Hodler’s Digest, March 12-18 By Cointelegraph

Sam Bankman-Fried petitions court docket to prioritize reimbursing his authorized charges

Sam Bankman-Fried (SBF) is looking for to make use of FTX’s company insurance coverage insurance policies to cowl his authorized bills, in line with a court docket submitting on March 15. As per the submitting, the insurance policies present precedence of fee to insured people reminiscent of Bankman-Fried. The transfer would put the previous CEO on prime of the FTX payout checklist. One other headline reveals that Bankman-Fried’s inside circle obtained $3.2 billion in funds and loans from FTX-linked entities. The quantities exclude over $240 million used for the purchases of luxurious properties within the Bahamas, political and charity donations, in addition to substantial transfers to non-FTX subsidiaries. In one other headline, FTX debtors reported $11.6 billion in claims and $4.8 billion in belongings, that means theres a $6.8 billion gap within the trade’s stability sheet.

Signature Financial institution (NASDAQ:) closed by New York regulators for not offering knowledge

Crypto-friendly Signature Financial institution was formally closed down and brought over by the New York Division of Monetary Providers on March 12 for failing to supply constant and dependable knowledge. The financial institution has been investigated by two United States authorities our bodies over whether or not it took satisfactory measures to watch and detect potential cash laundering by its purchasers. Former member of the U.S. Home of Representatives Barney Frank recommended that New York regulators closed Signature as a part of a seeming present of drive in opposition to the crypto market.

USDC bounces again towards $1 peg after Fed announcement

US Fed pronounces $25B in funding to backstop banks

market cap flips tech big Meta, widens hole on Visa (NYSE:)