RoboFi News Review: Top Crypto News of the Week

This week’s news roundup is presented below.

Major crypto coins stabilise after U.S. intervenes on SVB collapse

After U.S. authorities announced plans to limit the fallout from Silicon Valley Bank (SVBcollapse )’s and USD Coin’s issuer said it was redeemable with the dollar, major cryptocurrencies stabilized on Monday. After SVB (SIVB.O) threatened to cause a financial crisis, U.S. authorities took emergency measures on Sunday to restore confidence in the banking system and promised SVB customers access to their deposits on Monday. Read More.

Bitcoin jumps to highest since June as rally gathers pace

Bitcoin hit a nine-month high on Tuesday after shrugging off global market chaos after Silicon Valley Bank’s collapse and riding expectations that U.S. interest rates won’t rise so fast. In its fourth day of gains, bitcoin rose 9.6% to $26,533, its highest since June 2022. U.S. authorities’ plans to mitigate Silicon Valley Bank’s collapse have boosted major cryptocurrencies (SVB). Read More.

Anchor down: SEC looks to stablecoin’s connected ‘ecosystem’ to assert jurisdiction

As the Securities and Exchange Commission (SEC) continues to assert its authority over digital assets, mostly through enforcement actions, it has set its sights on stablecoins, which may seem like an unlikely target. On February 16, 2023, the SEC sued Terraform Labs and its CEO, Do Kwon, for allegedly coming up with a multibillion-dollar crypto asset securities fraud that caused U.S. retail and institutional investors to lose a lot of money. Read More.

Cybercriminals’ crypto platform ChipMixer seized in international operation

Europol and the U.S. Department of Justice said Wednesday that ChipMixer helped online drug dealers, Russian military hackers, and North Korean cybercriminals hide their digital money. On Wednesday, a banner reading “THIS WEBSITE HAS BEEN SEIZED” and displaying the logos of German, American, Swiss, and Polish law enforcement agencies replaced the site, which authorities say laundered more than $3 billion in cryptocurrency. Read More

Crypto investors pull $3 bln from stablecoin USDC in three days

In the wake of Silicon Valley Bank’s collapse, crypto investors pulled $3 billion from the stablecoin USDC in three days, according to the token’s company. Circle’s disclosure that $3.3 billion of USDC’s reserves were at SVB broke its dollar peg on Saturday. According to CoinGecko, the stablecoin dropped to $0.88 before rising to $1 on Monday. Circle announced a new banking relationship with Cross River Bank for automatic USDC redemption. Read More

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