The price of GHST was supported by that of DAI stablecoin for over two years. According to play-to-earn nonfungible tokens (NFT) protocol Aavegotchi on Mar. 11, the entity closed the bonding curve defining the exchange rate between its namesake token (GHST) and the DAI U.S. dollar stablecoin (DAI). The same day, the DAI stablecoin depegged...Continue Reading

“Proposal(s) implementing the above changes are expected to be posted in the next ~12 hours or less,” says Maker. According to a forum post from Maker DAO, issuer of the U.S. dollar-pegged DAI stablecoin, on Mar. 11, the firm requested an “urgent executive proposal to mitigate risks to the protocol.” Maker said that it possessed...Continue Reading

Ethical hacking is the practice of identifying and testing vulnerabilities in a system to improve its security and prevent unauthorized access. Ethical hacking, also known as “white hat” hacking, is the process of identifying and exploiting vulnerabilities in a computer system or network in order to assess its security and provide recommendations for improving it....Continue Reading

Following USDC’s depegging, three stablecoins — DAI, USDD and FRAX — also depegged from the U.S. dollar. The stablecoin ecosystem felt an immediate effect as USD Coin (USDC) depegged from the U.S. dollar due to a subsequent sell-off after Silicon Valley Bank (SVB) did not process $3.3 billion of Circle’s $40 million transfer request. Given...Continue Reading

Bitcoin recovers from the depegging of USDC, the second-largest stablecoin, from the U.S. dollar. Bitcoin (BTC) refused to let $20,000 support die for good on March 11 as the weekend opened to a battle for lost ground. BTC/USD 1-hour candle chart (Bitstamp). Source: TradingView Bitcoin shakes off USDC depeg Data from Cointelegraph Markets Pro and...Continue Reading

While the crypto market responded with a massive sell-off, not all USDC investors were lucky enough to walk away with their funds amid the uncertainty. Soon after Circle revealed that Silicon Valley Bank did not transfer $3.3 billion of its USD Coin (USDC) reserves, the market responded with a massive sell-off — depegging the stablecoin...Continue Reading

Contrasting her statements against crypto auditors, numerous members highlighted the ongoing collapse of Silicon Valley Bank (SVB), a Federal Deposit Insurance Corporation-insured bank. United States Senators Elizabeth Warren and Ron Wyden asked the Public Company Accounting Oversight Board (PCAOB) to hold auditors accountable for failed crypto projects.  The PCAOB — a non-profit overseeing the audits...Continue Reading

At the time of writing, USDC lost 3% of its value as it traded at $0.969, and a Circle executive envisions broader implications for business, banking and entrepreneurs without a Federal rescue plan. Almost immediately after USD Coin (USDC) issuer Circle revealed it was not able to withdraw $3.3 billion of its $40 billion from...Continue Reading

Despite the SEC looking to crackdown on supposed unregistered securities offerings via staking rewards programs, Coinbase has outlined that its services will continue. Despite the recent crackdown by the U.S. Securities and Exchange Commission (SEC) on staking services offered by centralized providers, Coinbase has reiterated to customers that its staking services will continue, and “may...Continue Reading

Circle joined other customers and depositors in calling for the continuity of SVB in the US economy. On March 10, Blockchain payment tech company and USD Coin (USDC) issuers Circle confirmed that wires initiated on Thursday to remove balances have not yet been processed, leaving $3.3 billion of its $40 billion USDC reserves at Silicon...Continue Reading