Summary
- Former Coinbase CTO Balaji Srinivasan believes there is a “very high” chance that sovereign defaults will happen, which will cause Bitcoin’s price to skyrocket.
- He clarified his commentary at the Consensus 2023 conference about when a potential fiat crisis will take place.
- Srinivasan said he still stands by his prediction of $1 million Bitcoin after 90 days, as he believes it has a 10% chance of happening.
FDIC Says Signature Bank Failed Due To Mismanagement and Risky Crypto Deposits
The Federal Deposit Insurance Corporation (FDIC) recently announced that Signature Bank in New York City failed due to mismanagement and risky crypto deposits. The FDIC determined that the bank had made numerous errors in its risk management practices and was not able to recover from its losses. This resulted in the bank’s closure. As part of their investigation, the FDIC also discovered that the bank had taken on risky crypto deposits without properly assessing them or adequately managing them.
SEC Fines Up Global, Coinme $3.9M; Issues Cease-and-Desist Orders
The Securities and Exchange Commission (SEC) recently issued cease-and-desist orders against two companies, Up Global and Coinme, for failing to register their initial coin offerings with the SEC. In addition to these orders, the SEC fined both companies a total of $3.9 million for their violations. The SEC found that both companies had raised money through unregistered ICOs and were therefore in violation of federal securities laws.
Dave Ripley Takes Over as Kraken CEO; Set on Next Phase of Growth and Expansion
Kraken recently announced that Dave Ripley has joined the company as its new CEO. He is set on taking the company into its next phase of growth and expansion focusing on customer experience, product innovation and global expansion opportunities. Prior to joining Kraken, Ripley held several executive positions at Microsoft focused on corporate strategy & business development where he worked closely with Fortune 500 customers from all around the world. Under his leadership Kraken plans to become one of the leading cryptocurrency exchanges globally while expanding its presence across multiple countries worldwide.
Polygon-Based Protocol 0vix Exploited For $2M
A polygon-based protocol known as 0vix was recently exploited for more than $2 million worth of funds by an unknown hacker or group of hackers. The exploit allowed attackers to mint coins out of thin air using what is known as a flash loan attack technique which utilizes loopholes within smart contracts deployed on Ethereum networks such as Polygon. As a result of this attack many investors lost funds while others were able to benefit from it due to taking advantage before anyone else could act upon it .
< h 2 >US Government Holds $6B Worth Of Bitcoin: Glassnode Data
Glassnode data shows that US government agencies are holding over $6 billion worth of Bitcoin in various wallets across different blockchains such as Ethereum , Litecoin , Dogecoin , etc . This includes wallets belonging to various departments including Department Of Energy , Department Of Homeland Security , Federal Reserve Bank Of New York etc . While this data does not necessarily mean they are actively trading or investing in cryptocurrencies it does show how governments are starting to recognize cryptocurrencies‘ value .