Top10 News

1. Silvergate Bank to end operations and liquidate link

On March 9, Silvergate Capital Corporation said in the document submitted to the SEC that it would end its operation and voluntarily liquidate Silvergate Bank in accordance with applicable regulatory procedures. “The Bank’s wind down and liquidation plan includes full repayment of all deposits. The Company is also considering how best to resolve claims and preserve the residual value of its assets, including its proprietary technology and tax assets.”

2. New York Attorney General Letitia James sues KuCoin exchange link

On March 10, New York Attorney General Letitia James filed a lawsuit against KuCoin exchange, accusing it of allowing investors in New York to trade cryptocurrencies without registering with the state. Last month, she filed a lawsuit against CoinEx for similar reasons. At the same time, in a petition, regulatory agencies for the first time claimed in court that ETH is a security.

3. US President Biden’s proposed budget includes tax provision for crypto investors link

On March 9, the proposed budget of US President Biden was released, which includes a tax provision aimed at reducing tax evasion by cryptocurrency investors. Currently, investors can sell any cryptocurrency at a loss, report the loss when filing taxes, and then buy back the same quantity and type of cryptocurrency. The budget requires votes from both the Senate and the House of Representatives and the President’s signature before it becomes official law for the fiscal year.

4. Bybit suspends USD deposits via bank transfer link

On March 4, Bybit has suspended USD deposits via bank transfer due to service outages from partner. USD deposits via Wire Transfer (SWIFT) and Wire Transfer (For US bank) are no longer available. Bybit did not disclose whether the bank partner is Silvergate. Bybit: We confirm USD deposits via wire transfer (including SWIFT) are temporarily suspended as our end-point processing partner is currently adjusting its scope of work. We are closely urging our partners for alternative solutions. Users can still buy crypto currencies in USD using their debit and credit cards through other channels.

5. Circle to stop processing ACH payments for all of its partner companies link

On March 7, in an announcement on its public Discord server, Dapper said Circle has made the decision to stop processing ACH payments for all of its partner companies, “effective immediately.” ACH payments are a type of electronic funds transfer (EFT) that allows money to be moved from one US bank account to another.

6. Binance’s weekly summary

a. Binance staff approached Gary Gensler in 2018 and 2019 link

On March 6, WSJ reported that, in 2018 and 2019, Binance staff approached Gary Gensler, then a former Commodity Futures Trading Commission chair and now SEC chair, to become an adviser. They observed that while Gensler declined advisor-ship, he was generous in sharing license strategies.

b. Voyager received court approval to sell assets and transfer customers to Binance link

On March 8th, Voyager Digital received court approval to sell its assets and transfer its customers to Binance.US in a deal worth $1.3 billion. Binance has agreed to pay Voyager $20 million in cash and accept the cryptocurrency assets deposited by Voyager’s customers. Voyager estimates that the sale will enable customers to recover 73% of the value of their deposits when Voyager filed for bankruptcy.

c. DOJ appeals approval of Binance.US acquisition of Voyager Digital assets link

On the evening of March 9th, the US Department of Justice (DOJ) filed an appeal questioning the decision of a New York bankruptcy judge to allow BinanceUS to acquire the assets of bankrupt cryptocurrency lender Voyager Digital for billions of dollars. The appeal was filed by the Office of the US Trustee, a division of the DOJ responsible for overseeing bankruptcies. The day before, Judge Michael Wiles approved the transaction after a four-day hearing.

7. MakerDAO’s weekly summary

a. MakerDAO co-founder Rune sold another 760k LDO ($1.9M) link

On the evening of March 5, MakerDAO co-founder Rune sold another 760k LDO ($1.9M) and bought 2788 MKR ($2.62M). Since November 4 last year, 24620 MKR has been purchased and 11.378 million LDO has been sold by him.

b. MakerDAO considers extending US treasury bond investments to $1.25 billion link

On March 7, MakerDAO was reviewing a proposal to extend its existing US treasury bond investments from $500 million to $1.25 billion. MakerDAO deployed ~$500 million in short-term US treasury bond ETFs. As of January 2023, this investment strategy has brought ~2.1.

8. CoinFLEX’s weekly summary

a. CoinFLEX’s restructuring was approved by the Seychelles courts link

On March 7, CoinFLEX announced that its restructuring plan had been approved by the Seychelles court and trading of locked assets such as LUSD and LETH had been halted. CoinFLEX has halted withdrawals for over 257 days.

b. Founder of 3AC: OPNX will acquire all assets of CoinFLEX link

On March 7, Kyle, founder of 3AC, said that OPNX will acquire all assets of CoinFLEX including people, tech, and tokens and FLEX will be their main token. FLEX is used to pay fees and 20% of revenue is used to buy and burn FLEX. There are currently 100 million FLEX tokens in circulation, of which 2 million have already been burned through fees.

c. CoinFLEX will be officially renamed to Open Exchange (OPNX) link

On March 9, Leslie Lamb, former Chief Marketing Officer of CoinFLEX, announced on LinkedIn that CoinFLEX will be officially renamed to Open Exchange (OPNX), with her serving as the CEO of Open Exchange. She stated that the company aims to provide services for those harmed by the crypto crisis and create a truly next-generation exchange.

9. Grayscale’s weekly summary

a. Grayscale Bitcoin Trust discount narrowed to 42% link

On March 8, Grayscale Bitcoin Trust discount narrowed to 42%, marking a one-month high. The judges’ panel presiding over the oral arguments questioned the logic behind the SEC’s rejection of Grayscale’s application.

b. Alameda Research filed a lawsuit against Grayscale Investments link

On March 8, Alameda Research filed a lawsuit against Grayscale Investments, accusing them of overcharging management fees and unfairly preventing investors from redeeming their Bitcoin and Ethereum trusts. The lawsuit claims that if Grayscale were to reduce fees and allow redemptions, the value of funds held by Alameda would increase by at least $550 million, or approximately 90% higher than their current value.

10. MtGox extends deadline for claim registration and repayment in latest statement link

According to the MtGox statement on March 9, the deadline for claim application registration was changed from March 10, 2023 to April 6; the repayment deadline was postponed from September 30, 2023 to October 31. Mt.Gox currently has approximately 142,000 BTC, 143,000 BCH and 69 billion yen remaining to be paid.

Fundraising

• Ethereum scaling project Scroll announces completion of $50 million funding round, with investors including Polychain Capital and Sequoia China link

• Solana-based NFT marketplace Tensor raises $3 million in seed funding, led by Placeholder VC link

• Web3 app Kresus secures $25 million in Series A funding, led by Liberty City Ventures link

• Gaming startup Believer raises $55 million in funding led by Lightspeed link

• Crypto payroll compliance company Toku raises $20 million in its first funding round led by Blockchain Capital and Protocol Labs link

• Web3 email solution EtherMail completes $4 million pre-Series A funding round led by venture capitalist Tim Draper and his investment firm Draper Associates link

• Interactive entertainment startup Matchday, focused on football competitions, announces completion of $21 million seed funding round link

• Crypto startup Proven, founded in 2022, announces completion of $15.8 million funding round led by Framework Ventures link

• Web3 security firm Cubist announces completion of $7 million seed funding round led by Polychain Capital link

• Brazil-based stablecoin issuer ECSA raises $3 million in seed funding link

Learn more, check out crypto-fundraising.info.

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