Coinbase Pauses Conversions Between USDC and U.S. Dollars as Banking Crisis Roils Crypto
Circle’s USDC stablecoin was hit by the shutdown of Silicon Valley Bank, one of its key banking partners.
Finance
Circle Confirms $3.3B of USDC’s Cash Reserves Stuck at Failed Silicon Valley Bank
Silicon Valley Bank, one of the reserve banking partner for Circle’s USDC stablecoin, was shut down by regulators on Friday.
USDC Issuer Circle Says it ‘Awaits Clarity’ From FDIC on Silicon Valley Bank Collapse
In its first statement following the collapse of Silicon Valley Bank, Circle declined to state how much cash it has tied up at the bank.
Crypto VC Firm Pantera Used Silicon Valley Bank as a Custodian
A regulatory filing shows the shuttered bank as one of three custodians for Pantera’s funds.
DeFi Protocol Curve’s $500M Stablecoin Pool Hammered as Traders Flee USDC
Curve’s 3pool is supposed to have equal parts USDC, DAI and USDT. The trio are becoming imbalanced amid fallout from Silicon Valley Bank’s collapse.
FTX Reaches $45M Deal to Sell Interest in Sequoia to Abu Dhabi’s Investment Arm
The agreement requires approval from a Delaware bankruptcy court as failed exchange seeks to raise funds for creditors.
Crypto Stakeholders Say No Exposure to Shuttered Silvergate
Binance, Coinbase, OKX, and Paxos have all released statements.
Coinbase-OFAC Bug Affected Fewer Than 100 People, and Has Been Fixed
Some users on Reddit reported bitcoin transfers from Binance to Coinbase were being blocked due to potential sanctions concerns.
FTX Bankruptcy Special Counsel, Advisers Bill $38M for January
FTX’s bankruptcy proceeding has teams of lawyers, investment bankers, consultants, and financial advisers working on the case.
Dapper Removes ACH Withdrawal Option, Citing Circle
Wire transfer and USDC remain an option for Dapper users.