• Deutsche Bank shares fell 11% on Friday, 26% from a month prior.
• Cost of default insurance for the bank surged to four-year highs.
• The decline in stocks was coupled with other European banks‘ stocks, including Commerzbank and Societe Generale.

Deutsche Bank Shares Plunge

Shares in Deutsche Bank – Germany’s largest lender – began to crash on Friday as financial industry fears continue to spread following a string of global bank failures this month. The fall began to accelerate after the price of Deutsche Bank’s five-year Credit Default Swaps began surging on Friday above 220 basis points (bps). That’s up from 142 bps just two days prior, and its highest point since late 2018, according to S&P Global Market Intelligence.

Default Insurance Soars

The cost of default insurance on the bank’s potential collapse has risen to four-year highs. Soaring CDS costs indicate fear among investors about the bank’s stability, despite the firm’s financial results showing 10 consecutive quarters of profit. The bank reaped $5.7 billion EUR on after-tax profit in 2022.

Credit Suisse Falls

Fears follow the collapse of Silicon Valley Bank (SVB) earlier this month, prompting the Federal Reserve to bail out the bank’s depositors as part of a „systemic risk exception“ shortly afterward. Panic soon crossed the Atlantic when Swiss banking giant Credit Suisse fell by 6%, resulting in an emergency liquidity injection by Switzerland’s central bank – Swiss National Bank – which is ultimately owned by taxpayers.

Other Banks Affected

The fall in Deutsche Bank shares was coupled by declines in neighboring European bank stocks, including Commerzbank (-5.6%) and Societe Generale (-6.48%). This market instability has been further exacerbated by uncertainty surrounding Brexit negotiations and slow economic growth across Europe amid rising inflation rates and sluggish employment figures throughout 2021 and 2022 so far.

Conclusion

The future remains uncertain for Deutsche Bank as well as other major lenders across Europe amidst increasing market volatility and nervousness amongst investors due to recent high profile banking failures around the world this year alone

• SVB Financial Group, a tech-supporting bank, has filed for Chapter 11 Bankruptcy Protection.
• The filing was sent to the US Bankruptcy Court for the Southern District of New York and comes as Bitcoin’s latest price push took it to $27,000.
• The bank has $2.2 billion of liquidity and $3.3 billion in unsecured notes that are only recourse to SVB Financial Group.

SVB Financial Group Files for Chapter 11 Bankruptcy Protection

The California-based tech-supporting bank SVB Financial Group has officially announced filing for a „court-supervised reorganization under Chapter 11“ a week after its shares were halted and the FDIC had to intervene. This comes amid Bitcoin’s latest price push that drove it to a multi-month high at $27,000.

Filing Details

The filing was sent to the US Bankruptcy Court for the Southern District of New York and outlines details about the funds of SVB Securities and SVB Capital that are not included in the Chapter 11 filing and continue to operate „in the ordinary course.“ The PR by SVB Financial Group also states that SVB Private is no longer affiliated with them and is now operating under the jurisdiction of Federal Deposit Insurance Corporation (FDIC).

Financial Resources Available

The company declared having $2.2 billion of liquidity as well as additional cash and interests in SVB Capital and SVB Securities which will be used to explore „strategic alternatives“. Meanwhile, their debt is believed to be $3.3 billion in aggregate principal amount of unsecured notes, which are only recourse to SVB Financial Group.

Previous Developments

These developments come after last week when Silicon Valley Bank’s shares were halted from trading on Nasdaq following news about its financial troubles due to deteriorating assets quality highlighted by FDIC’s intervention into its operations. Following this news, Silicon Valley Bridge Bank N.A., acted as successor entity taking over from Silicon Valley Bank N.A., however without including any part of it in this bankruptcy processs filed by SVG Financial Group today..

Conclusion

In conclusion, we see another case where BTC’s recent market performance has been accompanied by stories such as these relating corporate bankruptcies related or not linked with crypto investments or activities involving cryptocurrency markets

• Investments in African countries are on the rise and Direct Property Africa Token (DPAT) is a new protocol that simplifies and secures them.
• DPAT connects investors with African real estate and infrastructure projects, allowing users to vote on the types of constructions, who performs them, and where they are situated.
• It also provides transparency, security, immutable transactions, tax advantages or other cost-saving procedures related to trading offshore assets.

Growing African Economies

The past years have seen Asia, North America, and Europe as the main engine of innovation – especially crypto adoption. However, many countries from Africa have recently joined the digital asset bandwagon for various reasons such as lack of basic financial services or devaluation of local currency. This has resulted in an increase in investments in African states.

Direct Property Africa Token (DPAT)

To facilitate these investments in a simplified and secure way – A new protocol has been introduced called Direct Property Africa Token (DPAT). It allows people to invest in African real estate and infrastructure projects located in large cities like Cape Town (South Africa) or Accra (Ghana). The token disperses governance and ownership to users through voting on the type of constructions being done by whom and at what location. Apart from this it also offers transparent transactions, security measures along with immutable transaction history – thus providing investors with a safe environment for their investments. Additionally it offers tax advantages or other cost-saving procedures related to trading offshore assets.

Benefits of Investing via DPAT

Investing via DPAT comes packed with numerous benefits such as:

1) Governance & Ownership: Users can easily vote on what types of constructions should be built by whom and where they should be situated without worrying about any third party interference.
2) Transparency: All transactions made using DPAT will be recorded immutably on blockchain technology providing full transparency between all parties involved while ensuring security at the same time.
3) Tax Advantages: Investors can benefit from certain tax advantages or other cost-saving procedures related to trading offshore assets when investing through DPAT..

Conclusion

In conclusion, DPAT is an innovative platform that allows people to invest safely in the growing economies of African countries without having to worry about any third party interference or lack of financial services. Its transparent nature ensures all transactions are recorded immutably while its taxation policies provide additional benefits for overseas investors looking for lucrative opportunities within Africa’s booming markets

• Multichain and OKX Wallet have recently partnered to expand cross-chain capabilities in the blockchain world.
• As part of the partnership,OKX DEX has aggregated liquidity of Multichain, while OKX Discover, a one-stop platform for discovering decentralized applications, has supported Multichain.
•The integration of Multichain with OKX Web3 Wallet offers a new level of interoperability and convenience for users.

Multichain and OKX Wallet Partner to Expand Cross-Chain Capabilities

The partnership between Multichain and OKX Wallet enables users seamless access to the Web3 ecosystem and the ability to transfer tokens across different chains without switching wallets.

Partnership Benefits

As part of the partnership, OKX DEX has aggregated liquidity of Multichain, while OKX Discover, a one-stop platform for discovering decentralized applications, has supported Multichain. Additionally, Multichain has successfully integrated the OKX Wallet web extension on its website and product.

The integration of Multichain with OKX Web3 Wallet offers a new level of interoperability and convenience for users providing them with unlimited tokens and dApps in more than 40 chains and roll-ups.

Unlimited Access to Decentralized Applications

Users can gain enhanced access to the Web3 ecosystem including access to 10,000+ third-party DApps such as crypto games through the OKX Discover Portal.

Seamless Interoperability

< p > The partnership will allow users to transfer tokens across different chains without switching wallets resulting in a much smoother user experience. < h 2 > Major Boost To Development < p > This partnership will be a major boost to development in terms of enhanced access to assets in different blockchains as well as improved interoperability between networks.

• Paxos Trust Company is in ongoing discussions with the US Securities and Exchange Commission (SEC) concerning Binance stablecoin BUSD.
• The firm received a Wells notice from the American regulator alleging that it was selling unregistered securities, indicating that the Binance-branded BUSD was a security.
• The New York Department of Financial Services (NYDFS) also ordered Paxos to stop issuing the Binance stablecoin from Feb. 21, 2022.

Paxos Talks With US SEC Over Binance Stablecoin

Paxos Trust Company, a major blockchain infrastructure platform, is holding discussions with the US Securities and Exchange Commission (SEC) concerning Binance stablecoin BUSD, according to a report by Reuters. Charles Cascarilla, CEO of Paxos, sent an email to the firm’s employees on Feb. 18 informing them about the talks with the SEC.

Wells Notice Alleges Unregistered Securities

Earlier in February, Paxos received a Wells notice from the American regulator alleging that it was selling unregistered securities, indicating that the Binance-branded BUSD was a security. Cascarilla further said Paxos was looking to continue its discussions with the Securities and Exchange Commission privately if necessary.

NYDFS Orders Cease Issuing of Stablecoin

The New York Department of Financial Services (NYDFS) also ordered Paxos to stop issuing the Binance stablecoin from Feb. 21, 2022 with plans to support them until 2024. The US securities watchdog has been on the hunt for different cryptocurrency services it believes could be unregistered securities such as Kraken’s staking services which were recently delisted by Coinbase Pro due to regulatory concerns over their legitimacy as digital assets under US law.

Binance Responds To Court Order

In response to NYDFS‘ court order requiring Paxos to cease minting its tokenized dollar product tied to fiat currency held at financial institutions regulated by federal agencies or states within America, Changpeng Zhao (CZ), CEO of leading crypto exchange platform Binace wrote: „We will continue our efforts in compliance and innovation.“

Conclusion

The ongoing conversations between Paxo Trust Company and SEC are set to go on behind closed doors for now until there is an agreement reached between both parties regarding the allegations made against PAXOS for allegedly selling unregistered securities tied to its USD backed stable coin -BUSD- issued in collaboration with leading crypto exchange platform -BINANCE-.

• Circle alerted the NYDFS about Binance’s mismanagement of reserves for its tokens.
• Circle warned them months before the NYDFS‘ announcement of Paxos ending its relationship with Binance surrounding BUSD.
• Binance acknowledged times when it did not fully back its BUSD and Circle’s warning claimed that USDC was also undercollateralized by Binance at times.

Circle Alerts NYDFS About Binance Reserves

Circle – the issuer of the world’s second-largest stablecoin, USDC – reportedly warned the New York Department of Financial Services (NYDFS) last Autumn that Binance has been mismanaging its token reserves.

What Did Circle Warn About?

Circle alerted the NYDFS to blockchain-based signs that Binance did not hold enough crypto in its reserves to support the tokens it had issued to customers. These tokens include its Binance-peg Bitcoin, Ether, USDC, BUSD, and other derivative coins designed to be circulated on Binance’s own network, BNB Smart Chain.

BUSD Not Fully Backed

Binance may not necessarily deny such claims: in January, it acknowledged that there were times when its Binance-peg BUSD was not fully backed, with as much as $1 billion missing from its reserves.

USDC Undercollateralized By Binance

Circle’s warning claimed that USDC was also undercollateralized by Binance at times. According to the source contacted by Bloomberg, B

• FTX Group is requesting the return of donations from politicians who have benefitted from the company’s funds.
• The debtors are sending confidential letters to political figures and action funds who received payments from FTX, Samuel Bankman-Fried, or other officers of the company.
• If these parties do not voluntarily repay the money by February 28th, 2023, then legal action may be taken against them with accrued interest on what they owe.

FTX Requests Return of Donations

FTX Group is asking for its money back after donating tens of millions of dollars to politicians throughout the 2022 midterm election cycle. Recipients of these contributions must return the funds by February 28th, 2023 or face legal action taken by the Bankruptcy Court with interest accruing on what they owe. It is estimated that up to $93 million in total may be returned to FTX if all related parties comply with this request.

Donation Beneficiaries

At least 196 members of Congress have been identified as having received donations from exchange giant FTX, including House Speaker Kevin McCarthy (R-Calif) and Senate Majority leader Chuck Schumer (D-NY). These donations were made at the direction of FTX Debtors such as Sam Bankman-Fried and other officers or principals associated with the company.

Voluntary Refund

The process was announced in December when FTX established arrangements for recipients to voluntarily return their money. A press release on Sunday stated that confidential letters were being sent out to those affected asking them to comply with this request before facing possible legal action from the Bankruptcy Court if they fail to do so.

Political Contributions

Political contributions such as those given by FTX can be used for a variety of purposes including campaign financing and influencing elections through support for certain candidates or causes. In this case, it appears that many high-profile political figures were supported financially by Sam Bankman-Fried’s former company prior to its bankruptcy filing last year.

Conclusion

After receiving hefty donations from now bankrupt exchange giant FTX during last year’s midterm election cycle, politicians are now being asked to return those funds before February 28th or face potential legal action taken against them by the Bankruptcy Court with interest accruing on what they owe.

• Coinbase, Kraken, Crypto.com, and Gemini are some of the well-known cryptocurrency firms that have let go of employees after the FTX catastrophe.
• The prolonged bear market reduced the interest in cryptocurrencies and hampered the operations of numerous industry players, leading to job cuts.
• Despite the recent market revival, Gemini, Blockchain.com, Coinbase, and other firms have announced a new wave of layoffs.

Cryptocurrency has been on the rise in recent years, with more and more people investing in digital assets. However, the market has been volatile, with many companies facing challenges due to the bear market. In the past few months, several well-known cryptocurrency firms have been forced to lay off a portion of their staff in order to stay afloat.

Coinbase, Kraken, Crypto.com, and Gemini are some of the most popular cryptocurrency companies that have had to let go of employees due to the recent market conditions. The prolonged bear market has had a significant impact on the industry, reducing the interest in cryptocurrencies and thus hampering the operations of various companies. To cope with the challenging times, some of the leading exchanges, including Coinbase, Crypto.com, Bybit, and Kraken, have had to let go of a portion of their workforce.

Unfortunately, the situation has not improved much and the trend of job cuts has continued into the new year, with Gemini, Blockchain.com, Coinbase, and other cryptocurrency firms announcing a new round of layoffs. Despite the recent market revival, many of these companies are still feeling the effects of the bear market and are forced to let go of additional staff in order to stay competitive.

The cryptocurrency industry is still in its early stages and is likely to experience more challenges in the future. However, with the right strategies and the right people, these firms can continue to provide innovative products and services to their customers, despite the challenges they face.

• Genesis Global Capital is FTX’s largest unsecured creditor, with an unliquidated claim against FTX worth $226 million.
• FTX’s bankruptcy filing has revealed the names of creditors to whom it owes more than $100 million.
• Genesis was appointed to the Official Committee of Unsecured Creditors by the U.S. Trustee in the case.

Genesis Global Capital, one of the top crypto lending units, recently filed for bankruptcy on Thursday. The firm also happens to be FTX’s largest unsecured creditor, with an unliquidated claim against FTX worth $226 million. FTX’s bankruptcy filing revealed the names of customers to whom it owes more than $100 million each. Among those customers, Genesis was listed as the top unsecured creditor, and was subsequently appointed to the Official Committee of Unsecured Creditors by the U.S. Trustee in the case.

The news of Genesis’ bankruptcy filing came as a shock to the crypto community, as the firm had been in operation since 2018 and had gained a reputation as one of the most reliable and trusted crypto lenders. The firm had been providing flexible loans to crypto businesses and individual investors, allowing them to leverage their digital assets and unlock liquidity.

FTX is one of the leading crypto exchanges in the world, and its bankruptcy filing has many implications for the crypto industry. The exchange has been known for its innovative products and services, and has gained a strong customer base in a relatively short amount of time. The news of their filing has caused some concern, as it suggests that the platform may have been struggling financially.

The news of FTX’s bankruptcy and the fact that Genesis is its largest unsecured creditor has caused some disruption in the crypto industry. It is unclear how this will affect the future of the exchange and its customers, but it is likely that there will be some repercussions. It is also unclear how the bankruptcy filing will affect Genesis and its customers.

At this time, it is too soon to say what the full implications of this news will be. However, it is clear that the news of Genesis’ bankruptcy filing and its claims against FTX have caused some disruption in the crypto industry. As the situation develops, it will be important to keep an eye on how this news will affect the future of both Genesis and FTX.

• Cryptosat and DoraHacks completed the first-ever cryptographic trusted setup for zero-knowledge in space, on the International Space Station (ISS).
• This experiment involved taking a set of pre-uploaded open source programs to the ISS and outputting a file containing the Common Reference String.
• This Common Reference String is used in DoraHacks‘ ZK-proof driven voting program, which helps protect the privacy of users‘ data.

Cryptosat, a California-based crypto-satellite developer, and DoraHacks, a global hackathon organizer, recently completed a historic experiment in space. The two platforms collaborated in initiating a proof-of-concept of cryptographic primitives on the International Space Station (ISS).

The experiment involved taking a set of pre-uploaded open source programs to the ISS, and then outputting a file that contains the Common Reference String. This Common Reference String is used in DoraHacks‘ ZK-proof driven voting program, which helps to protect the privacy of users‘ data.

The revolutionary experiment required an immense amount of preparation and coordination between the two platforms. Cryptosat had to develop a custom protocol that could be executed on the ISS, while DoraHacks had to ensure that all cryptographic technologies used in the experiment were up to the highest standards of security.

Cryptosat CEO, John Wartman, expressed his excitement over the successful completion of the experiment: “We are thrilled to have completed this historic experiment and to be the first to prove the feasibility of cryptographic primitives in space. This was a complex task that required extensive preparation, coordination and execution. We are extremely proud of our team’s hard work in making this project a success.”

The two platforms have opened up the possibility of more advanced cryptographic technologies being developed and used in space. These technologies could be used to secure communications, data storage, and other operations in space.

In the future, Cryptosat and DoraHacks plan to continue pushing the boundaries of cryptography and explore the possibilities of using cryptography in space. With more advanced cryptographic technologies being developed, it is only a matter of time before we see the full potential of cryptography being realized in space.