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Tag: Bankruptcy

FTX reboot

FTX Reboot: A Possibility or a Far-Fetched Dream?

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FTX may reopen its crypto exchange operations FTX has recovered $7.3 billion in cash and crypto assets FTX’s token more than doubled in price on the reports of a potential reboot FTX CEO John Ray first floated the idea of a possible reboot in January FTX’s Recovery FTX has recovered $7.3 billion, and the failed exchange could relaunch, lawyers say. “The situation has stabilized, and the dumpster fire is out,”...

Bankruptcy, Exchanges, Front page, FTX, Main, News, Sam Bankman-Fried

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Barney Frank

Barney Frank: Signature Bank’s closure was a message that “Crypto is toxic.”

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Barney Frank’s Claims An ex-congressman and the man behind the Dodd-Frank Act, Barney Frank, has said that Signature Bank was shuttered in part to attack the digital asset industry. The former lawmaker, who is also a Signature Bank board member, said that regulators targeted the bank to send an “anti-crypto message.” Third-Largest Bank Failure in U.S. History Signature Bank’s closure marks the third-largest bank failure in...

Bankruptcy, Crypto regulation, Cryptocurrencies, People in crypto, Signature Bank, Silicon Valley Bank (SVB)

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USDC depegs

USDC Stablecoin Depegs Following Silicon Valley Bank Collapse

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In brief: USDC stablecoin loses its peg to the U.S. dollar and drops as low as $0.88 following the collapse of Silicon Valley Bank. Tether maintains its peg while other stablecoins see minor drops. Circle’s $3.3 billion held at Silicon Valley Bank amounts to 8.25% of its $40 billion reserves. Frax, a decentralized stablecoin partly backed by USDC, also depreciates to $0.90. The fallout from the collapse of Silicon Valley Bank...

$FRAX, $USDC, Bankruptcy, Front page, Main, Silicon Valley Bank (SVB), Stablecoins

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Silvergate Bank - crypto

Silvergate Bank’s crisis affects several crypto platforms

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In Brief: Silvergate Bank warned that it may not be able to continue as a going concern due to its losses from the FTX exchange’s default. Several crypto platforms, including Coinbase, Paxos, Crypto.com and Galaxy Digital, have suspended their operations with Silvergate Bank as a precautionary measure. The bank’s share price plummeted by nearly 50% on Thursday, raising doubts about its survival and reputation in the crypto space. The...

Bankruptcy, Crypto regulation, Front page, FTX, Main

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Celsius crypto lender

Celsius Network Insolvent Since Inception

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A court-ordered investigation is looking into Celsius Network, a cryptocurrency lender that promised its customers a big 17% return on their deposits every year. The company’s failure was reportedly inherent in its business model, and its founder and CEO, Alex Mashinsky, has come under fire for fraud. “Extreme Market Conditions” In June 2022, Celsius halted withdrawals and transfers, blaming “extreme market conditions.”...

Bankruptcy, Celsius, Front page, FTX, Main, Sam Bankman-Fried

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