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Australian ‘Big 4’ bank begins trial for cryptocurrency payment blocks

Westpac, one of Australia’s ’Big Four’ banks, is launching its first trial of scam protection measures designed to combat fraudulent activities related to cryptocurrencies.The protection measures aim to mitigate losses from scams and reduce potential risks.According to the announcement, investment scams account for approximately 50% of all customer losses linked to

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From Lehman Brothers to First Republic Bank: Bitcoin’s rise in uncertainty

Disclosure: This article does not represent investment advice. The content and materials featured on this page are for educational purposes only. With the recent banking turmoil, ongoing recession and ‘signs of another global economic crisis,’ cryptocurrencies are – once again – emerging as an alternative way to hold one’s assets,

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Senators slam bank execs for blaming collapses on crypto, pocketing millions

A former Signature Bank executive has been slammed for trying to place the blame for his bank’s collapse on crypto while purportedly being able to pocket millions in bonuses and stock options. During a Senate Banking Committee hearing on May 16, United States Senator Cynthia Lummis lashed out at Scott Shay,

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Crypto bank runs in 2022 catalyzed by institutional withdrawals: Research

The 2022 crypto bank runs — caused by the failure of multiple ecosystem giants — have had a lasting impact on the crypto industry. A new research report from the Federal Reserve Bank of Chicago (FRBC) has identified several key factors and catalysts that accelerated last year’s crypto crisis.The report identified that

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Signature Bank failed to understand risks associated with crypto: FDIC chair

Investigations into the collapse of Signature Bank point toward illiquidity circumstances and poor management. However, the Federal Deposit Insurance Corporation (FDIC) chairman, Martin Gruenberg, believes the bank’s failure to understand the risks associated with cryptocurrencies expedited its fall.Speaking at a recent United States House of Representatives Financial Services Committee hearing

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Reserve Bank of Zimbabwe Defies IMF’s Warning, Sells $39M Worth of Gold-backed Digital Tokens

Zimbabwe seeks to use gold-backed crypto tokens to salvage the country’s economic situation. The Reserve Bank of Zimbabwe has dammed any potential consequences by selling 14 billion Zimbabwean dollars ($39 million) worth of gold-backed digital tokens. That is despite an earlier warning it received from the International Monetary Fund (IMF) not

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