‘If the government bans drugs, it should ban crypto’, SVB Financial Group files for bankruptcy, BlockSec prevents hackers from stealing 2900 ETH

'If the government bans drugs, it should ban crypto', SVB Financial Group files for bankruptcy, BlockSec prevents hackers from stealing 2900 ETH

Source: AdobeStock / Alexey Novikov

Get your daily roundup of cryptoasset and blockchain news in bite-sized bites – exploring the stories that fly under the radar of today’s crypto news.

Regulatory news

  • Johan Van Overtveldt, member European Parliament and former Belgian finance minister, has called for a ban on cryptocurrencies amid problems facing the banking sector. “Another lesson to be learned from the current banking commotion,” Van Overtveldt wrote. “Enforce a strict ban on cryptocurrencies. Speculative poison and no economic or social added value. If the government bans drugs, it should also ban cryptocurrencies.”
  • Now Federal Deposit Insurance Corporation (FDIC) denied reports that potential buyers Bank of signatures would have to cease dealing in cryptocurrencies as part of any sale, Reuters reported. An FDIC spokesman pointed to previous comments by FDIC Chairman Martin Gruenberg that the agency does not intend to ban any particular activity by banks.

Legal news

  • Silicon Valley Bankparent company Financial Group SVB (SIVB) has filed for Chapter 11 bankruptcy protection, adding that it is no longer affiliated with Silicon Valley Bank. He said he filed a voluntary reorganization request under court supervision US Bankruptcy Court for the Southern District of New York preserve value. “SVB securities and SVB capitalThe funds and general partner entities are not involved in the Chapter 11 filings and continue to operate as usual while SVB Financial Group continues its previously announced exploration of strategic alternatives for these valuable companies,” it said.

Security news

  • BlockSecsmart contract audit firm, prevented a hacker from stealing 2,900 ETH from an NFT lending project Paraspacethey He said on Twitter. “There is faulty logic in the borrow() of the ParaProxy contract (0x638a)” of Paraspace, the company said, explaining the vulnerability that a hacker nearly exploited before BlockSec took control of the funds.

Banking news

  • It’s even harder for cryptocurrency companies in Hong Kong to open local accounts, given that the city’s banks are reluctant to serve them after the crypto-friendly store closes Silvergate Bank and Bank of signatures, the South China Morning Post reported citing industry insiders. Companies are looking elsewhere for solutions, including Switzerland, the United Kingdom and the UAE, where some remaining crypto-friendly banks are located, the report added.

Investment news

  • Investment company Paradigm announced a $6 million token purchase from a security decentralized autonomous organization (DAO) Code4renatreasury, “partnering with The DAO to create incentives for independent auditors to look for bugs and keep vulnerabilities out of production,” it said. Code4rena added that it has filed a DAO proposal to merge with Paradigm, stating that its terms authorize “the sale of 15% of the total supply of ARENA tokens, or 150,000,000 ARENA, to Paradigm for 6,000,000 USDC. These funds are intended as working capital for DAO in the growing Code4rena.”
  • Composable Corpdev trade focused on building a decentralized finance (DeFi) lending marketplace has raised $1.2 million to support development Blueberry protocol. According to the blog post, the proceeds will be used to develop the team and infrastructure. The Blueberry Protocol is a peer-to-peer lending marketplace that allows users to borrow up to 50x the value of the collateral for on-chain deployment, it added. The protocol will partner with DeFi projects such as Alchemix and Olympus DAO for a custom loan marketplace and yield strategy integrations, among other DeFi strategies at launch.

Gaming news

  • South Korea’s first mobile game developer 4:33 Creative laboratory announced launch Delabsa new Web3-focused venture that will focus on developing and publishing blockchain-native games in the Polygon ecosystem. It is run by Joonmo Kwon (aka JMK), a businessman and former CEO of the gaming giant Nexonthe announcement said, adding that “Delabs will focus on innovation, superior user experience and blockchain-native features to reinvent the future of decentralized gaming.”

NFT news

  • Orange comet, the Web3 games and entertainment company, has announced its partnership with 13-year-old artist Joe Whale, aka The Doodle Boy. The press release states that the first phase of the digital collecting project will be minted exclusively on Open sea market on April 25. “To kick off the upcoming collection, Doodle Boy has created an original, intricate piece of art to celebrate his launch, with proceeds going to a charity of his choice,” it added.

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