• FDIC says Signature Bank failed due to mismanagement, risky crypto deposits
• SEC fines Up Global and Coinme $3.9M; issues C&D
• Dave Ripley takes over as Kraken CEO, set on next phase of growth and expansion
Signature Bank Fails Due to Mismanagement
The Federal Deposit Insurance Corporation (FDIC) announced that Signature Bank has failed due to mismanagement and risky crypto deposits. The bank is the first in the US to fail in 2021.
SEC Fines Up Global and Coinme
The Securities and Exchange Commission (SEC) also announced that it has fined Up Global and Coinme a total of $3.9 million for violations of federal securities laws. The SEC issued a cease-and-desist order against the two companies for their involvement in unregistered digital asset offerings.
Dave Ripley Takes Over as Kraken CEO
Kraken announced that Dave Ripley has taken over as the company’s new CEO, succeeding Jesse Powell who moves to his new role as Chairman of the Board. To ensure a smooth transition, the leadership team appointed Guy Hirsh as Managing Director for North America, CJ Rinaldi as Chief Compliance Officer, and Dan Ciporin as Board Member.
Polygon-Based Protocol 0vix Exploited for $2M
In related news, Polygon-based protocol 0vix was recently exploited for $2 million after an unidentified hacker managed to drain funds from its liquidity pool by taking advantage of a bug in its smart contract code.
US Government Holds $6B Worth of Bitcoin
Finally, data from Glassnode reveals that the US government currently holds more than 740K worth of Bitcoin which is equivalent to approximately $6 billion based on current prices.
