US DOJ Investigates Silvergate Bank’s Involvement with FTX and Alameda Research

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The hosting of accounts linked to FTX and Alameda Research by Silvergate Bank is apparently being investigated by the US Department of Justice’s fraud division. Following the demise of FTX in 2022, Silvergate invested substantially in the cryptocurrency sector. Following the announcement of the layoffs, premarket trading in Silvergate stock saw a 40% decline. Senators Elizabeth Warren (D-Mass.), John Kennedy (R-La. ), and Roger Marshall (R-Kan.) wrote to Silvergate CEO Alan Lane accusing the bank of “further introducing crypto market risk into the traditional banking system” due to its dealings with Bankman-Fried and FTX. Regulators have also targeted Silvergate. Warren, for her part, recently urged financial regulators to look into “crypto-friendly” banks like Silvergate more thoroughly. She accused the company of increasing the possibility of “crypto failure,” which she claims will leave American taxpayers footing the bill. She stated that bank regulators’ responsibility was to protect the financial system and taxpayers from the risk of cryptocurrency fraud.

Kunji research market Update

The market for non-fungible tokens, The subsequent version of OpenSea’s Drops feature has been made available. By establishing drop mechanics and distributing smart contracts across all supported EVM chains, the toolkit will equip developers to handle their own minting process. Interested partners can make online requests for early access to the toolkit. OpenSea has been experimenting with customized landing pages for site drops, including fresh material from Anthony Hopkins, Probably a Label, CLOUDMACHINE, and omgkirby.

One of the biggest creditors of the bankrupt cryptocurrency lender Genesis, a Digital Currency Group (DCG) subsidiary, is GOPAX. Through its leadership of the Industry Recovery Initiative, which it committed $1 billion to in November, Binance made its investment in GOPAX. Following the closure of its subsidiary there in December 2020 due to poor usage, the acquisition marks the return of the world’s largest cryptocurrency exchange by trading volume to the South Korean market.

Read about: Pick n Pay Grocery Chain Now Accepts Bitcoin at All 1,628 Locations in South Africa

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