By November 16, EOS and Block.One founder Brendan Blumer had spent over $90 million to buy 9.27% of Silvergate stock. Since then, the crypto-friendly bank has collapsed by over 80% — Blumer has personally lost at least $74 million.

Silvergate was known to be a major bank for FTX and Alameda Research — FTX filed for bankruptcy five days before Blumer’s investment. Now, Silvergate is the latest ship to sink to the bottom of a rather cluttered crypto pool. Why did Blumer make such a blunder?

Hosted on Acast. See acast.com/privacy for more information.

Hosted on Acast. See acast.com/privacy for more information.

As of last month, up-and-coming NFT marketplace Blur began paying more royalties to creators who sell artwork on its platform than OpenSea, the NFT marketplace’s previous biggest hitter.

There are currently more artists being paid royalties via Blur, and the platform is also surpassing OpenSea in trading volume. Blur made a staggering $424 million in sales last week while OpenSea made only $92 million.

Hosted on Acast. See acast.com/privacy for more information.

Almost all stablecoins have seen their market caps dramatically reduced since the collapse of the Do Kwon-founded Ponzi scheme Terra/Luna in May and June of last year.

Binance USD has been hit particularly hard — its market cap has crumbled from $22 billion to $10 billion over the last three months. What’s peculiar, however, is the upward momentum of the Justin Sun-controlled stablecoin TUSD which has seen its market cap balloon from $750 million in December to nearly $1.2 billion today.

Hosted on Acast. See acast.com/privacy for more information.

Investors are worried that Silvergate might file for bankruptcy protection soon. Long-time critic and short-seller Marc Cohodes predicts the bankruptcy filing could arrive before Monday and that its CEO Alan Lane should face federal charges.

The publicly traded bank has delayed the release of its 2022 annual report. It admitted a “going concern” regarding its ability to survive financially. Silvergate has requested an extension of time from the Securities and Exchange Commission (SEC) in order to evaluate “internal controls over financial reporting.”

Hosted on Acast. See acast.com/privacy for more information.

Thousands of Australians have likely seen their pension funds decimated after their crypto investments shed an estimated $600 million AUD ($403 million) in value.

Affected are investors who decided to set up so-called DIY pension funds.

These funds differ from traditional pension pots in that their members are also the trustees, making them responsible for managing their savings themselves.This allows investors to place their money in less traditional markets, including crypto.

Hosted on Acast. See acast.com/privacy for more information.

Building society Nationwide is the latest banking entity to restrict customers’ ability to buy cryptocurrency in the UK, as it bans the use of a credit card to buy crypto and sets a $6,000 limit to any daily crypto purchases.

Hosted on Acast. See acast.com/privacy for more information.

Struggling Silvergate Capital, owner of crypto-friendly bank Silvergate, has warned investors that it expects to record further losses for 2022 that have significantly impacted its “ability to continue.” Its share price tumbled 30% following the news, from $13.60 to $9.50 at press time.

Silvergate notified the Securities and Exchange Commission on Wednesday that it won’t be able to file its annual 10-K form on time for the fiscal year 2022. It cited the last-minute sale of additional investment securities to repay outstanding loans from the Federal Home Loan Bank of San Francisco as a reason for the delay, along with the sale of additional debt securities in January and February 2023.

Hosted on Acast. See acast.com/privacy for more information.

In July 2022, Voyager Digital filed for Chapter 11 bankruptcy, and for more than seven months, its customers have been fighting to get their money back. Soon, Binance could emerge as the winning suitor.

Hosted on Acast. See acast.com/privacy for more information.

The Dutch National Police have disrupted the Deadbolt ransomware group, recovering the decryption keys of 90% of victims that contacted police, according to a report by Chainalysis.

Since 2021, Deadbolt has preyed on small businesses and sometimes individuals, demanding smaller ransoms that can quickly add up. In 2022, Deadbolt successfully collected more than $2.3 million from about 5,000 victims.

Hosted on Acast. See acast.com/privacy for more information.