Top Stories This Week<\/strong><\/h2>\nSam Bankman-Fried petitions court to prioritize reimbursing his legal fees<\/strong><\/strong><\/h3>\nSam Bankman-Fried (SBF) is seeking to use<\/a> FTX\u2019s corporate insurance policies to cover his legal expenses, according to a court filing on March 15. As per the filing, the policies provide \u201cpriority of payment\u201d to insured individuals such as Bankman-Fried. The move would put the former CEO on top of the FTX payout list. Another headline shows that Bankman-Fried\u2019s inner circle received $3.2 billion in payments and loans<\/a> from FTX-linked entities. The amounts exclude over $240 million used for the purchases of luxury properties in the Bahamas, political and charity donations, as well as \u201csubstantial transfers\u201d to non-FTX subsidiaries. In another headline, FTX debtors reported $11.6 billion in claims and $4.8 billion in assets<\/a>, meaning there\u2019s a $6.8 billion hole in the exchange\u2019s balance sheet.<\/p>\nSignature Bank closed by New York regulators for not providing data<\/strong><\/strong><\/h3>\nCrypto-friendly Signature Bank was officially<\/a> closed down and taken over by the New York Department of Financial Services on March 12 for \u201cfailing to provide consistent and reliable data.\u201d The bank has been investigated by two United States government<\/a> bodies over whether it took adequate measures to monitor and detect potential money laundering by its clients. Former member of the U.S. House of Representatives Barney Frank suggested that New York regulators closed<\/a> Signature as part of a seeming show of force against the crypto market. <\/p>\n\nRead also<\/p>\n
\n\n
\n Features<\/span><\/p>\nGuide to real-life crypto OGs you\u2019d meet at a party (Part 2)<\/p>\n
<\/a>\n <\/div>\n
\n
\n Features<\/span><\/p>\nWorking with the Hydra: Providing Services to Decentralized Organizations<\/p>\n
<\/a>\n <\/div>\n<\/div>\n<\/div>\n
USDC bounces back toward $1 peg after Fed announcement<\/strong><\/strong><\/h3>\nCircle\u2019s stablecoin, USD Coin (USDC)<\/a>, climbed back to its $1 peg following positive developments concerning Circle\u2019s $3.3 billion worth of reserves held at Silicon Valley Bank and its new banking partners: redemptions of USDC<\/a> will now be processed by Cross River Bank and BNY Mellon. The stablecoin depegged from the U.S. dollar on March 10 following SVB\u2019s sudden collapse, triggering the depeg of many other stablecoins. The stablecoins\u2019 depegging prompted a growth in loan repayments over the weekend, allowing debtors to save more than $100 million<\/a> on loans.<\/p>\n<\/strong>US Fed announces $25B in funding to backstop banks<\/strong><\/h3>\nUnited States federal regulators<\/a> announced \u201cdecisive actions\u201d that would \u201cfully protect depositors\u201d at both Silicon Valley Bank and the now-shuttered Signature Bank, including $25 billion worth of funding aimed at backstopping banks and other depository firms. The Federal Reserve is investigating the failure of Silicon Valley Bank<\/a> \u2014 including an internal probe as to how the Fed supervised and regulated the financial institution. Amid the sudden collapse, SVB\u2019s U.K. arm was acquired by HSBC for 1 British pound<\/a> ($1.21), with loans of 5.5 billion pounds ($6.7 billion) and deposits of 6.7 billion pounds ($8.1 billion).<\/p>\nBitcoin market cap flips tech giant Meta, widens gap on Visa<\/strong><\/h3>\nDespite a turbulent week for crypto<\/a> following the downfall of Silicon Valley Bank and Signature Bank, Bitcoin\u2019s market cap has managed to flip that of tech giant Meta. On March 14, Bitcoin\u2019s market cap reached $471.86 billion, surpassing Meta\u2019s $469 billion, according to data from Companies Market Cap. The leading cryptocurrency climbed to the 11th spot among top assets by market cap, sitting behind electric vehicle maker Tesla. The market capitalization of Bitcoin has added over $190 billion in 2023, outperforming top Wall Street bank stocks, particularly as fears of a global banking crisis are rising.<\/p>\n![\"\"](\"https:\/\/cointelegraph.com\/magazine\/wp-content\/uploads\/2023\/03\/Michael-Novogratz-1024x682.png\")
<\/figure>\nWinners and Losers<\/strong><\/h2>\n![\"\"](\"https:\/\/cointelegraph.com\/magazine\/wp-content\/uploads\/2023\/03\/WL-march-18-01-1024x826.jpg\")
<\/figure>\nAt the end of the week, Bitcoin (<\/strong>BTC<\/strong><\/a>)<\/strong> is at $27,571<\/strong>, Ether (<\/strong>ETH<\/strong><\/a>)<\/strong> at $1,823<\/strong> and XRP<\/strong><\/a> at $0.38<\/strong>. The total market cap is at $1.18 <\/strong>trillion, according<\/a> to CoinMarketCap.<\/p>\nAmong the biggest 100 cryptocurrencies, the top three altcoin gainers of the week are Conflux (CFX) <\/strong>at 186.02%, Mask Network (MASK)<\/strong> at 120.56% and Stacks (STX) <\/strong>at 102.97%.<\/p>\nThe top three altcoin losers of the week are UNUS SED LEO (LEO)<\/strong> at -2.22%, Tether (USDT)<\/strong> at -0.35% and Binance USD (BUSD)<\/strong> at -0.16%. <\/p>\nFor more info on crypto prices, make sure to read Cointelegraph\u2019s market analysis<\/a>.<\/p>\n\nRead also<\/p>\n
\n\n
\n Features<\/span><\/p>\nCrypto PR: The good, the bad and the shoddy<\/p>\n
<\/a>\n <\/div>\n
\n
\n Features<\/span><\/p>\nUnlocking Cultural Markets with Blockchain: Web3 Brands and the Decentralized Renaissance<\/p>\n
<\/a>\n <\/div>\n<\/div>\n<\/div>\n
Most Memorable Quotations<\/strong>
<\/h2>\n\n\u201cThe recent shutdowns of financial institutions may be the opportunity for crypto to reach mass adoption.\u201d<\/p>\n<\/blockquote>\n
Johnny Lyu<\/strong><\/a>, CEO of KuCoin<\/strong><\/p>\n\n\u201cWe believe that elements of the future of finance will be blockchain enabled and we\u2019re already witnessing rapid change in the tokenisation market.\u201d<\/p>\n<\/blockquote>\n
Drew Bradford<\/strong><\/a>, executive general manager, markets at the National Australia Bank<\/strong><\/p>\n\n\u201cMajor adoption by mainstream businesses and their consumers is right around the corner thanks to recent developments in scaling and privacy technology.\u201d<\/p>\n<\/blockquote>\n
Mark Smargon<\/strong><\/a>, CEO of Fuse Network<\/strong><\/p>\n\n\u201cDrop the blockchain\/NFT\/play-to-earn (P2E)\/metaverse\/Web3 talk. [\u2026] They [players] just want to have an entertaining playing experience \u2014 not a science lesson.\u201d<\/p>\n<\/blockquote>\n
Peter Bergstrom<\/strong><\/a>, former producer of Age of Empires and CEO of BitBlock Ventures<\/strong><\/p>\n\n\u201cWe are going to have a credit crunch in the U.S. and globally. [\u2026] You want to be long gold and silver [\u2026] and you want to be long Bitcoin.\u201d<\/p>\n<\/blockquote>\n
Michael Novogratz<\/strong><\/a>, founder and CEO of Galaxy Digital<\/strong><\/p>\n\n\u201cI believe regulators are using crypto as a scapegoat for their own lapses in oversight of traditional banking.\u201d<\/p>\n<\/blockquote>\n
Cathie Wood<\/strong><\/a>, CEO of ARK Invest<\/strong><\/p>\nPrediction of the Week\u00a0<\/strong><\/h2>\nBitcoin price hits $27K in new 9-month high as Fed injects $300B<\/strong><\/h3>\nBitcoin hit new nine-month<\/a> highs on March 17 as the latest events in the U.S. banking crisis boosted crypto markets. Data from Cointelegraph Markets Pro<\/a> and TradingView<\/a> showed BTC\/USD hitting $27,025 on Bitstamp before consolidating. A catalyst for fresh upside had come overnight in the form of the Federal Reserve\u2019s balance sheet data, which showed almost $300 billion being injected into the economy as part of the banking crisis response.<\/p>\nCointelegraph contributor Micha\u00ebl van de Poppe, founder and CEO of trading firm Eight, eyed specific levels up and down.<\/p>\n
\u201cChopperino land on Bitcoin, which means that we\u2019ll probably have some sideways structures,\u201d he wrote on Twitter. \u201cNeeds to hold $26K. If that holds, $28\u201330K is next. If it loses $26K, I\u2019m punting around $25K for some longs. Relatively easy to understand.\u201d<\/p>\n
FUD of the Week\u00a0<\/strong><\/h2>\n![\"\"](\"https:\/\/cointelegraph.com\/magazine\/wp-content\/uploads\/2023\/03\/Cathie-Wood-1024x682.png\")
<\/figure>\n<\/h3>\nEuler Finance hacked for over $195M in a flash loan attack<\/strong><\/strong><\/strong><\/strong><\/h3>\nLending protocol Eurler Finance faced<\/a> a flash loan attack on March 13. The exploiter carried out multiple transactions, stealing nearly $196 million in stablecoins DAI and USDC, as well as staked Ether and wrapped Bitcoin. The attack was dubbed the largest hack of 2023 so far. A portion of the stolen funds started to be transferred to crypto mixer Tornado Cash shortly after a $1 million bounty was launched to identify the hacker. As of March 18, only a small portion of the funds had been recovered<\/a> \u2014 around 3,000 Ether ($5.4 million).<\/p>\nEuropol seizes $46M from crypto mixer after $2.88B allegedly laundered<\/strong><\/strong><\/h3>\nLaw enforcement agency Europol <\/a>has seized assets of cryptocurrency mixer ChipMixer worth $46 million for its alleged involvement in money-laundering activities. ChipMixer\u2019s website has been shut down and four servers hosting the application have been seized. Europol claims that ChipMixer has laundered over 152,000 BTC ($2.88 billion) since its inception in 2017.<\/p>\nFBI, NY authorities probes collapse of TerraUSD stablecoin<\/strong><\/h3>\nThe U.S. Justice Department<\/a> is reportedly investigating the collapse of the TerraClassicUSD (USTC) stablecoin, which contributed to a $40 billion wipeout in the Terra ecosystem last May. Former staff at Terraform Labs have been interrogated in recent weeks by U.S. agencies, including the FBI. The probe covers similar ground to a lawsuit filed against Terraform Labs and its founder Do Kwon by the U.S. Securities and Exchange Commission in February, including misleading investors.<\/p>\nBest Cointelegraph Features<\/strong><\/h2>\n![\"\"](\"https:\/\/cointelegraph.com\/magazine\/wp-content\/uploads\/2023\/03\/Johnny-Lyu-1024x682.png\")
<\/figure>\n4 out of 10 NFT sales are fake: Learn to spot the signs of wash trading<\/strong><\/h3>\nNFT wash trading inflates<\/a> the volume on some platforms by 10x\u201320x the legitimate volume. Why is it encouraged, and what can be done about it?<\/p>\n<\/strong>All rise for the robot judge: AI and blockchain could transform the courtroom<\/strong><\/h3>\n
Sam Bankman-Fried (SBF) is seeking to use<\/a> FTX\u2019s corporate insurance policies to cover his legal expenses, according to a court filing on March 15. As per the filing, the policies provide \u201cpriority of payment\u201d to insured individuals such as Bankman-Fried. The move would put the former CEO on top of the FTX payout list. Another headline shows that Bankman-Fried\u2019s inner circle received $3.2 billion in payments and loans<\/a> from FTX-linked entities. The amounts exclude over $240 million used for the purchases of luxury properties in the Bahamas, political and charity donations, as well as \u201csubstantial transfers\u201d to non-FTX subsidiaries. In another headline, FTX debtors reported $11.6 billion in claims and $4.8 billion in assets<\/a>, meaning there\u2019s a $6.8 billion hole in the exchange\u2019s balance sheet.<\/p>\n Crypto-friendly Signature Bank was officially<\/a> closed down and taken over by the New York Department of Financial Services on March 12 for \u201cfailing to provide consistent and reliable data.\u201d The bank has been investigated by two United States government<\/a> bodies over whether it took adequate measures to monitor and detect potential money laundering by its clients. Former member of the U.S. House of Representatives Barney Frank suggested that New York regulators closed<\/a> Signature as part of a seeming show of force against the crypto market. <\/p>\n Read also<\/p>\n Guide to real-life crypto OGs you\u2019d meet at a party (Part 2)<\/p>\n <\/a>\n <\/div>\n Working with the Hydra: Providing Services to Decentralized Organizations<\/p>\n <\/a>\n <\/div>\n<\/div>\n<\/div>\n Circle\u2019s stablecoin, USD Coin (USDC)<\/a>, climbed back to its $1 peg following positive developments concerning Circle\u2019s $3.3 billion worth of reserves held at Silicon Valley Bank and its new banking partners: redemptions of USDC<\/a> will now be processed by Cross River Bank and BNY Mellon. The stablecoin depegged from the U.S. dollar on March 10 following SVB\u2019s sudden collapse, triggering the depeg of many other stablecoins. The stablecoins\u2019 depegging prompted a growth in loan repayments over the weekend, allowing debtors to save more than $100 million<\/a> on loans.<\/p>\n United States federal regulators<\/a> announced \u201cdecisive actions\u201d that would \u201cfully protect depositors\u201d at both Silicon Valley Bank and the now-shuttered Signature Bank, including $25 billion worth of funding aimed at backstopping banks and other depository firms. The Federal Reserve is investigating the failure of Silicon Valley Bank<\/a> \u2014 including an internal probe as to how the Fed supervised and regulated the financial institution. Amid the sudden collapse, SVB\u2019s U.K. arm was acquired by HSBC for 1 British pound<\/a> ($1.21), with loans of 5.5 billion pounds ($6.7 billion) and deposits of 6.7 billion pounds ($8.1 billion).<\/p>\n Despite a turbulent week for crypto<\/a> following the downfall of Silicon Valley Bank and Signature Bank, Bitcoin\u2019s market cap has managed to flip that of tech giant Meta. On March 14, Bitcoin\u2019s market cap reached $471.86 billion, surpassing Meta\u2019s $469 billion, according to data from Companies Market Cap. The leading cryptocurrency climbed to the 11th spot among top assets by market cap, sitting behind electric vehicle maker Tesla. The market capitalization of Bitcoin has added over $190 billion in 2023, outperforming top Wall Street bank stocks, particularly as fears of a global banking crisis are rising.<\/p>\n At the end of the week, Bitcoin (<\/strong>BTC<\/strong><\/a>)<\/strong> is at $27,571<\/strong>, Ether (<\/strong>ETH<\/strong><\/a>)<\/strong> at $1,823<\/strong> and XRP<\/strong><\/a> at $0.38<\/strong>. The total market cap is at $1.18 <\/strong>trillion, according<\/a> to CoinMarketCap.<\/p>\n Among the biggest 100 cryptocurrencies, the top three altcoin gainers of the week are Conflux (CFX) <\/strong>at 186.02%, Mask Network (MASK)<\/strong> at 120.56% and Stacks (STX) <\/strong>at 102.97%.<\/p>\n The top three altcoin losers of the week are UNUS SED LEO (LEO)<\/strong> at -2.22%, Tether (USDT)<\/strong> at -0.35% and Binance USD (BUSD)<\/strong> at -0.16%. <\/p>\n For more info on crypto prices, make sure to read Cointelegraph\u2019s market analysis<\/a>.<\/p>\n Read also<\/p>\n Crypto PR: The good, the bad and the shoddy<\/p>\n <\/a>\n <\/div>\n Unlocking Cultural Markets with Blockchain: Web3 Brands and the Decentralized Renaissance<\/p>\n <\/a>\n <\/div>\n<\/div>\n<\/div>\n \u201cThe recent shutdowns of financial institutions may be the opportunity for crypto to reach mass adoption.\u201d<\/p>\n<\/blockquote>\n Johnny Lyu<\/strong><\/a>, CEO of KuCoin<\/strong><\/p>\n \u201cWe believe that elements of the future of finance will be blockchain enabled and we\u2019re already witnessing rapid change in the tokenisation market.\u201d<\/p>\n<\/blockquote>\n Drew Bradford<\/strong><\/a>, executive general manager, markets at the National Australia Bank<\/strong><\/p>\n \u201cMajor adoption by mainstream businesses and their consumers is right around the corner thanks to recent developments in scaling and privacy technology.\u201d<\/p>\n<\/blockquote>\n Mark Smargon<\/strong><\/a>, CEO of Fuse Network<\/strong><\/p>\n \u201cDrop the blockchain\/NFT\/play-to-earn (P2E)\/metaverse\/Web3 talk. [\u2026] They [players] just want to have an entertaining playing experience \u2014 not a science lesson.\u201d<\/p>\n<\/blockquote>\n Peter Bergstrom<\/strong><\/a>, former producer of Age of Empires and CEO of BitBlock Ventures<\/strong><\/p>\n \u201cWe are going to have a credit crunch in the U.S. and globally. [\u2026] You want to be long gold and silver [\u2026] and you want to be long Bitcoin.\u201d<\/p>\n<\/blockquote>\n Michael Novogratz<\/strong><\/a>, founder and CEO of Galaxy Digital<\/strong><\/p>\n \u201cI believe regulators are using crypto as a scapegoat for their own lapses in oversight of traditional banking.\u201d<\/p>\n<\/blockquote>\n Cathie Wood<\/strong><\/a>, CEO of ARK Invest<\/strong><\/p>\n Bitcoin hit new nine-month<\/a> highs on March 17 as the latest events in the U.S. banking crisis boosted crypto markets. Data from Cointelegraph Markets Pro<\/a> and TradingView<\/a> showed BTC\/USD hitting $27,025 on Bitstamp before consolidating. A catalyst for fresh upside had come overnight in the form of the Federal Reserve\u2019s balance sheet data, which showed almost $300 billion being injected into the economy as part of the banking crisis response.<\/p>\n Cointelegraph contributor Micha\u00ebl van de Poppe, founder and CEO of trading firm Eight, eyed specific levels up and down.<\/p>\n \u201cChopperino land on Bitcoin, which means that we\u2019ll probably have some sideways structures,\u201d he wrote on Twitter. \u201cNeeds to hold $26K. If that holds, $28\u201330K is next. If it loses $26K, I\u2019m punting around $25K for some longs. Relatively easy to understand.\u201d<\/p>\n Lending protocol Eurler Finance faced<\/a> a flash loan attack on March 13. The exploiter carried out multiple transactions, stealing nearly $196 million in stablecoins DAI and USDC, as well as staked Ether and wrapped Bitcoin. The attack was dubbed the largest hack of 2023 so far. A portion of the stolen funds started to be transferred to crypto mixer Tornado Cash shortly after a $1 million bounty was launched to identify the hacker. As of March 18, only a small portion of the funds had been recovered<\/a> \u2014 around 3,000 Ether ($5.4 million).<\/p>\n Law enforcement agency Europol <\/a>has seized assets of cryptocurrency mixer ChipMixer worth $46 million for its alleged involvement in money-laundering activities. ChipMixer\u2019s website has been shut down and four servers hosting the application have been seized. Europol claims that ChipMixer has laundered over 152,000 BTC ($2.88 billion) since its inception in 2017.<\/p>\n The U.S. Justice Department<\/a> is reportedly investigating the collapse of the TerraClassicUSD (USTC) stablecoin, which contributed to a $40 billion wipeout in the Terra ecosystem last May. Former staff at Terraform Labs have been interrogated in recent weeks by U.S. agencies, including the FBI. The probe covers similar ground to a lawsuit filed against Terraform Labs and its founder Do Kwon by the U.S. Securities and Exchange Commission in February, including misleading investors.<\/p>\n NFT wash trading inflates<\/a> the volume on some platforms by 10x\u201320x the legitimate volume. Why is it encouraged, and what can be done about it?<\/p>\nSignature Bank closed by New York regulators for not providing data<\/strong><\/strong><\/h3>\n
\n Features<\/span><\/p>\n
\n Features<\/span><\/p>\nUSDC bounces back toward $1 peg after Fed announcement<\/strong><\/strong><\/h3>\n
<\/strong>US Fed announces $25B in funding to backstop banks<\/strong><\/h3>\n
Bitcoin market cap flips tech giant Meta, widens gap on Visa<\/strong><\/h3>\n
<\/figure>\nWinners and Losers<\/strong><\/h2>\n
<\/figure>\n
\n Features<\/span><\/p>\n
\n Features<\/span><\/p>\nMost Memorable Quotations<\/strong>
<\/h2>\n\n
\n
\n
\n
\n
\n
Prediction of the Week\u00a0<\/strong><\/h2>\n
Bitcoin price hits $27K in new 9-month high as Fed injects $300B<\/strong><\/h3>\n
FUD of the Week\u00a0<\/strong><\/h2>\n
<\/figure>\n<\/h3>\n
Euler Finance hacked for over $195M in a flash loan attack<\/strong><\/strong><\/strong><\/strong><\/h3>\n
Europol seizes $46M from crypto mixer after $2.88B allegedly laundered<\/strong><\/strong><\/h3>\n
FBI, NY authorities probes collapse of TerraUSD stablecoin<\/strong><\/h3>\n
Best Cointelegraph Features<\/strong><\/h2>\n
<\/figure>\n4 out of 10 NFT sales are fake: Learn to spot the signs of wash trading<\/strong><\/h3>\n
<\/strong>All rise for the robot judge: AI and blockchain could transform the courtroom<\/strong><\/h3>\n
![\"Subscribe](\"https:\/\/cointelegraph.com\/magazine\/wp-content\/uploads\/2022\/10\/reading-copy.png\")
![\"\"](\"https:\/\/cointelegraph.com\/magazine\/wp-content\/uploads\/2019\/08\/favicon.png\")