Crypto Exchange OKX to Exit Canada by June 2023
- Crypto exchange OKX noted that its decision to cease operations in Canada and exit the country was due to “new regulations”.
- New users will be unable to open accounts starting 24 March, while all other users have until 22 June to close trading positions and withdraw their crypto and fiat assets.
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Signature Bank’s Non-Crypto Deposits Sold to Flagstar Bank
- 40 branches of Signature Bank will be reopened and operated as Flagstar Bank after it acquires $38.5 billion in non-crypto deposits and $12.9 billion in loans.
- The FDIC confirmed that the $4 billion in Signature Bank crypto deposits will be directly returned to customers who had opened a digital asset banking account.
SVB’s Parent Company Files for Bankruptcy
- SVB Financial Group has filed for a Chapter 11 court-supervised reorganization in the U.S. in order to “preserve value”.
- The company stressed it is no longer affiliated with Silicon Valley Bank, the closure of which sent ripples across the crypto industry.
Judge Denies Government’s Request to Pause Voyager-Binance Deal
- A bankruptcy judge has denied the government’s request to halt the deal between Voyager and Binance, arguing that further delays would only harm customers.
- The government argued the deal should be amended, or struck down, because it seeks to effectively absolve Voyager and its staff of violations of tax or securities law.
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Circle Clears “Substantially All” USDC Redemption Backlog
- Despite the events of last week, Circle has been able to clear almost all USDC backlog, and redeemed $3.8 billions USDC between March 13 and March 15.
- The stablecoin issuer also went live with a new transaction banking partner for both domestic and international wires, and expects to bring more capabilities back soon.
Euler Finance Gives $200M Exploiter an Ultimatum
- DeFi lending protocol Euler Finance has given the exploiter 24 hours to return 90% of the $197 million he stole in a flash-loan attack on Monday.
- If the funds were not returned in time, the protocol is ready to post a $1 million bounty on any information that could lead to the arrest of the attacker.
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Binance to Suspend GBP Transactions in May
- Binance’s fiat banking partner, Skrill Limited, informed the exchange that it will no longer provide GBP on- and off-ramp to its customers starting 22 May.
- The owner of Skrill, Paysafe, said it decided to stop offering its embedded wallet solution to Binance due to the “challenging” regulatory environment in the U.K..
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Euler Finance Exploited for $197M in Flash Loan Attack
- The attacker carried out multiple transactions to steal 85,818 staked ether (stETH), 34.5 million USDC, 849 wrapped Bitcoin (WBTC), and 8.9 million DAI.
- Euler Finance is now working with security professionals and law enforcement trying to rectify the situation, and will provide more information in the near future.
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Signature Bank Shut Down by State Regulators, USDC Recovers
- NYDFS took possession of Signature in order to protect the economy and strengthen the confidence in the banking system, and assured customers that all deposits will be returned.
- The price of USDC also started to recover after its issuer, Circle, revealed that all stablecoin reserves held at Silicon Valley Bank (SVB) were safe, and that the company had new banking partners.
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Circle Clears “Substantially All” USDC Redemption Backlog
- Silvergate Bank made the decision to shutter its operations and liquidate its assets due to “recent industry and regulatory developments.
- The company plans to fully repay all deposits, and preserve the “residual value of its assets”, including proprietary technology and tax assets.
Voyager Digital Receives Court Approval to Sale Assets to Binance.US
- Bankruptcy Judge Michael Wiles gave Voyager the permission to close its $1 billion deal with Binance.US, and issue repayment tokens to affected customers.
- Judge Wiles also rejected the SEC’s arguments that the deal could potentially violate U.S. securities laws, and criticized the regulator for attacking the sale without first concluding if it was illegal.
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Editors' Picks
The Rise & Fall of FTX: a Brief Summary
- While FTX was once considered the second largest crypto exchange after Binance, it only took ten days for its empire to collapse.
- The unlimited line of credit Alameda Research had, and the commingling of corporate and customer funds, all played a role in the downfall of the exchange.
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Caroline Ellison and Gary Wang Hit With Fraud Charges by CFTC and SEC, Plead Guilty to SDNY Charges
- Former Alameda CEO Caroline Ellison and FTX co-founder Gary Wang have pleaded guilty for their involvement in FTX defrauding customers and investors.
- Ellison has entered into a plea agreement with the SDNY, which will not prosecute her for most of her crimes if she cooperates with their investigation into SBF and FTX.
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FTX Requests Return of Donations, SBF Agrees to Extradition
- Bankrupt crypto exchange FTX has requested that recipients of donations made by its executives voluntarily return the funds, otherwise it could seek legal actions.
- Former CEO Sam Bankman-Fried has reportedly changed his mind, and voluntarily agreed to be extradited to the U.S. to face his numerous fraud charges.
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Guides
4 Common Password Misconceptions
- Passwords have become a part of our daily life, protecting our most sensitive data, and we have to make sure they are as secure as possible.
- There are many ways a password can become compromised, as such it remains important that we become aware of some of the most common password myths.
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How to Find The Best DeFi Pools For Your Assets
- Investment opportunities in defi are innumerous, but finding the best hasn’t been an easy task thus far.
- Yield Samurai is a decentralized finance data aggregator that helps investors find the highest-yielding pools in a few clicks.
How to Explore Historical DeFi Data
- Yield Samurai is a decentralized finance historical data aggregator.
- It allows people to explore pool prospects on different platforms and apps to find the best place to earn interest on cryptoassets.
Impermanent Loss Explained With Examples & Math
- Learn what impermanent loss is, how it manifests, and how to calculate it.
- We use several examples and formulae for both standard and complex AMM-based pools to examine, explain, and plot impermanent loss.
How to Leverage Yield Farming on Alpha Homora – The Simple Guide
- Learn how Alpha Homora works, how to open a leveraged position and earn more with the same amount of assets, and how to manage your positions.
- We also explain how to choose a pool to leverage, the rules of leveraging on the platform, and how to calculate possible scenarios.
