BNY Mellon Expands Crypto Team With Former Zodia Custody CEO, Talent From BlockFi
Crypto companies are collapsing, and U.S. regulators are on the hunt for rule-breakers. Amid it all, BNY Mellon has been busy building its digital assets division and adding talent from across the crypto ecosystem.
Kingdom of Bhutan Secretly Invests Millions in Bitcoin
Bhutan's national investment arm, Druk Holding & Investments, has been revealed to have secretly invested millions of dollars in Bitcoin and other cryptocurrencies through insolvent crypto lenders BlockFi and Celsius, according to court records. Druk had withdrawn over $65 million and deposited approximately $18 million in digital assets over the course of three months covered by the Celsius filing. BlockFi has accused Druk of failing to return a $30 million loan, even after the lender liquidated collateral of 1,888 Bitcoin. If confirmed, this would be an unusual move for Druk, which is supposed to encourage domestic business projects. In 2021, Bhutan's central bank, the Royal Monetary Authority, collaborated with Ripple on a pilot project for a CBDC solution.
Sen. Warren, Rep. AOC Ask Circle, BlockFi Why They Banked at SVB
Sen. Elizabeth Warren (D-Mass.) and Congresswoman Alexandria Ocasio-Cortez (D-NY) want to know why crypto companies, like bankrupt crypto lender BlockFi and stablecoin issuer Circle, banked at now-collapsed Silicon Valley Bank.
Bankruptcy Court Approves BlockFi’s $4.7M Sale of Crypto Mining Rigs
BlockFi, one of the dominos that fell after the collapse of FTX, has received the court’s approval to sell some of its crypto mining equipment to refund creditors who lost funds after it went bankrupt.
Senators Question Largest Silicon Valley Bank Depositors on Cozy Relationship with Venture Capitalists
Senator Elizabeth Warren and Representative Alexandria Ocasio-Cortez sent letters to 14 of Silicon Valley Bank's largest depositors, including Circle Internet Financial, BILL Holdings, BlockFi, and Eiger BioPharmaceuticals, asking about their connections with the failed bank.
BlockFi to Reimburse Californians With Over $100,000
Cryptocurrency lending platform BlockFi has agreed to provide over $100,000 in refunds to Californian customers affected by the company's collapse. BlockFi filed for bankruptcy protection in November 2022, following severe turbulence caused by the Terra crash and the FTX meltdown. The Department of Financial Protection and Innovation has announced that BlockFi will reimburse Californian users who were not notified about the lender's issues and kept repaying their loans, despite being unable to withdraw funds and collateral from the platform. A hearing scheduled for mid-April will provide further details on the case.
Cointime News Wrapup-Afternoon Version: Montenegro to Hold Terra-Luna Fugitive Do Kwon for 30 Days, Says Yonhap News
Do Kwon will be held in Montenegro for a month on charges of using forged travel documents, according to local prosecutor Haris Shabotich.
BlockFi to Provide Over $100K in Refunds to California Clients
Crypto lender BlockFi has agreed to refund over $100,000 to California customers who continued to repay loans even after a trading halt on Nov. 10, 2022. The state's Department of Financial Protection and Innovation claimed that borrowers were not notified until Nov. 22 that they could stop repaying their BlockFi loans "until further notice." BlockFi has requested permission from the bankruptcy court to return these payments to borrowers, with a hearing scheduled for April 19. The company has also agreed to an interim suspension of its California Financing Law license while "the bankruptcy and revocation actions are pending." (Cointelegraph)
Bankrupt Crypto Lender BlockFi to Refund More Than $100K to California Clients
Bankrupt crypto lender BlockFi has agreed to refund more than $100,000 to its California clients. The refunds are part of a settlement with the California Department of Financial Protection and Innovation (DFPI), which had accused BlockFi of violating state law by offering unlicensed securities.
Crypto Morning Briefing: Bankrupt Crypto Lender BlockFi Given Go-Ahead for Sale of $4.7M of Mining Rigs
ARK Invest Buys $18M Worth of Coinbase Shares As The Price Tumbles; Coinbase-Backed Decentralized Social Blockchain (DeSo) Revolutionizes with New Proof of Stake System
