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NewsBriefs - SEC charges Silvergate Bank and executives with misleading statements on AML compliance

Editor-curated news, summarized by AI

  • Coindesk

    SEC charges Silvergate Bank and executives with misleading statements on AML compliance

    The US Securities and Exchange Commission (SEC) has sued Silvergate Capital Corporation and its former top executives for allegedly misleading the public and shareholders about adhering to Bank Security Act/anti-money laundering (BSA/AML) regulations. Despite warnings of non-compliance from government examiners and failures in monitoring suspicious activities, including nearly $9 billion transactions linked to the bankrupt FTX, Silvergate claimed robust AML defenses. The bank experienced a precipitous downfall, leading to its voluntary liquidation amid a broader banking crisis.

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    • The Block

      Circle freezes $58 million in USDC linked to Libra memecoin scandal

      Circle has frozen approximately $57.6 million in USDC across two wallet accounts connected to the Libra memecoin incident, following the rise and collapse of the memecoin associated with Argentinian President Javier Milei. The specific requester of the token freeze remains disputed, with involvement from legal entities such as Burwick Law.

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      The Block

    • The Block

      Pakistan unveils plans for strategic Bitcoin reserve at Bitcoin 2025 conference

      Pakistan is initiating a strategic Bitcoin reserve led by the government, as revealed by Pakistan Crypto Council CEO Bilal Bin Saqib at the Bitcoin 2025 conference. The reserve will function as a long-term holding, reflecting the nation's commitment to never sell these assets. Further, Pakistan aims to invest in Bitcoin mining and AI data centers using 2,000 megawatts, and to explore tokenization of illiquid assets alongside blockchain applications for enhancing government efficiency. These efforts are inspired by similar strategies adopted in the US.

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      The Block

    • The Block

      JD Vance advocates for non-restrictive crypto market structure bill, promises to replace anti-crypto regulators

      At the Bitcoin 2025 conference in Las Vegas, US Vice President J.D. Vance emphasized the need for a non-restrictive crypto market structure bill to integrate crypto into the mainstream economy. Highlighting the risk of a $3 trillion industry moving offshore without regulatory clarity, he asserted that the Trump administration will combat this potential shift. Vance also pledged that regulators opposed to crypto, like former SEC Chair Gary Gensler, would be replaced to foster a more pro-innovation environment.

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      The Block

    • Conduit

      Conduit secures $36M in Series A funding to expand its stablecoin-based payment network

      Conduit has closed a $36 million Series A funding round co-led by Dragonfly and Altos Ventures, with participation from Sound Ventures, Commerce Ventures, DCG, Circle Ventures, Helios Digital Ventures, and Portage Ventures. This investment will support the expansion of Conduit's geography and currency range in its cross-border payment platform, which leverages stablecoins for efficient, quick payments across various fiat and crypto markets. The platform's growth was underscored by a 16x increase in transaction volume, surpassing $10 billion in 2024, thus establishing a faster, cheaper, and more reliable alternative to conventional systems like SWIFT. Conduit plans to enhance its services in multiple global markets while improving fiat and digital currency interoperability on its real-time payment rails.

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      Conduit

    • Pavel Durov

      Telegram partners with Elon Musk's xAI for one-year deal to distribute Grok to its billion users

      Telegram has entered into a one-year partnership with xAI to integrate and distribute the Grok platform to its user base exceeding one billion. Through this deal, Telegram will receive $300 million from xAI in both cash and equity, plus a 50% share of the revenue generated from xAI subscriptions sold through its platforms.

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      Pavel Durov

    • Grayscale Research

      Grayscale introduces new Artificial Intelligence Crypto Sector

      Grayscale has launched the Artificial Intelligence Crypto Sector, a new segment in its Crypto Sectors framework that organizes crypto assets. This sector now includes 20 tokens related primarily to AI development and applications, with a combined market capitalization of $21 billion, a significant increase from $4.5 billion in early 2023. The sector, which includes the previously most significant project by market cap, Bittensor, is designed to track price returns and monitor decentralized AI development within the crypto industry.

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      Grayscale Research

    • The Block

      Cantor completes inaugural Bitcoin financing with Maple Finance and FalconX

      Cantor Fitzgerald has launched its Bitcoin Financing Business, closing its first financing deals with Maple Finance and FalconX. The Wall Street firm aims to provide up to $2 billion in financing to institutional clients. This initiative underscores Cantor's commitment to integrating digital assets services, enhancing institutional-grade credit infrastructure in the crypto market. Cantor also relies on Anchorage Digital and Copper for custodial services.

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      The Block

    • Cointelegraph

      SharpLink Gaming launches Ethereum treasury strategy

      SharpLink Gaming has established an Ethereum-based corporate treasury and appointed Ethereum co-founder Joseph Lubin as its board chairman. The company secured a $425 million investment through a private equity deal involving investors like Consensys. SharpLink's stock surged by approximately 400%, reflecting investor optimism about its new crypto treasury strategy, which centers Ether as its primary asset.

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      Cointelegraph

    • The Block

      Bitget introduces BGUSD, a yield-generating crypto token backed by real-world assets

      Bitget has launched a new crypto token called BGUSD, which offers a minimum annualized yield of 4% by investing in tokenized real-world assets such as top-tier money market funds and US Treasury products. The token provides a secure, high-yield alternative for crypto investors, aiming to combine the benefits of transparency and innovation from the crypto world with the stability and yield opportunities of traditional financial assets. BGUSD maintains liquidity with options for redemption in USDC at a 1:1 ratio.

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      The Block

    • The Block

      The Blockchain Group completes $72 million bond issuance to fund Bitcoin purchases

      Blockchain Group has concluded convertible bond issuances totaling $72 million to finance the acquisition of additional Bitcoin, aiming to increase its holdings to over 1,400 BTC. The company has recently doubled its share price since adopting its Bitcoin accumulation strategy and plans to continue developing its subsidiary operations while pursuing this strategy.

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      The Block

    • Alpaca Finance

      Alpaca Finance announces wind-down, citing competitive DeFi market and low revenues

      Alpaca Finance has decided to wind down operations and sunset its products, including leveraged yield farming and Automated Vaults, due to the evolving competitive DeFi landscape and reduced revenues. The company has planned a detailed sunset process to securely manage user assets, urging users to close their positions by specified deadlines. This decision follows a downturn in the crypto market, declining Total Value Locked (TVL), and recent delisting from Binance, impacting the protocol's operational capacity.

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      Alpaca Finance

    • The Block

      Crypto investment products see $3.3 billion in weekly inflows with Bitcoin leading the surge

      Last week, crypto investment products saw $3.3 billion in inflows, significantly boosting their year-to-date total to $10.5 billion. Major contributions came from Bitcoin and Ethereum, with Bitcoin alone accounting for about $2.9 billion of the inflows. This influx pushed the total assets under management to a record $187.5 billion. The US dominated these inflows, contributing $3.2 billion. However, XRP experienced its largest-ever outflows, ending an 80-week streak of inflows.

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      The Block

    • Blockchain Group

      The Blockchain Group secures €63M in Bitcoin-denominated bonds to boost treasury

      The Blockchain Group, a European Bitcoin Treasury Company, has raised approximately €63.3 million through BTC-backed convertible bond issuances, targeting an increase in Bitcoin per share. Moonlight Capital and strategic investors Fulgur Ventures and UTXO Management participated in the bond sales. These bonds, redeemable in Bitcoin or euros, will enable TBG to boost its Bitcoin reserves by approximately 590 BTC, reaching around 1,437 BTC in total. The majority of the proceeds will be used for Bitcoin acquisition, affirming TBG's commitment to enhancing its Bitcoin-focused investment strategy.

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      Blockchain Group

    • Cointelegraph

      Blockstream CEO Adam Back leads $2.2 million funding for H100 Group's Bitcoin acquisition strategy

      Blockstream CEO Adam Back led a $2.2 million funding round for H100 Group through 0% interest convertible loans, aimed at purchasing Bitcoin. This fund allows H100 to increase its Bitcoin holdings to approximately 24.57 tokens. The funding involved contributions from Adam Back, who provided about $1.4 million, with the remainder coming from several investment firms. This initiative positions H100 among the first public companies in Sweden and Europe to adopt a Bitcoin treasury strategy.

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      Cointelegraph

    • The Block

      Ledn shifts to bitcoin-only lending model, ending support for Ethereum

      Ledn, a centralized crypto lender, is shifting its focus solely to bitcoin-collateralized lending, discontinuing Ethereum support and bitcoin yield generation. Starting July 1, Ledn will terminate lending client assets to minimize third-party credit risk exposure. The company will now solely offer a 'Custodied Bitcoin' loan structure, where client collateral remains fully in their custody, ensuring asset security. This strategic pivot aims to return to the founding principles of Bitcoin and eliminate lending risks for users.

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      The Block