Stablecoin USDC’s issuer Circle said its chief strategy officer’s Twitter account was hacked on Wednesday, after the account posted a link appearing to offer holders of the stablecoin USDC a “one-time bonus” of free cryptocurrency. The Twitter account of Dante Disparte, Circle‘s chief strategy officer, sent a series of tweets appearing to address the stablecoin‘s … Read more
Top Indian information technology firms Tata Consultancy Services and Infosys have the highest exposure to regional banks in the United States that are gripped by a financial turmoil, analysts at JP Morgan said on Friday. Regional banks in the United States account for 2-3 percent of their revenue, JP Morgan said in a note, adding … Read more
Indian startups had deposits worth about $1 billion (roughly Rs. 8,250 crore) with embattled Silicon Valley Bank and the country’s deputy IT minister said he had suggested that local banks lend more to them going ahead. California banking regulators shut down Silicon Valley Bank (SVB) on March 10 after a run on the lender, which … Read more
Crypto investors pulled around $3 billion (roughly Rs. 24,840 crore) overall from the stablecoin USDC in three days, the company behind the token said in a blog post on Thursday, as investors rushed to redeem their holdings in the wake of the collapse of Silicon Valley Bank. USDC broke its dollar peg on Saturday after … Read more
India’s 116-year-old SVC bank was compelled to issue an official clarification regarding the status of its business after confused customers mistook it for US’ recently shuttered SVB — Silicon Valley Bank. The similarity in the acronyms of their names may have led to the confusion. Putting the minds of its users at ease, the SVC … Read more
Anchorage Digital has decided to trim its staff, adding another incident to the streak of fateful events that have shaken up crypto banks in the US. Citing regulatory uncertainty, the San Francisco-based bank has laid off 20 percent of its workforce, leaving 75 employees jobless. The decision was sealed on March 14 following the dramatic … Read more
Amid US administration’s move to backstop collapsed Silicon Valley Bank’s (SVB) despoits, IT minister Ashwini Vaishnaw has said the developments are “reassuring” and will bring relief to startups. The Biden administration in the US has announced that depositors of the failed Silicon Valley Bank will have access to their money from Monday. Federal regulators have … Read more
Crypto firms such as Coinbase and Paxos among others now stare at weeks of market re-shuffle and volatility after two crypto friendly lenders were compelled to shut down their operations in the US over the weekend. These now defunct banks are the Signature Bank and the Silicon Valley Bank (SVB). The US authorities intervened and … Read more