The Unchained Web Daily Crypto News #15

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Monero Wallet Address:

42EkgN23XZoLJXrgMJjrRM7jYpmirk1WvWUWc2SDF6kZAXVzHMGy5XB8JM8Vce3iHGKh9H8ACWF9J6ErrfKCP48mL2yeWcw

Bitcoin Wallet Address: bc1q4283c60tv2p7exfeu2ql7dk2n7utswgl43n2fk

ETH & ERC-20 Address: 0xD16429e3F253f50CfF306B2bE8966ce935332116

BNB & BRC-20 Address: 0xD16429e3F253f50CfF306B2bE8966ce935332116

Reclaim (some) Privacy Webinar Series: Intro to SearXNG & other privacy engines

In April, I am planning my first webinar in a series focused on privacy. The specific webinar will be focused on why Google may not be the best search engine to use and the SearXNG meta search engine and how it can be used to enhance privacy when using a search engine to research or find something to one's interest.

If you are interested in the topic, feel free to click "attend" on the link to the event below: https://www.dhirubhai.net/events/7167975601373458433/about/

USDC depegs as Circle confirms $3.3B stuck with Silicon Valley Bank

Circle's revelation that it could not withdraw $3.3 billion of its $40 billion reserves from Silicon Valley Bank caused the price of stablecoin USD Coin to fall below its $1 peg. Circle initiated a wire transfer to remove its funds from SVB on March 9, but Circle confirmed two days later that the wire transfers were not wholly processed, with $3.3 billion of USDC reserves still with SVB. The resultant sell-off caused the price of the stablecoin to fall by over 10% to trade at $0.8774. To reduce exposure, crypto companies, including Coinbase and Jump Trading, redeemed approximately $850 million and $138 million USDC, respectively. Click here for more on this piece of news.

Coinbase, Binance Suspend USDC Conversions as Dollar Peg Wobbles

Binance and Coinbase have both temporarily suspended USDC conversions amid concerns that Circle, the company behind USDC stablecoin, held some of USDC's cash reserves at Silicon Valley Bank which was shut down Friday by California's financial regulator. Circle disclosed that $3.3 billion worth of the cash backing USDC remains locked in Silicon Valley Bank. The trading price of USDC dropped from $1.00 to $0.93 following the bank's collapse. The situation is being closely monitored by the exchanges and conversions are expected to resume on Monday when banks have reopened. Click here for more information.

Brave Browser Now Lets Users Sell Crypto Within the Wallet

Brave, the privacy-focused web browser, has launched a feature that allows users to sell cryptocurrency for fiat without leaving its integrated Brave Wallet. The new feature is aimed at making crypto self-custody easier and is powered by crypto on-ramp startup Ramp Network. Users in select countries can now sell their coins for fiat, including Ethereum, Solana, USDC, and Brave’s own Basic Attention Token (BAT). The company said 38 cryptocurrencies can be sold via the off-ramp service. The move comes after recent events where centralized exchanges mishandled customer funds, which makes secure and easy-to-manage self-custody more important than ever. Click here for more.

Circle’s exposure to US banks could top $9B

USD Coin issuer Circle has $8.6 billion of its reserves held in cash by regulated US financial institutions, including Silvergate, Silicon Valley Bank, and Bank of New York Mellon. Another $33.6 billion is held in US Treasuries managed by BlackRock. The report, audited by Deloitte, did not disclose how much of Circle's cash reserves were held by SVB. The bank's recent shutdown by the California Department of Financial Protection and Innovation has fueled concerns about the risk to start-ups and tech companies in the US that have deep exposure to SVB. More information can be found here.

Aave DAO votes for ‘rescue plan’ to save lost tokens

Aave's decentralized autonomous organization (DAO) has passed a proposal to authorize the recovery of mistakenly sent tokens. The proposal allows developers to upgrade smart contracts that have been sent tokens in error, sending them back to their original owners automatically. The Aave DAO clarified that the lost tokens would only be recoverable during the initialization phase of the contract upgrade. The proposal passed with more than 99.9% of the vote, with only one user voting against it. Click here for more information.

USDC investor shells out $2M to receive $0.05 USDT trying to evade crash

Investors who were unable to withdraw their funds from USDC, a stablecoin, due to concerns about insolvency, began selling their USDC tokens for other stablecoins such as USDT, resulting in some investors suffering heavy losses due to human error. An investor paid over $2 million to receive $0.05 of USDT after using a "questionable" method and forgetting to set their slippage. As a result of the USDC insolvency fears, users are fleeing to safety in other stablecoins. USDC has lost over 10% of its value, trading at $0.8774. For more information click here.

Coinbase reiterates that staking services will continue, despite SEC crackdown

Coinbase has informed customers that its staking services will continue and could potentially increase despite the US SEC's recent crackdown on staking services offered by centralized providers. Coinbase has made a clear distinction between its service as a provider and users earning rewards from the decentralized protocols, avoiding any potential gray area issues similar to those faced by Kraken. Coinbase's CEO has previously argued that its staking services are different from Kraken's and stated the company would defend its position in court if necessary. More information can be found here.

If you enjoy and find value in the newsletter, please feel free to donate for its upkeep and independent nature as much as you think is fair:

Monero Wallet Address:

42EkgN23XZoLJXrgMJjrRM7jYpmirk1WvWUWc2SDF6kZAXVzHMGy5XB8JM8Vce3iHGKh9H8ACWF9J6ErrfKCP48mL2yeWcw

Bitcoin Wallet Address: bc1q4283c60tv2p7exfeu2ql7dk2n7utswgl43n2fk

ETH & ERC-20 Address: 0xD16429e3F253f50CfF306B2bE8966ce935332116

BNB & BRC-20 Address: 0xD16429e3F253f50CfF306B2bE8966ce935332116

Reclaim (some) Privacy Webinar Series: Intro to SearXNG & other privacy engines

In April, I am planning my first webinar in a series focused on privacy. The specific webinar will be focused on why Google may not be the best search engine to use and the SearXNG meta search engine and how it can be used to enhance privacy when using a search engine to research or find something to one's interest.

If you are interested in the topic, feel free to click "attend" on the link to the event below: https://www.dhirubhai.net/events/7167975601373458433/about/

Brought to you by?Alexandros Ntolgkov.