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FameEX Afternoon Crypto News Recap | March 16, 2023

2023-03-16 16:32:10

US Regulators Shut Down Cryptocurrency Service Responsible for $3 Billion in Transactions
US and German law enforcement agencies have successfully shut down ChipMixer, a cryptocurrency service notorious for its use in money laundering. The platform was responsible for facilitating over $3 billion in illicit transactions, with its clientele consisting of ransomware groups, suspected North Korean hackers, and dark net market users. In a shocking revelation, it was discovered that a Russian military intelligence unit used Bitcoin to purchase hacking tools through the service.

The Fall of Silicon Valley Bank: Traditional Finance Takes the Blame

The failure of Silicon Valley Bank resulted from a liquidity crisis that impacted the wider startup ecosystem, exposing various risks that come with banking, including mismanaging economic value of equity, failing to hedge against interest rate risk, and experiencing sudden outflows of deposits. These risks are triggered when a bank's assets and liabilities are not properly balanced, potentially leading to significant losses in the event of interest rate fluctuations.

FedNow Instant Payment Service Set to Launch in July, Confirms Federal Reserve

The US Federal Reserve has announced that it will launch its instant payment system in July, providing a speedy alternative to stablecoins and central bank digital currencies. The network enables transactions to be settled within seconds and can be used for transactions among consumers, merchants, and banks. Unlike other payment systems, it does not depend on blockchain technology.

Top AI Crypto Coins to Consider Investing in as GPT-4 Release Nears
The recent release of the GPT-4 AI model has refocused attention on AI, which is not only being used for chatbots but is also driving the development of AI-focused crypto coins in the Web3 realm. These coins are outperforming their peers, setting standards, and creating investment opportunities. This article discusses the growth of AI in the crypto market and how it has led to the success of AI coins.

Disclaimer: The information provided in this section is for informational purposes only, doesn't represent any investment advice or FameEX's official view.

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