SVB cash needs and Silvergate liquidation are affecting other financial institutions…
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FDIC will have to regulate these types of operations.
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BlockFi had a lot of $$$ at SVB gasp!
Crytpo lender BlockFi, which filed for bankruptcy in November, disclosed it held $227 million with SVB in a bankruptcy filing Friday. BlockFi said in November it had halted withdrawals after facing “significant exposure” to Sam Bankman-Fried’s FTX exchange, as well as its sister hedge fund Alameda.
BlockFi’s money in SVB is not FDIC-insured because it was in a money market mutual fund, the company learned from its bankruptcy trustee early this week.
I hope this is not Lehman redux /canary in coal mine 
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Other than the fact that the date they are using for converting your crypto to $ value was at a very low point, I found their existing data to be accurate enough that I did not submit any additional form for BlockFi.
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GTK so I’ll not fill out any forms.
Looks like they’ll keep their SVB deposits
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See this post on the social credit thread that is also relevant here
Bitcoin price above $30,000 today
Edit.
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The picture at the article is priceless.LOL
I had prepared to come to the Shaq’s defense, but could find no external evidence to support it. Thus, the lawyers will make some money.
Hey! Don’t come down too hard on Shaq! I don’t know his involvement or lack thereof, but suspect he only saw the profit potential. That doesn’t excuse him or his lack of due diligence, and he may well, deservedly, pay for that. However, he is not a money-grubber … at least multiple interactions. He is all about growing his brand/business, but not at all costs. He could have done that a couple of decades ago.
The legislative proposal protects consumers and businesses from a federally controlled CBDC by:
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Expressly prohibiting the use of a federally adopted Central Bank Digital Currency as money within Florida’s Uniform Commercial Code (UCC).
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Instituting protections against a central global currency by prohibiting any CBDC issued by a foreign reserve or foreign sanctioned central bank.
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Calling on likeminded states to join Florida in adopting similar prohibitions within their respective Commercial Codes to fight back against this concept nationwide.
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Once all these major crypto advocates are in jail or on the run, we can feel safe from those risky alternative currencies competing with the dollar while not having inflation risk…
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FTX collections are going well… for the lawyers
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Behind a pay wall, but you can see from the headline that the lawyers have generated over 6 million pages of documents. $16 per page. Cheap for twice the price.
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Though you might have an FTX-like scam risk.
BTW, was Do Kwon extradited from Montenegro to South Korea?
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You knew this was coming
- U.S. SEC SUES CRYPTO EXCHANGE COINBASE IN NEW YORK FEDERAL COURT- FILING
- SEC SAYS COINBASE HAS NEVER REGISTERED AS A BROKER, NATIONAL SECURITIES EXCHANGE OR CLEARING AGENCY, EVADING THE DISCLOSURE SCHEME FOR SECURITIES MARKETS
- BITCOIN EXTENDS DROP AFTER COINBASE IS SUED BY SEC
- COINBASE EXTENDS PREMARKET DROP TO 12%; MICROSTRATEGY FALLS 3%
- SEC SAYS COINBASE HAS OPERATED AS AN UNREGISTERED BROKER SINCE AT LEAST 2019
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Many altcoins under pressure as various exchanges respond to US legal threats and drop trading coverage. ETH staking also under fire in the COIN lawsuit.
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bump
https://www.wsj.com/articles/crypto-custodian-prime-trust-teeters-on-the-brink-of-collapse-6d71e197
Prime Trust previously ran a number of businesses, but one of its main functions was to hold dollars on behalf of crypto firms, parking the funds in its own bank accounts. Custodians such as Prime Trust are meant to be among the safer parts of the financial system, not engaging in risky activities. It is unclear what caused the reported shortfall of customer funds.
Prime Trust confirmed that it stopped all cash and crypto deposits and withdrawals, leaving crypto companies that keep customer assets with the custodian with an uncertain future.
For weeks, the financial condition of Prime Trust has been the subject of speculation in crypto circles. The company has sought to raise tens of millions of dollars in emergency funding, sparking acute anxiety among crypto companies that store digital assets with the company. Some clients abandoned Prime Trust, such as bitcoin-investing platform Swan Bitcoin.
Earlier this month, rival custodian BitGo said it reached a preliminary agreement to buy Prime Trust, appeasing concerns of an immediate collapse. However, days after news of the deal, signs of trouble emerged. Last week, the Texas State Securities Board accused crypto lender Abra of securities fraud, alleging it has been insolvent or nearly insolvent for months. Prime Trust serves as the custodian for Abra’s trading and yield-generating accounts.
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SBF’s bail revoked…
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