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BitMEX announces the transfer of its Bitcoin Insurance Fund to new addresses, ensuring transparency and security for its users. (Read More)
The Hong Kong Monetary Authority has expanded the eligibility criteria of the Mortgage Insurance Programme. (Read More)
Learn how cryptocurrency insurance protects your digital assets from theft, hacks and other risks. Understand the coverage options and how this specialized insurance works.
Meanwhile, a blockchain startup, has successfully raised $40 million in funding for its innovative Bitcoin life insurance product. The company aims to revolutionize the insurance industry by offering policies that protect against the risks associated with holding cryptocurrency assets. The funding round was led by prominent investors who recognize the potential of blockchain technology to [...]
The post Meanwhile secures $40 million funding to offer Bitcoin life insurance in economies vulnerable to inflation appeared first on Crypto Breaking News.
The Federal Deposit Insurance Corporation (FDIC) has requested Cross River Bank – known for its services to fintech and crypto firms like Visa and Coinbase – to “self-correct” and appropriately address weaknesses in its lending activities. On April 28, the FDIC made public a consent order executed with Cross River Bank on March 8, alleging that [...]
The post FDIC alleges Cross River engaged in ‘unsafe’ lending practices appeared first on Crypto Breaking News.
Court filings reveal that the FTX co-founder is seeking access to a $10 million insurance plan to cover his attorney fees. FTX debtors and unsecured creditors have opposed Sam Bankman-Fried’s request, arguing that every dollar spent on his defense is “one less dollar” available to cover the losses of the debtors. FTX Debtors and Unsecured [...]
The post Former FTX CEO Seeks $10M Insurance Fund for Legal Defense, Request Opposed by FTX Debtors and Unsecured Creditors appeared first on Crypto Breaking News.
Sam Bankman Fried’s new petition to have his legal expenses reimbursed has been met with fierce objection from lawyers representing the crypto exchange and its creditors committee. As per previous reporting by Cointelegraph, Bankman-Fried’s lawyers had filed a motion on March 15 seeking to have his court costs covered by directors and officers (D&O) insurance [...]
The post FTX lawyers, creditors slam SBF’s petition to get legal fees reimbursed appeared first on Crypto Breaking News.
The Treasury Department's Under Secretary for Domestic Finance Nellie Liang said at the same hearing she didn’t believe crypto “played a direct role” in the failure of the banks.
The FDIC warned that there would be no more crypto offerings from Signiture after the buy out
Signature Bank’s cryptocurrency clients have been reportedly given until April 5 to take their funds out and find another bank, or have their accounts closed by the federal regulator. According to reports, a United States Federal Deposit Insurance Corporation (FDIC) spokesperson said on March 28 that the agency was “reaching out to depositors from Signature [...]
The post Signature’s crypto clients told to close their accounts by April 5: Report appeared first on Crypto Breaking News.
Cooper & Kirk law firm sends letter to US Congress alleging regulatory overreach against the crypto industry.
The president of the Federal Reserve Bank of Minneapolis, Neel Kashkari, says the current banking crisis has pushed the U.S. economy closer to a recession. “We have fundamental issues, regulatory issues facing our banking system,” the Fed official stressed. Neel Kashkari on U.S. Economy, Banking Crisis, Recession Federal Reserve Bank of Minneapolis President Neel Kashkari [...]
The post Fed Bank President: Banking Crisis Tips US Economy Toward Recession appeared first on Crypto Breaking News.
US officials are discussing the possibility of expanding deposit insurance beyond the current cap of $250,000 to cover all bank deposits, according to Bloomberg. However, sources have said that such a move is not necessary at the moment, as recent steps taken by financial regulators are likely to be sufficient. This potential strategy is being considered in case the current situation worsens. (Read More)
DeFi insurance firms paid out $34.4 million in claims in 2022, including $22.5 million for the collapse of Terra Luna and $4.7 million for FTX. DeFi insurance now covers eight major categories, but more work is needed to scale.
(Read More)
The current deposit insurance cap under the FDIC is $250,000, but recent banking collapses have seen calls to increase that amount.
The parent company of Silicon Valley Bank, SVB Financial Group, and two senior executives have been sued by shareholders after SVB’s collapse last Friday. The proposed class action accuses SVB of hiding the fact that interest rate hikes would leave the bank in jeopardy. Additionally, anonymous sources say the U.S. Department of Justice (DOJ) and [...]
The post Federal Investigators Probe Silicon Valley Bank Collapse; SVB and Top Execs Sued by Shareholders appeared first on Crypto Breaking News.
Crypto firms including Coinbase, Paxos, and Celsius have reported funds tied up with Signature Bank, which was shut down by New York regulators due to concerns about systemic risk. While some firms expect to recover their funds in full, others have disclosed only that they had exposure to the bank. Other firms in the crypto industry have reassured customers that they had no exposure to Signature Bank. (Read More)
Silicon Valley Bank (SVB) could be returning to the auction block with United States regulators taking a second attempt at finding a buyer for the now-collapsed bank. According to a Mar. 13 report from the Wall Street Journal, the Federal Deposit Insurance Corporation (FDIC) told Senate Republicans that they now have additional flexibility to sell [...]
The post FDIC to attempt another auction of Silicon Valley Bank: Report appeared first on Crypto Breaking News.
On Sunday, the New York Department of Financial Services, or DFS, announced that it had taken possession of Signature Bank. The DFS appointed the Federal Deposit Insurance Corporation, or FDIC, as the receiver of the bank. In a joint statement, the U.S. Federal Reserve, Treasury Department, and FDIC explained that all Signature depositors would be [...]
The post NY Regulators Seize Control of Signature Bank, Depositors Assured by Federal Bailout appeared first on Crypto Breaking News.
After the failure of Silicon Valley Bank (SVB), a great deal of Americans are starting to realize the dangers of fractional-reserve banking. Reports show that SVB suffered a significant bank run after customers attempted to withdraw $42 billion from the bank on Thursday. The following is a look at what fractional-reserve banking is and why [...]
The post Silicon Valley Bank Failure Highlights Dangers of Fractional-Reserve Banking appeared first on Crypto Breaking News.
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