Mar 2023 Crypto Industry Updates

Table of Contents

Content will be sorted chronologically with latest at the bottom.

  • Crypto-focused bank Silvergate Capital Corp plans to wind down operations and voluntarily liquidate [9 Mar 2023]
    • Founded in 1988, Silvergate ventured into crypto in 2013.
    • One of two main banks for the crypto industry.
    • All deposits will be fully repaid, according to a liquidation plan shared on Wednesday.
  • Stablecoin issuer Circle, have announced that USDC reserves have been impacted as a result of Silicon Valley Bank entering into receivership [11 Mar 2023]
  • New York regulators close Signature Bank [12 Mar 2023]
    • failure is the third-largest in US history
    • US Treasury Department and other bank regulators said in a joint statement on Sunday that all depositors of Signature Bank will be made whole
    • shareholders and certain unsecured debt-holders would not be protected
    • in September 2022, almost a quarter of Signature’s deposits came from the cryptocurrency sector
    • Coinbase says it has about US$240 million cash balance with Signature Bank
  • Coinbase warned by SEC of potential securities charges [22 Mar 2023]
    • SEC issued crypto exchange Coinbase a Wells notice, warning the exchange that it identified potential violations of U.S. securities law.
    • Coinbase shares fell nearly 12% in extended trading after the news broke on Wednesday, adding to an 8.16% drop during regular trading hours.
  • Crypto fugitive Do Kwon is arrested in Montenegro [23 Mar 2023]
    • founder of Terraform Labs and creator of the collapsed stablecoin Terra, has been charged with eight counts of fraud by federal prosecutors in the Southern District of New York, including:
      • wire fraud
      • commodities fraud
      • securities fraud
      • conspiracy to defraud
      • engage in market manipulation

Started investing in crypto towards the end of 2020.