Krasimir Buchvarov
Krasimir has been following the development of blockchain technology for several years and is optimistic about its potential. He covers breaking news in the sphere, focusing on innovation, regulation, and the cryptocurrency market.
Mar 20, 2023
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.
Mar 20, 2023
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.
Mar 17, 2023
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.
Mar 16, 2023
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.
Mar 16, 2023
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.
Mar 15, 2023
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.
Mar 14, 2023
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..
Mar 13, 2023
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.
Mar 13, 2023
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.
Mar 9, 2023
Silvergate Bank to Wind Down Operations
- 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.