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FameEX Afternoon Crypto News Recap | March 16, 2023

2023-03-16 16:32:10

US authorities halt cryptocurrency platform linked to $3 billion worth of transactions
The US and German authorities have closed down ChipMixer, a cryptocurrency service used for money laundering. The site facilitated over $3 billion in illicit transactions, and its users included ransomware groups, suspected North Korean hackers, and dark net market users. The site was also reportedly used by a Russian military intelligence unit to purchase hacking tools using Bitcoin.

Silicon Valley Bank's Collapse: Traditional Finance Takes the Fall
Silicon Valley Bank's collapse was caused by a liquidity crisis that has affected the startup ecosystem. The bank's failure highlights the risks associated with banking, such as mismanagement of economic value of equity, failure to hedge interest rate risk, and sudden outflows of deposits. These risks arise when a bank's assets and liabilities are not properly aligned, which can cause significant losses if interest rates change.

Federal Reserve Affirms July Launch Date for FedNow Instant Payment Service
The Federal Reserve in the United States has confirmed the launch of its instant payment system in July. The service is intended to offer a fast alternative to central bank digital currencies and stablecoins. Transactions on the network can be settled within seconds and can be used for transactions between banks, merchants, and consumers. Unlike other payment systems, it does not rely on blockchain technology.

Investing in AI Crypto Coins: Top Picks as GPT-4 Release Approaches
The release of the next-gen AI model GPT-4 has put the spotlight back on AI, and the AI revolution has extended beyond chatbots to the world of Web3, where AI-focused crypto coins are outperforming peers, setting standards, and raising benchmarks for others to follow. This article highlights the growth of AI in the crypto market, showcasing the success of AI coins and their potential for investment opportunities.

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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