The Last 168 Hours in DeFi

BREAKING: Banks, Forcing Governments to Step In

ALPHA:

Is it finally time for the Arbitrum token?

Sisyphus @0xSisyphus

arbitrum tomorrow?

MARKET:

WHAT A WEEK. The past weekend was pure insanity due to enormous stablecoin trading volume.

The unimaginable happened when $USDC dropped to $0.80. Circle had $3.3b in cash stuck in Silicon Valley Bank.

Circle @circle

1/ Following the confirmation at the end of today that the wires initiated on Thursday to remove balances were not yet processed, $3.3 billion of the ~$40 billion of USDC reserves remain at SVB.

As the weekend progressed, Circle’s CEO provided some clarity and stated USDC would be fully redeemable for $1 on Monday morning.

Jeremy Allaire @jerallaire

Sharing an Update on USDC and Silicon Valley Bank.

circle.comAn Update on USDC and Silicon Valley BankIn a time of heightened uncertainty for the USDC economy, we remain committed to clear and transparent communication. As a regulated payment token, USDC will remain redeemable 1 for 1 with the U.S. Dollar.

An update on the plan for Circle going forward:

Jeremy Allaire @jerallaire

Circle’s USDC operations will open for business on Monday morning, including with new automated settlement via our new partnership with Cross River Bank. circle.com/en/pressroom/3… https://t.co/3WUP2NZyzJ

Cryptocurrency looks like the safe haven asset as banks face liquidity crunches and are getting hammered by rapidly rising interest rates. Bitcoin and self custody have a plan amongst banking crises.

The Bitcoin Mindset 🟠 🧠 @thelevelupexp

#Bitcoin is the inverse of banks

NEWS:

Silicon Valley Bank fails:

Yano 🟪 @JasonYanowitz

My god. @garrytan on CNBC just now: Over 1,000 YC companies have been impacted. This is an extinction level event for startups. These depositors will not survive without a government plan.

Credit Suisse continues to suffer and borrows up to $53b from Swiss National Bank:

PiQ @PriapusIQ

⚠️ CREDIT SUISSE - TAKING DECISIVE ACTION TO PRE-EMPTIVELY STRENGTHEN ITS LIQUIDITY BY INTENDING TO EXERCISE ITS OPTION TO BORROW FROM SNB UP TO CHF 50 BLN UNDER A COVERED LOAN FACILITY AS WELL AS A SHORT-TERM LIQUIDITY FACILITY

Fidelity rolls out crypto services:

The Block @TheBlock__

Fidelity Crypto quietly went live, giving millions of retail customers access to bitcoin, ether theblock.co/post/220298/fi…

REGULATORY:

Scandal in the making, Signature shut down by DFS due to pro-crypto stance:

nic carter 🌠 @nic__carter

Dear God. Barney Frank openly admits that Signature was arbitrarily shuttered despite no insolvency because regulators wanted to kill off the last major pro-crypto bank. Colossal scandal cnbc.com/2023/03/13/sig…

Gensler on Proof of Stake being securities:

The Block @TheBlock__

Gensler suggests proof-of-stake tokens are securities theblock.co/post/220297/ge…

RUGS:

$175m gone from Euler Finance:

Lookonchain @lookonchain

Euler Finance was hacked and lost ~96,833 $ETH ($153M) and ~34M $DAI. @eulerfinance Attention if you have assets on #Euler! etherscan.io/address/0xb269… etherscan.io/address/0xb66c…

Euler fallout:

mashkov.eth @0xNikitaMashkov

Unfortunately, Euler DeFi lego affected a lot of protocols ↓

Hedera pulling a Harmony:

PeckShieldAlert @PeckShieldAlert

#PeckShieldAlert @hedera has reported that they suffered an exploit. The TVL on Hedera has dropped -33% from $36.1M to $24.6M

Hedera @hedera

Today, attackers exploited the Smart Contract Service code of the Hedera mainnet to transfer Hedera Token Service tokens held by victims’ accounts to their own account. (1/6)

Aptos rug:

PeckShield Inc. @peckshield

Hi @Mosquitos_Fin, we observed the sudden 99.9% price drop of $SUCKR on $Aptos. Our analysis shows the admin 0x760...cff3 minted 100M SUCKRs & immediately swap to $USDT via @PontemNetwork's liquidityswap. (Admin key leak?) Here is the mint tx: explorer.aptoslabs.com/txn/99278879 @AptosLabs

POD O’ THE WEEK:

Fedguy weighs in on the latest banking crisis and how the government plays a part in the cause and remedy:

---

Support Ethropy!

Canto validator for Four Moons - delegate $CANTO

Thena Referral

GMX Referral

Ethropy Wallet - ethropy.eth

Buy a Ledger Hardware Wallet (Affiliate Link)

TradingView Referral - Get $30 off annual Subscription

None of this is financial advice