On-chain investigator Lookonchain reported that a wallet “possibly” connected to Tron founder Justin Sun made $3.3 million from USD Coin (USDC) March 11 depeg. Lookonchain said the address, 0xbcb7, withdrew 50 million USDC from Aave after the stablecoin depegged. The address then swapped this USDC for DAI at a 1:1 ratio while also withdrawing over…
Three addresses connected to bankrupt crypto exchange FTX and its sister trading firm Alameda Research have moved around $145 million to crypto exchanges. In a March 14 tweet, on-chain analyst Lookonchain reported that the addresses transferred 69.64 million USDT to a new address, 0xad6e, which then sent 43 million USDT to Binance, Coinbase, and Kraken….
Ad The following is a guest post by Anndy Lian. The crypto industry is currently experiencing anxiety due to concerns about the potential detachment of USDC, a stablecoin supported by US dollars. As an individual who closely monitors the market, I have been observing the situation and would like to share some of my personal…
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Ad Nine of the top 10 stablecoins by market cap are trading below their dollar peg as the market reels from the contagion sparked by the depeg of Circle’s USDC stablecoin on March 11, according to CryptoSlate data. USDC lost its peg after Circle announced that roughly $3.3 billion of its cash reserves were held…
Ad U.S. Senator Elizabeth Warren’s latest tweet about “sham crypto audits” and holding auditors “accountable” has caused a furor among the Twitter crypto community. The community said the tweet was Warren’s latest attempt to demonize the crypto industry and called it “tone deaf” amid the banking crisis involving Silicon Valley Bank (SVB) ‘Sham audits’ Warren…
Ad What we know so far about the SVB collapse and USDC/DAI depeg (updated): Crypto firm Circle reveals $3.3 billion stuck in SVB DAI/USDC depeg as stablecoin pressure continues after Silicon Valley bank collapse Binance suspended USDC conversions due to volatile market conditions Coinbase suspended USDC conversions “over the weekend while banks are closed” SVB…
Ad On February 21, Paxos halted the issuance of new BUSD tokens after it was given a Wells Notice, a document the SEC provides to entities under investigation. The SEC can issue a Wells Notice to outline the substance of the charges that the regulator plans to bring. In addition, it allows the respondent to…
Ad BitMEX co-founder Arthur Hayes has proposed a Bitcoin-backed dollar-pegged stablecoin NakaDollar (NUSD) which would be backed by $1 Bitcoin and one inverse perpetual swap of BTC against USD. In a March 8 blog post, Hayes said the stablecoin would not rely on USD reserves or centralized entities like banks. Instead, the NUSD will be…
Ad Crypto’s US Dollar market depth has significantly dropped over the past month following Silvergate’s struggles, according to Kaiko data. US exchanges are becoming less liquid. Kaiko said U.S.-based exchanges and market makers are becoming less liquid as they seem most affected by Silvergate’s implosion. According to Kaiko data, Bitcoin and Ethereum’s market depth improved…