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US Banking Industry in Turmoil: A Comprehensive Look at the ‘Great Consolidation’ and Largest Bank Failures of 2023
4.5.2023
2023 has been a rollercoaster ride for the U.S. banking industry. The collapse of three major banks has sent shockwaves through the financial world, with their combined assets surpassing the top 25 banks that crumbled in 2008. The following is a closer look at what has triggered a ‘great...
Robert Kennedy Jr Warns of Mega Economic Crisis — Says ‘It’s Not Just the Banks’
4.5.2023
U.S. Presidential Candidate Robert F. Kennedy Jr. has warned that “the banking collapse is the tip of an economic mega-crisis,” emphasizing that “It’s not just the banks.” He also slammed President Joe Biden’s crypto mining tax proposal. “It is a mistake for the U.S. government to hobble...
Hardware Wallets Gain Popularity as FTX Collapse Pushes Users to Self-Custody
3.5.2023
The FTX collapse pushed many users away from exchanges and into storing their own crypto. But the potential issue of human error remains.
FTX was not alone in creating this trend. Celsius Network, Three Arrows Capital, Terra, and other crypto companies failing in 2022, as well as the March 2023...
Analysts Warn of More Bank Failures, Possible Recession and Global Repercussions Caused by First Republic Bank Collapse
3.5.2023
The recent takeover of First Republic Bank, the fourth U.S. bank to fail this year, has awakened concerns about the possible repercussions this new failure might have on U.S. and international economies. While United States President Joe Biden has assured the public that the banking system remains...
Stabilizing the Banking System: Biden Reassures Public Amid First Republic Bank Collapse, but Warns of National Debt Default
1.5.2023
Amid the collapse of the second, third, and fourth largest banks in American history, U.S. president Joe Biden reassured the public that the country’s banking system remains sturdy. However, the president also acknowledged the “threat by the speaker of the House to default on...
Charlie Munger Raises Concerns Over Troubled Commercial Property Loans at US Banks
1.5.2023
Charlie Munger, the vice chairman of Berkshire Hathaway, stated in a recent interview that American banks are burdened with poor-quality commercial real estate loans. His comments arrive amid the collapse of three major U.S. banks and the expected seizure of First Republic Bank by the federal...
Billionaire Ray Dalio Warns US and China on Brink of War, Beyond Ability to Talk — US-China Trade Could Collapse
30.4.2023
Bridgewater Associates founder Ray Dalio has warned that the U.S. and China are “on the brink of war” and “are beyond the ability to talk.” The billionaire added that their relations “are getting so bad” that U.S.-China trade could collapse. He cautioned that the next 18 months “will be a very...
Reports by Fed and FDIC Reveal Vulnerabilities Behind 2 Major US Bank Failures
29.4.2023
On Friday, Michael Barr, the vice chair for supervision at the U.S. Federal Reserve, published a report on the vulnerabilities that led to the ultimate failure of Silicon Valley Bank (SVB). In addition, Marshall Gentry, the chief risk officer of the Federal Deposit Insurance Corporation (FDIC)...
“Opportunism and Demagoguery” Fuels the U.S. Regulatory Crackdown, Steptoe Partner Says
28.4.2023
Jason Weinstein, a partner at Steptoe, said this latest wave of crackdowns on the crypto industry is the worst he has ever seen
FTX Boss Ryan Salame’s Maryland Home Searched by FBI in Unexplained Raid
28.4.2023
According to unnamed sources, the home of Ryan Salame, the former co-chief executive of FTX Digital Markets, was searched by the U.S. Federal Bureau of Investigation (FBI) on Thursday. The grounds for the raid remain unknown, and neither Salame nor his legal representative have offered...
'The war room was despondent' — Scaramucci recounts FTX collapse at Consensus
28.4.2023
The Skybridge founder said that Binance CEO Changpeng Zhao is not to blame for the collapse
US Banking Industry Still Struggling as First Republic Bank Shares Plummet by Over 30%
26.4.2023
In the midst of a tumultuous week, First Republic Bank is struggling to regain its footing in the financial world. Reports have surfaced that the bank is poised to enter government receivership due to a massive outflow of $100 billion in customer withdrawals last month. This has prompted investors...
Biggest Movers: ADA, SOL Jump 9% Higher on Wednesday
26.4.2023
Cardano was one of Wednesday’s big movers, as bullish sentiment returned to cryptocurrency markets. Spurred by an apparent collapse of First Republic Bank, the global crypto market cap moved 7% higher, as of writing. Solana was also in the green, rising by nearly 9%. Cardano (ADA) Cardano...
Bahamas Seeks to Tighten Its Crypto Laws Following FTX Collapse
26.4.2023
A bill published for comment includes restrictions on stablecoins, proof-of-work mining and crypto staking
$190B Ontario pension says no to crypto after FTX investment loss
21.4.2023
The pension fund had invested twice in the now-bankrupt crypto exchange once during the peak bull run in 2021 and another in early 2022
Why the collapse of CeFi institutions proves crypto’s core pillars
17.4.2023
The series of collapses of CeFi platforms have weeded out bad actors and unsound business models
New Report: Terra Founder Do Kwon Sent Millions of Dollars to Law Firm Before Collapse of Terra – Here's What You Need to Know
17.4.2023
Terraform Labs founder Do Kwon sent millions in funds to a local law firm in South Korea just before the implosion of the Terra ecosystem.
Kwon sent 9 billion won ($7 million) to lawyers at Kim & Chang, the largest law firm in South Korea, just before the collapse of the firm’s algorithmic...
Do Kwon Retained Law Firm in South Korea Before Terra's Collapse: Report
17.4.2023
South Korean prosecutors confirmed a report that Kwon sent $7 million to a local law firm in the months leading up to his venture's dramatic fall
Do Kwon’s Terraform Sent $7 Million to Law Firm Before Collapse, Report Unveils
16.4.2023
Prosecutors investigating failed blockchain firm Terraform Labs have found out that its Singapore office sent millions of U.S. dollars to lawyers just before the crash of its cryptocurrencies. According to Korean media, the transfers suggest that co-founder Do Kwon was aware of the imminent...
Do Kwon lawyers received $7 million before Terra collapse: Report
15.4.2023
While trying to tie in Kwon’s ill intent in prepaying the law firm, prosecutors believe that the information will help in the ongoing fraud case