Micawbers

• The US Federal Deposit Insurance Corporation (FDIC) is looking to make another attempt at auctioning assets of collapsed Silicon Valley Bank (SVB).
• FDIC has more flexibility to sell SVB’s assets after regulators labeled the bank’s collapse a threat to the financial system.
• California regulators shut down SVB on March 10, and HSBC UK Bank acquired the lender’s UK subsidiary for just £1 ($1.21).

FDIC Plans Second Auction For Collapsed SVB

The US Federal Deposit Insurance Corporation (FDIC) is making another attempt at auctioning off the assets of the collapsed Silicon Valley Bank (SVB). After regulators declared that the bank’s collapse was a threat to the financial system, it gave FDIC more room to offer incentives such as loss-sharing agreements for potential buyers.

California Regulators Close Down SVB

California regulators shut down SVB on March 10th, and FDIC took control of its assets in order to protect insured depositors. The agency created Deposit Insurance National Bank of Santa Clara (DINB), and transferred insured deposits of SVB to DINB. All insured depositors were able to have access to their funds by March 13th.

First Auction Attempt Fails

The FDIC started auctioning process of SVB’s assets on March 11th, but failed to find a buyer for it by the next day, when bids were due. Major US banks did not offer any bids for the lender, while an offer from another institution was also rejected by FDIC.

HSBC UK Banks Acquires SVBs UK Subsidiary

Following this failure, HSBC UK Bank acquired SVBs UK subsidiary for just £1 ($1.21). United States President Joe Biden also said that US taxpayers would not bear losses resulting from collapse of both SVB and Signature Bank.

Timetable For Next Auction Unknown

A set timetable for the next auction remains unknown at this time as FDIC plans its second attempt at selling off assets of collapsed Silicon Valley Bank (SVB).

• CAR BAR, an electric car rental platform using non-fungible tokens (NFTs), has been launched in Dubai.
• The daily rates offered by CAR BAR are between 30 and 40% cheaper than traditional car rental services.
• NFT holders will be able to rent Tesla cars and have the option of selling their rights to third parties for a profit.

CAR BAR Launches in Dubai

CAR BAR, an electric car rental platform powered by non-fungible tokens (NFTs), has been launched in Dubai. According to Yaroslav Shakula, the CEO of Yard Hub, this platform is a novel use case for NFTs that aims to further mass adoption of web3 technologies. The daily rates offered through CAR BAR are between 30 and 40% cheaper than traditional car rental services in the UAE.

Renting Luxury Electric Cars with NFTs

To purchase the NFTs from CAR BAR, users must be over 23 years old and hold a valid UAE or international driving license. From Mar 6 to May 31, people can rent three Tesla varieties (Model 3 Standard, Model 3 Performance or Model Y) from one of their rental partners in Dubai once they reserve them three days prior and submit relevant documents including their driving licenses. All vehicles rented will be fully insured.

NFT Holders Can Make Profits

In addition to being able to rent luxury electric cars at discounted prices, holders of CAR BAR’s NFTs will also have the option of selling their rights to third parties for a profit in marketplaces that support Polygon-based NFTs.

Increasing Calls To Preserve The Environment

With increasing calls to preserve the environment, owning a car is becoming unsustainable in big cities such as Dubai – thus encouraging more people towards sustainable transport solutions like car sharing services which offer comfortable travel without adding extra emissions into our atmosphere.

Conclusion

CAR BAR provides users with premium access to discounted luxury electric car rentals while also giving them an opportunity make profits from tokenized rights via marketplaces that support Polygon-based NFTs – all while adhering to sustainability measures set out by governments around the world for protecting our environment!

• BinaryX (BNX) token surged by more than 32% in the last 24 hours.
• The surge was attributed to a recent token split event that increased the overall quantity of BNX.
• The market cap of all digital currencies dropped slightly, with Bitcoin down 0.3% at $23,888 and Ether down 0.2% at $1,645.

Bullish Performance of BinaryX

BinaryX (BNX) has seen its market value surge by more than 32% in the last 24 hours. Currently trading at $1.68, per data from CoinMarketCap, BNX broke its $1.40 resistance level on Feb. 24 and surged by more than 30.7% in just under an hour to hit a high of $1.83 before correcting slightly to end the day at $1.49.

Token Split Behind Bullishness

Analysts have credited BNX’s bullishness to its Feb 23 token split event which increased the overall quantity of BNX from 21 million tokens to 2.1 billion tokens with a circulating supply of 289 million tokens and a market cap just north of $482 million making it the 88th-ranked cryptocurrency in the market according to CoinMarketCap data. Centralized exchanges like Binance have stopped supporting trade for the old BNX due to price fluctuations but still permit trading of the new cryptocurrency formed after fractionalization process was done on a 1:100 ratio where each old BNX was traded for 100 new BNX tokens .

Crypto Market Cap Slips Slightly

The total crypto market cap stood at $1 trillion when this article was written, dropping 3 percent from previous day figures as Bitcoin dropped 0.3 percent at $23888 while Ether dropped 0.2 percent at 1645 dollars according CoinMarketCap data .

Binary X Team Confident On Token Split

The Binary X team expressed confidence that their token split event will strengthen their GameFi platform’s business model and broaden their token appeal to new users .

Conclusion

In conclusion , Binary X has seen significant bullishness in recent days due largely to their successful token split event that saw an increase in overall quantity of binary x tokens along with other technical factors such as breaking through resistance levels . Despite slight dips across the crypto industry , it seems that Binary X is aiming higher as they look to widen their user base and develop further products on GameFi platform .

• Reports emerged that Binance Global intends to end partnerships with US-based firms and delist tokens linked to US-based projects.
• Binance’s CEO, Changpeng Zhao (CZ), has refuted the claims terming them as false.
• It is speculated that Commodity Futures Trading Commission, Internal Revenue Service, Securities and Exchange Commission, Justice Department, and the Internal Revenue Service are targeting Binance.

Reports of US Delisting

Reports emerged that Binance Global intends to end partnerships with U.S.-based firms such as banks and terminate listing tokens linked to U.S.-based projects as regulators cast the net deeper.

CZ Denies Bloomberg Report

Binance’s CEO has refuted the claims in a quick rejoinder to the news from Bloomberg terming them as „false“.

Increased Regulatory Pressure

If the claims by the undisclosed individual are true, Binance Holdings will follow the scripts of other companies that are escaping stiff market regulations since the fall of FTX. In December, Nexo Inc declared intentions of removing its products from the U.S. market following orders of resistance and desist from many states. The aggressiveness of the U.S. authorities will continue to claim more causality as the intensity increases.

Binance Holders Contemplate Repealing Relationships

The shake-up in Binance Holders contemplate repealing relationships with major financial partners in the U.S. to cool down pressure from deep inspection from authorities. An insider noted that Commodity Futures Trading Commission, Internal Revenue Service, Securities and Exchange Commission, Justice Department, and the Internal Revenue Service are on Binance’s radar; „The company is looking for possible ways of ending ties with US-based firms, especially banking and service entities…Delisting of tokens such as USD Coin is on table,“ acknowledged an unnamed source close to Binance Holdings .

Unauthorized Services To US Customers

Binance Holdings has no authority to serve U

Overview

• China has launched a state-supported blockchain research center in Beijing to promote the integration of technology into daily life.
• The institution will be led by the Beijing Academy of Blockchain and Edge Computing (BABEC).
• Despite ongoing crackdown on cryptocurrencies, the Chinese government is prioritizing the development of a central bank digital currency and levying taxes on digital asset transactions.

National Blockchain Technology Innovation Center Launched in Beijing

China has launched a state-supported blockchain research center in Beijing with the goal of promoting the integration of technology into daily life through focused research and development efforts. According to a report from a local news outlet, the Chinese government has approved the launch of the National Blockchain Technology Innovation Center in Beijing to conduct blockchain research and development. The center plans to develop a research network with local universities, think tanks, and blockchain companies in order to explore and develop core blockchain technologies. The research findings will be utilized to further digitalize China and grow its blockchain industry. The new institution will be led by the Beijing Academy of Blockchain and Edge Computing (BABEC), an entity popular for developing the Chang’an Chain or ChainMaker blockchain. For the uninitiated, Chang’an Chain is China’s first domestically developed open-source blockchain platform. The platform is already supported by an ecosystem of 50 business corporations, many of which are owned by the state. However, further details regarding the institute’s opening date, budget, or staffing were not revealed.

Chinese Government Prioritizing Digitalization Through Blockchain Technology

Blockchain technology was first mentioned in China’s five-year policy plan in 2021 and was identified as playing a key role in the country’s digital economy. In addition to blockchain research, the Chinese government is also prioritizing

•Binance CEO Changpeng Zhao stated that no Binance users or assets were affected by the Orion Protocol (ORN) $3 million hack.
•The hacker launched a reentrancy attack on Orion and withdrew funds from a smart contract severally.
•PeckShield identified the hack, developed a full report, and sent it to Orion Protocol before making a public announcement.

Binance Confirms No User Losses From Orion Protocol Hack

Binance CEO Changpeng Zhao recently confirmed that no Binance user or asset was affected by the February 2nd, 2023 Orion Protocol (ORN) hack which resulted in losses of approximately $3M. Re-login protection was lacking which enabled the hacker to launch a reentrancy attack on Orion and withdraw funds from a smart contract multiple times.

Cybersecurity Firm Identifies Hack

PeckShield, a cybersecurity firm, identified the hack and developed a full report from their observation before sending it to Orion Protocol and making a public announcement on Twitter. The company paused the protocol at the time of announcement as they had positively identified the root cause of the incident and were fixing the bug.

Sympathy For Those Who Incurred Losses

Surge DeFi sympathized with those who incurred losses in this incident while reiterating its commitment to promoting decentralized finance (DeFi) to avoid such incidents in future. DeFi is aimed at increasing safety for crypto investors by investing in less centralized protocols as opposed to traditional exchanges like Binance where user funds are susceptible to hacking attacks.

Reaction By CZ On PeckShield Tweet

CZ reacted positively to an earlier news release by PeckShield regarding this incident wherein he assured all Binance users that none of their assets were affected by this hack and that Binance Security team monitors all hacker addresses.

Conclusion

All Binance users can rest assured that their assets are safe from any potential hacks as CZ has confirmed that no user incurred any losses due to this incident. He also said that Binance’s security team is monitoring hackers‘ addresses diligently so as not to let similar occurrences happen again in future.

1. FTX lawyers have argued against the appointment of an independent examiner, claiming the costs would exceed $100 million and would not benefit equity holders or creditors.
2. The US Trustee has argued that an examiner is necessary due to the heavy financial losses FTX experienced in a short period of time.
3. The official committee of unsecured creditors has also objected to the appointment of an examiner, claiming it would be a “futile” exercise.

FTX, a once flourishing cryptocurrency exchange, has been brought to its knees due to a liquidity crisis that has had reverberations throughout the entire crypto industry. US Trustee Andrew Vara, tasked with handling FTX’s bankruptcy, has argued for the need of an independent examiner, citing the heavy losses the exchange has experienced in such a short period of time – from a $32 billion market value to a liquidity crisis within 8 days.

However, lawyers representing FTX have argued otherwise. In a Jan. 25 objection motion, they argued that the appointment of an examiner is neither mandatory nor appropriate. They further argued that the results of the investigations would coincide with those done by the committee of creditors, regulatory authorities, law enforcement agencies, and even the new CEO of FTX, John Ray. Therefore, they believe the examiner’s job would not attend to the needs of the creditors, which is locating and recovering the assets of the defunct FTX exchange estate.

The official committee of unsecured creditors has also filed an objection to the appointment of an examiner, claiming it would be a “futile” exercise. They feel that the costs of hiring such an individual would exceed $100 million, and yet not benefit either equity holders or creditors.

The situation has also caught the attention of four senators, who have submitted a letter asking for an independent examiner. Additionally, several states have entered the FTX case, and the US Securities and Exchange Commission (SEC) has asked for an independent examiner in a similar case involving Enron.

As the case continues to unfold, it is yet to be seen if the calls for an independent examiner will be heeded. The outcome of this situation will be of great importance to the crypto industry as a whole and will set a precedent for similar future cases.

• Yield App announces ETH-compatible Haven1, a Layer 1 blockchain powered by Yield App Labs.
• Haven1 utilizes the proof of authority consensus method to provide reliable on-chain financial transactions.
• It brings forth a verified identification architecture to remove the need for users to maintain private information on the blockchain.

Yield App recently announced that it will Incubate Haven1, a layer 1 blockchain powered by Yield App Labs. This blockchain is ETH-compatible and was developed with the growing need for reliable on-chain financial transactions in mind. It utilizes the proof of authority (PoA) consensus method which ensures the security of the blockchain while also paving the way for the broad adoption of web3.

Haven1 has a unique feature of having a verified identification architecture. This eliminates the need for users to maintain private information on the blockchain and allows for safe and legal on-chain financial transactions. This resolves the issue of DeFi limitations inside regulated institutions. Since the identification of every Haven1 validator and their activities on the network are verifiable in public, the network’s dependability and integrity will be improved.

The incorporation of Haven1 into Yield App will provide investors with the opportunity to participate in the construction of this layer 1 breakthrough. This will help create an ecosystem of trust and security for digital assets and financial transactions. Haven1 also has dispute resolution measures built-in and has partnered with reliable organizations to ensure that every asset on the network is protected.

Yield App’s integration of Haven1 is an innovative step for the blockchain industry and will help create a secure and reliable digital financial environment. With this, Yield App is sure to revolutionize the way we handle digital assets and financial transactions.

• CoinGate has announced the launch of crypto payment solutions for Wix.
• The crypto payment platform will allow users to pay for goods and services using over 70 different cryptocurrencies, including Bitcoin (BTC) and Ethereum (ETH).
• CoinGate has used the Bitcoin Lightning Network (BLN) layer on the bitcoin ledger to facilitate efficient and cost-effective transactions.

CoinGate, a leading crypto payment platform, has announced the launch of its crypto payment solutions for e-commerce merchants building on Wix. This integration with Wix is a major step forward in the adoption of cryptocurrencies as a payment method, bringing with it a wide range of benefits for both merchants and customers.

The crypto payment platform will allow Wix users to buy and sell goods and services using a variety of different cryptocurrencies, including Bitcoin (BTC) and Ethereum (ETH). This integration with Wix will also allow users to process and convert cryptocurrencies to fiat currencies and vice versa. To facilitate efficient and cost-effective transactions, CoinGate has used the Bitcoin Lightning Network (BLN), a layer on the bitcoin ledger that capitalizes on micropayment streams to scale bitcoin’s blockchain.

In addition, CoinGate has also included the ability to process reverse transactions in the case of refund orders paid through the platform in digital assets. According to CoinGate, this integration with Wix will make it easier for merchants to accept a wide range of payment options and will enable customers to make payments in a variety of different cryptocurrencies.

The introduction of crypto payment solutions for Wix is a major step forward in the adoption of cryptocurrencies as a viable payment option. This integration with Wix is expected to benefit both merchants and customers, making it easier for merchants to accept payments in a variety of different methods and provide customers with an easy and secure way to make payments. As the use of cryptocurrencies continues to grow, this integration with Wix is a major step forward in the mass adoption of digital assets.

• Social media personality Logan Paul threatened YouTuber Coffeezilla with legal action after he accused Paul’s CryptoZoo NFT project of being a scam.
• Paul argued that Coffeezilla was motivated by the desire to profit from his celebrity and pointed out that the investigator on the case had a history of armed robbery.
• Paul acknowledged working with an unsavory individual who brought questionable employees to the CryptoZoo team and stated that he had been overly trusting.

Logan Paul, a well-known social media personality, recently found himself in a heated debate with YouTuber Coffeezilla, a.k.a. Stephen Findeisen. Findeisen had posted several videos on Paul and his NFT project, CryptoZoo, accusing it of being a scam. In response, Paul uploaded a video to YouTube in which he defended himself and threatened to sue Findeisen, pointing out that the latter had exploited his name for views and cash.

Paul also highlighted Zack Kelling, an investigator allegedly working with Coffezilla, who had a history of armed robbery and had delayed justice in the case. He acknowledged that he had been overly trusting and that the team for CryptoZoo had included some questionable employees. He added that his tendency to be overly trusting had resulted in questions being raised about the project.

In his remarks, Paul emphasized that Findeisen had exposed himself to “very real implications” by making false claims and urged him to be more responsible with his statements. He also urged other creators to be more mindful of their words and actions as they could have serious consequences.

Overall, Paul’s response to Findeisen’s accusations of CryptoZoo being a scam were met with mixed reactions. Some praised him for standing up to the accusations while others felt he had overreacted and should have handled the situation differently. Regardless, Paul made it clear that he was not going to let anyone defame him and his projects without consequence.