Silicon Valley Bank Disaster

Welcome to the Crypto Scroll. Get caught up on all web3, defi, and crypto news in just one quick scroll. We do the homework so you don't have to. Powered by The Drop.

gm,

It's been a long and shitty weekend for many of us, especially bankers, startup founders and investors in all industries. Hundreds of thousands of individuals are being impacted. Keep your head up and do something nice for those impacted. Enjoy the (not only gloomy) news 👇🏼

• Circle has $3.3B exposure to SIVB (CNBC)

• Meta is exploring a decentralized app (CD)

• Traders dumped USDC after Silicon Valley Bank and Silvergate fail (TD) 

• Lego and Epic Games are teaming up to make a metaverse (FT)

• Pantera, Paradigm, and A16Z Crypto all have ties to SVB (UT)

A closer look at SVB exposure:

• Crypto VC Pantera used Silicon Valley Bank as main bank for investments (YF)

• Former Care.com CEO is now raising venture dollars for a web3 startup (BIZJ)

• Cardano backed accelerator launched a new web3 school for founders in Africa (TP)

• Nigerian-based Echo VC finalizes $8M web3 fund (BBAF)

• Super web3 app 'Kresus' raises $25 million Series A from Winklevoss twins and Liberty VC (RB)

• Matchday got $21M to build web3 soccer games (MATCHDAY)

• Cubist, security focused startup, raises $7M for building faster and more secure DApps (SA)

• EtherMail received $4M to encrypt wallet-to-wallet communication (ETHERMAIL)

• Tonstarter, UAE based nonprofit, raises $1.5M for DeFi mission (FMES)

• Bidens budget plan would cut tax lost harvesting loophole (CD)

• The SEC custody rule could be a positive for crypto (CD)

• New York Attorney General sues Kucoin (CD)

• Binance.US was cleared to buy bankrupt exchange Voyager but will have to continue facing actions from SEC (WSJ)

• US Fed to create new crypto team amid stablecoin regulatory concerns (CT)

• The fundamentals of a high-security whitelisting process (SPICEWORKS)

• Alpha Homora offers $32M in 'seized assets' to pay down debt (TD)

• Joining forces to strengthen security in web3 (INDIATIMES)

• Hackers exploit ETH competitor HBAR (DH)

• Staked ETH withdrawals could be imminent (TD)

• Yuga Labs auction raised 735BTC (@tropoFarmer)

• Vitalik dumps 220ETH worth of altcoins (CD)

• Starbucks Odyssey releases first NFT collection 'the Siren Collection' (CD)

A closer look at the TwelveFold auction:

• Differences between the Silvergate Bank collapse and Silicon Valley Bank demise comes down to overall impact (CD)

• CFTC chair says Ethereum is a commodity (DT)

• Worldline is creates a virtual mall in the metaverse (PS)

• The solution to replacing Silvergate network (CD)

• According to Nic Carter, crypto is nearing the edge of a total industry fallout (CS)

• Crypto's relation to the SVB fallout (DT)

• What happens if Ether is a security (CD)

• How to hire for web3 jobs (FY)

• Spatial Labs founder gives his opinion on the long-lasting bear market (DOT.LA)

Sponsored Content: There is no sponsored content in this newsletter.