Author: CoinDesk

This week we delve into the underlying mechanisms of terraUSD and how they incentivized experienced investors to drive the stablecoin into a death spiral.

"Crypto Crooks" is sponsored by Chainalysis.

Do Kwon wasn’t creating a new grift. His coin was history, repeated. Financial experts foretold the failure of Do Kwon’s empire from the beginning – because they’d seen it all happen before, at the Bank of England no less. 

In our deep dive into terraUSD, we examine how the death spiral that ate the stablecoin alive was knit into the very fabric of the project. It was no accident, fluke or unexpected occurrence: It was inevitable. 

Next up, our season finale – and then, a bonus episode on the bombshell revelations of an SEC investment suit against Do Kwon, filed this February.

Clip:

• Terraform Labs CEO on US Crypto Regulation: 'It's Not That Interesting' | Video | CoinDesk

Episode transcripts are available at coindesk.com/podcasts/crypto-crooks. 

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Chainalysis is the blockchain data platform. We provide data, software, services and research to government agencies, web3 companies, financial institutions and insurance and cybersecurity companies. Our data powers investigation, compliance and business intelligence software that has been used to solve some of the world’s most high-profile criminal cases. For more information, visit www.chainalysis.com.

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“Crypto Crooks” is a CoinDesk Podcast Production. The executive producer is Jared Schwartz, with additional production by Eleanor Pahl, Nora Battelle, Jonas Huck, and Moon Beast. Fact-checking is by Amber Von Schassen, and sound design and music are by Altus Noumena. This show is written and voiced by David Z. Morris.

See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

The most valuable crypto stories for Monday, March 13, 2023. 

Bitcoin (BTC) is climbing above $24,000, as the Federal Deposit Insurance Corporation said depositors of Silicon Valley Bank will have full access to their money beginning Monday morning, after confirming a successful transfer of deposits to a new bridge bank. This comes as crypto exchange Binance said it will convert $1 billion worth of Binance USD (BUSD) to bitcoin (BTC), ether (ETH), BNB coin (BNB) and other tokens to support the market.

See also:

Binance Will Convert $1B Worth of BUSD Stablecoin to Bitcoin, Ether, BNB and Other Tokens

USDC Stablecoin Regains Dollar Peg After Silicon Valley Bank-Induced Chaos

Circle Scrambles to Right USDC After Signature Bank Failure

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This episode has been edited by Ryan Huntington. The senior producer is Michele Musso and the executive producer is Jared Schwartz. Our theme song is “Neon Beach.”

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Are you building the next big thing in Web3? Apply to pitch your project live on stage at the CoinDesk Pitchfest Powered by Google Cloud at Consensus, the industry’s most influential event happening April 26-28 in Austin, Texas. Apply by March 31 for a chance to be among the twelve finalists selected to pitch. Visit consensus.coindesk.com/pitchfest for more information.

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Signature Bank was shut down by the NYDFS citing “systemic risk.”

On Sunday, as government authorities announced that Silicon Valley Bank depositors would be protected, they added that the New York Department of Financial Services would be shuttering Signature Bank. Little explanation was given but some, including Signature board member and bank regulation architect Barney Frank, think it was a calculated move to send an anti-crypto message.

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“The Breakdown” is written, produced and narrated by Nathaniel Whittemore aka NLW, with today's editing by Jonas Huck, research by Scott Hill and additional production assistance by Eleanor Pahl. Jared Schwartz is our executive producer and our theme music is “Countdown” by Neon Beach. Music behind our sponsor today is “Foothill Blvd” by Sam Barsh. Image credit: Paul Marotta / Getty Images, modified by CoinDesk.

Join the discussion at discord.gg/VrKRrfKCz8.

Join the most important conversation in crypto and Web3 at Consensus 2023, happening April 26-28 in Austin, Texas. Come and immerse yourself in all that Web3, crypto, blockchain and the metaverse have to offer. Use code BREAKDOWN to get 15% off your pass. Visit consensus.coindesk.com.

See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

Rosie Perper, Web3 journalist for CoinDesk, joins “Gen C” to discuss the latest moves in Web3.

Rosie Perper, CoinDesk’s Deputy Managing Editor for Web3 joins Avery and Sam to discuss some of the bigger stories happening in NFTs, Web3 gaming, tokenized social clubs and playlists as well as the latest Vayner research on the Web3 consumer.

Links mentioned from the podcast: 

• Coinbase starts Wallet as a Service
• The Otherside ‘Second Trip’
• Planet Hollywood Goes Web3
• Spotify Tokenizes Playlists 
• Rosie Perper on Twitter
• Vayner’s Web3 Consumer Research

Follow us on Twitter: 

• Sam Ewen
• Avery Akkineni
• CoinDesk
• Vayner3

From our sponsor:

Are you building the next big thing in Web3? Apply to pitch your project live on stage at the CoinDesk Pitchfest Powered by Google Cloud at Consensus, the industry’s most influential event happening April 26-28 in Austin, Texas. Apply by March 31 for a chance to be among the twelve finalists selected to pitch. Visit consensus.coindesk.com/pitchfest for more information.

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"Gen C" features hosts Sam Ewen and Avery Akkineni, with editing by Jonas Huck. Executive produced by Jared Schwartz and produced by Adrian Blust, Uyen Truong and Eleanor Pahl. Our theme music is "1882” by omgkirby x Channel Tres with editing by Doc Blust. Artwork by Nicole Marie Rincon.

See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

Now, decades later, we're reviving semiconductor manufacturing with hundreds of millions of dollars.

On this week’s Long Reads Sunday, NLW reads:

Semiconductors: A Cautionary Tale by Sheila Warren

The SEC’s Other Option by TuongVy Le 

SEC Bitcoin ETF Dissent - Commissioner Hester Peirce and Commissioner Mark Uyeda

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“The Breakdown” is written, produced and narrated by Nathaniel Whittemore aka NLW, with editing by Michele Musso and research by Scott Hill. Jared Schwartz is our executive producer and our theme music is “Countdown” by Neon Beach. Music behind our sponsor today is “Foothill Blvd” by Sam Barsh. Image credit: Malte Mueller/ Getty Images, modified by CoinDesk. 

Join the discussion at discord.gg/VrKRrfKCz8.

Join the most important conversation in crypto and Web3 at Consensus 2023, happening April 26-28 in Austin, Texas. Come and immerse yourself in all that Web3, crypto, blockchain and the metaverse have to offer. Use code BREAKDOWN to get 15% off your pass. Visit consensus.coindesk.com.

See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

A roundup of the week’s most valuable crypto stories for Saturday, March 11, 2023. 

Missed any episodes of “The Hash” this week? Today’s recap episode will get you caught up.

“Hash Headlines” rounds up this week’s headline stories, including:

• Voyager Denies SEC Claims VGX Token Is a Security
• Bitcoin Briefly Dips Below $22K on Powell's Inflation Comments
• Bitcoin Hovers Around $22K as Fed's Powell Softens Tone
• Crypto Industry's Banking Crisis

Links to the headlines:  

Voyager Denies SEC Claims VGX Token Is a Security as Binance.US Decision Looms

Voyager Digital's Reward Program Lost $58M in 2022: Court Filing

Voyager Bankruptcy Judge Says He Is ‘Absolutely Shocked’ by SEC Objection to Binance.US Deal

Bitcoin Price Slides to $22K as Powell Warns on Inflation

Federal Reserve’s Powell: We Don’t Want to Strangle Crypto Innovation, but Sector Is a Mess

Fed Chair Powell's Comments Shift Rate Projections; Bitcoin Holds Warily

Crypto.com Struggles to Maintain Fiat On-Ramps in the Face of Crypto Banking Crisis

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This episode has been edited by Michele Musso. Our executive producer is Jared Schwartz. Our theme song is “Neon Beach.”

Are you building the next big thing in Web3? Apply to pitch your project live on stage at the CoinDesk Pitchfest Powered by Google Cloud at Consensus, the industry’s most influential event happening April 26-28 in Austin, Texas. Apply by March 31 for a chance to be among the twelve finalists selected to pitch. Visit consensus.coindesk.com/pitchfest for more information.

See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

The assault on crypto comes into greater focus. 

What a week. On this edition of the “Weekly Recap,” NLW updates on the Silicon Valley Bank situation, discusses the New York Attorney General’s lawsuit against KuCoin that claims ether is a security and looks at the Biden Administration’s plan to lay a 30% excise tax on energy used for crypto mining. 

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“The Breakdown” is written, produced and narrated by Nathaniel Whittemore aka NLW, with editing by Michele Musso and research by Scott Hill. Jared Schwartz is our executive producer and our theme music is “Countdown” by Neon Beach. Music behind our sponsor today is “Foothill Blvd” by Sam Barsh. Image credit: Tommy / Getty Images, modified by CoinDesk. 

Join the discussion at discord.gg/VrKRrfKCz8.

Join the most important conversation in crypto and Web3 at Consensus 2023, happening April 26-28 in Austin, Texas. Come and immerse yourself in all that Web3, crypto, blockchain and the metaverse have to offer. Use code BREAKDOWN to get 15% off your pass. Visit consensus.coindesk.com.

See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

The most valuable crypto stories for Friday, March 10, 2023. 

"The Hash" team discusses the biggest crypto headlines of the day, including Silicon Valley Bank being shuttered by the California Department of Financial Protection and Innovation on Friday, marking the second bank to shut down within days. Plus, Meta Platforms, the parent company of Facebook, is working on a decentralized text-based app, according to a report by TechCrunch.

See also:

A Tale of 2 Banks: Why Silvergate and Silicon Valley Bank Collapsed

Scrutiny Falls on $43B USDC Stablecoin’s Cash Reserves at Failed Silicon Valley Bank

Silicon Valley Bank Shuttered by State Regulators

Silicon Valley Bank Rocks Crypto and Equity Markets Ahead of Jobs Report

Facebook Parent Company Meta Exploring Decentralized App: Report

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This episode has been edited by Ryan Huntington. The senior producer is Michele Musso and the executive producer is Jared Schwartz. Our theme song is “Neon Beach.”

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Are you building the next big thing in Web3? Apply to pitch your project live on stage at the CoinDesk Pitchfest Powered by Google Cloud at Consensus, the industry’s most influential event happening April 26-28 in Austin, Texas. Apply by March 31 for a chance to be among the twelve finalists selected to pitch. Visit consensus.coindesk.com/pitchfest for more information.

See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

California regulators shut down the bank Friday after reportedly failing to find a buyer.

Just days after Silvergate announced an orderly winding down, Silicon Valley Bank has come to a very disorderly end. Today, California regulators stepped in to put the bank in FDIC receivership. NLW explains how we got here and what it might mean. 

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“The Breakdown” is written, produced and narrated by Nathaniel Whittemore aka NLW, with editing by Michele Musso and research by Scott Hill. Jared Schwartz is our executive producer and our theme music is “Countdown” by Neon Beach. Music behind our sponsor today is “Foothill Blvd” by Sam Barsh. Image credit: Justin Sullivan / Getty Images, modified by CoinDesk. 

Join the discussion at discord.gg/VrKRrfKCz8.

Join the most important conversation in crypto and Web3 at Consensus 2023, happening April 26-28 in Austin, Texas. Come and immerse yourself in all that Web3, crypto, blockchain and the metaverse have to offer. Use code BREAKDOWN to get 15% off your pass. Visit consensus.coindesk.com.

See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

With bitcoin and crypto's rise in popularity and value, there have been discussions about the industry's energy use, impact on the environment and sustainability measures. Energy infrastructure investments are essential as the world moves to reduce its carbon footprint. 

On this episode of “Money Reimagined,” Michael Casey and Sheila Warren will be exploring the cryptocurrency footprint on energy consumption with guests Margot Paez,  Ph.D. candidate and Fellow at the Bitcoin Policy Institute, and Will Foxley, director of content at Compass Mining and co-host of CoinDesk’s “The Hash” on both CoinDesk TV and the CoinDesk Podcast Network.  

It is a big week for energy in Houston, Texas, where Sheila and Margot are reporting … CERAWeek!  It is the “largest gathering of high-profile oil executives and energy ministers” in the world. CEOs and Ministers from nearly 90 countries attend the yearly conference in Houston. A record 8,000 are here, including John Kerry; John Podesta; U.S. Senators Murkowski, Manchin and Sullivan; and CEOs from BP, Shell, Chevron, Amazon Web Services and Palantir.

It’s also the week of the Empower conference, which is the only bitcoin mining event with a focus on energy. 

See Also:

https://www.courthousenews.com/environmental-impacts-of-crypto-mining-under-microscope-in-senate/

https://iowacapitaldispatch.com/2023/03/07/u-s-senate-panel-probes-how-crypto-mining-increases-energy-consumption/

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Michele Musso produced and edited this episode with announcements by Adam B. Levine and our executive producer, Jared Schwartz. Our theme song is “Shepard.”

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Are you building the next big thing in Web3? Apply to pitch your project live on stage at the CoinDesk Pitchfest Powered by Google Cloud at Consensus, the industry’s most influential event happening April 26-28 in Austin, Texas. Apply by March 31 for a chance to be among the twelve finalists selected to pitch. Visit consensus.coindesk.com/pitchfest for more information.

See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.