SBF legal fees, BTC market cap flips Meta,USDC climbs back to $1
18 Mar 2023 7:14 PM
Sam Bankman-Fried seeks to use FTX's legal insurance, Bitcoin outperforming Wall Street banks in 2023 and USDC repegs after turbulent days....
- Sam Bankman-Fried is seeking to use FTX’s corporate insurance policies to cover his legal expenses.
- Bankman-Fried’s inner circle received $3.2 billion in payments and loans from FTX-linked entities.
- FTX debtors reported $11.6 billion in claims and $4.8 billion in assets, meaning there’s a $6.8 billion hole in the exchange’s balance sheet.
- Crypto-friendly Signature Bank was officially closed down and taken over by the New York Department of Financial Services on March 12 for “failing to provide consistent and reliable data.”
- Circle’s stablecoin, USD Coin (USDC), climbed back to its $1 peg following positive developments concerning Circle’s $3.3 billion worth of reserves held at Silicon Valley Bank and its new banking partners.
- Bitcoin’s market cap has managed to flip that of tech giant Meta.
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The article contains both positive and negative news. The positive news includes the stability of Circle's stablecoin and the increase in Bitcoin's market cap. However, there are also negative news such as the legal expenses of Sam Bankman-Fried and the closure of Signature Bank.
What is Sam Bankman-Fried seeking to use to cover his legal expenses?
How much did Bankman-Fried's inner circle receive in payments and loans from FTX-linked entities?
What is the current status of Signature Bank?
What caused the stablecoins to depeg from the U.S. dollar?
What is the current market cap of Bitcoin?
Silicon Valley Bank