp to enable direct fiat payments
Avalanche C, X-chains experience brief outage due to network bug
Arbitrum Daily Transaction Count Hits Record High Ahead of Token Airdrop
Polkadot’s Github developer community hit ATH activity levels in Q3’22
Blockchain-Based Debt Protocol Obligate Records First Bond Issuance on Polygon Network
Polygon and Immutable Team Up On Gaming Focused zkEVM
Arbitrum to airdrop 112.8M ARB tokens to DAOs on its ecosystem
IoTeX Blockchain’s DAO Votes to Add Ether Liquid Staking Derivatives
Zilliqa mainnet EVM compatibility set to go live in April
Arbitrum token finds its way to OTC market before airdrop
Aave Community Rallies Behind Proposed Metis Deployment
Render Network Eyes Solana Migration Ahead of Network Changes
GameFi project Gala files $28M lawsuit against pNetwork
Helium Plunges 23% After Binance Delisting, Solana Delay
STABLECOINS
Centi launches CHF stablecoin backed 1:1 by a Swiss bank
Circle Seeks to Register in France, Ramping Up European Play
DAI supply has fallen by 13% this week
Binance replaces BUSD in SAFU fund with TUSD and USDT
CRYPTO ECOSYSTEM
ConsenSys Launches First Institutional Staking Marketplace
Xapo Bank to enable USDC deposits and withdrawals
Unstoppable Domains to Roll Out Web3 Messaging Service on Polygon
Copper to Lay Off Up to 15% of Staff, Focus on Crypto Custody, Settlement
Crypto Trading Tech Firm CoinRoutes Wins Patent for ‘Smart Order Router’
Trading Platform Talos Adds Crypto Market Liquidity in Tie Up With Keyrock
Metamask, Moonpay partner to allow Nigerians buy crypto directly
Arbitrum Put Options Let Traders Bet on First Day Price Action
DefiLllama Drama Put to Rest: No Token Planned After ‘Poor Communication’
Internal war breaks out at DefiLlama as ‘rogue’ employees reject token plan
Fireblocks Discloses Critical Vulnerability in BitGo Ethereum Wallets
NFTS / GAMING / METAVERSE
Magic Eden launches marketplace for Bitcoin Ordinals
Polygon Partners With Salesforce for NFT-Based Loyalty Program
MINING
Immersion Cooling Firm LiquidStack Secures Series B Funding to Build Manufacturing in U.S.
Bitcoin Mining Firm Navier Starts Tokenized Hashrate Marketplace for ‘Qualified’ Customers
Core Scientific to transfer $20M of equipment to settle bankruptcy dispute
EXCHANGES
FTX Bankruptcy Update: FTX Debtors to Sell Mysten Labs Stake for $95 Million
Thai Crypto Exchange Zipmex’s $100 Million Bailout Stumbles as Payment Missed
Coinbase’s Brian Armstrong criticizes US crypto regulation, SEC behavior in Twitter Space
Bittrex Global Offers No-Fee Trading on USDC and EUROC Markets
Crypto Platform Ziglu Courting Buyers After Robinhood Deal Collapses: Report
Kraken to Suspend ACH Deposits and Withdrawals
FTX Bankruptcy Estate to Claw Back $460M From Modulo Capital
Crypto Exchange Coinbase Suspends Algorand Staking Rewards
Seized exchange Bitzlato allows users to withdraw 50% of Bitcoin
Crypto Exchange OKCoin Suspends Trading of Miami and NYC CityCoins
Coinbase pauses support for Signature Bank’s Signet: Report
OKX shuttering Canadian operations by mid 2023
Crypto.com gets MVP preparatory license from Dubai regulator
Bithumb Exec Suspected of Taking Bribe in Exchange for Token Listing
Date for FTX’s auction of LedgerX revised for third time
Binance’s response to U.S. Senators lacks financial information: Report
FTX debtors report $11.6B in claims, $4.8B in assets, with many crypto holdings ‘undetermined’
Coinbase’s proposed overseas trading venue would offer derivatives: Sources
CAPITAL RAISES
eToro raises $250M after terminating SPAC deal
Multichain wallet BitKeep raises $30M at $300M valuation
CCP Games secures $40M funding for upcoming Web3 game
‘Alternative Internet’ Builder Tomi Raises $40M to Attract Content Creators
Social platform OP3N secures $100 million valuation in Series A funding round: TechCrunch
Crypto Trading Firm Auros Secures $17M Investment as It Recovers From FTX Woes
Creators Behind Web3 Game Aavegotchi Raise $30M in Multiyear Token Sale
Turkey’s Metatime raises $11 million in seed funding amid rising crypto adoption
Market Maker DWF Labs Invests $20M in Derivatives Trading Platform Synthetix
INVESTMENT MANAGEMENT
BH Digital raises $9 million for its liquid token strategy
GoldenTree Moves $5M of SUSHI, Sparking Fear It’s Exiting
Former Genesis exec Roshun Patel joins Hack VC as partner
Web3 Investor Paradigm’s VP of Engineering Tal Broad Exits
TRADFI / TECH
Sygnum sees increased crypto firm inquiries after US banking giants collapse
Block Stock Dives on Short-Seller Report Claiming It ‘Misled Investors’
Deutsche Börse’s Crypto Subsidiary Provides Trading Solutions to Apex Group
JP Morgan rugged pulled by a bag full of stones – should have verified
Mastercard to settle transactions for stablecoin wallet in APAC
Rules For Thee but Not for Me: Holders of AT1 Credit Suisse bonds get nothing as shareholders get billions
UBS to Acquire Troubled Bank Credit Suisse for $3.24 Billion, Supported by Swiss Regulators [u]
Fed, ECB and Others Take Coordinated Steps to Boost Dollar Liquidity; Bitcoin Tops $28K
Signature Bank Noncrypto-Related Deposits to Be Assumed by New York Community Bancorp Unit: FDIC
Microsoft Working on New Ethereum Wallet Amid Foray Into Crypto and NFTs: Report
US midsize banks seek FDIC Insurance on ‘all deposits’ for 2 years: Report
Protego’s conditional national bank status expired without approval: Report
CBDC
Adopting CBDC could destabilize banks, help households, US Treasury study says
Nigeria CBDC adoption spikes as fiat currency shortage grip the nation
US Senator Ted Cruz tries again with new bill to block CBDC
State governor and US presidential hopeful calls for CBDC ban in Florida
China’s Fujian Province processes nearly $22B in digital yuan transactions
REGULATORY / COUNTRIES
Crypto payment restrictions back on self-hosted wallets in final EU Parliament AML text
SEC Hits TRON Founder Justin Sun, 8 American Celebrities with Charges
French lawmakers propose ban on crypto influencer promotions
White House report says majority of cryptos have ‘no fundamental value’
Sushi and its ‘head chef’ receive SEC subpoena
CryptoUK calls on regulators to address de-banking of digital asset firms
Yellen defends government intervention to avoid another SVB
SVB contagion: Australia purportedly asks banks to report on crypto
US exploring ways to guarantee the country’s 18T of bank deposits: Report
Hong Kong to Start Regulating Crypto in June 2023, 80 Companies Want to Join
“The Only Guarantee in Crypto Is Risk:” Belgium to Mandate Warnings on Ads
Taiwan watchdog FSC to assume authority on crypto regulation
Venezuela overhauls national crypto department
Russian lawmakers approve first reading of draft laws establishing CBDC regulation, issuance
Congress announces March 29 hearing into failures of SVB and Signature Bank
Netherlands Will Take Tough Line Enforcing MiCA, Dutch Regulator Says
ENVIRONMENTAL, SOCIAL, GOVERNANCE
SURVEYS, HACKS, MISC
Arbitrum airdrop sees 1,500 addresses consolidate $3.3M into two wallets
Arbitrum airdrop: Hacked vanity addresses used to siphon $500K
Tron founder Justin Sun says SEC complaint lacks merit
Markets Trade Lower After 0.25% Rate Hike
North Korean Lazarus Group tries to phish Euler exploiter
Celsius lawyer and adviser fees on track to reach $144M, community responds
Euler hacker offers to negotiate return of funds
Security Breach at Bitcoin ATM Maker: General Bytes Closes Cloud Service Amid Vulnerability – Here’s What Happened
FTX’s Bahamas Arm a ‘Nullity’ That Should Be Stripped of Assets: Court Filings
Tron’s Sun also wants to buy struggling Credit Suisse to turn it into “crypto-friendly” bank
Euler Finance hacker starts returning stolen Ether
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