Today in Crypto: Silvergate to Delist from NYSE & Fire 230 Staff, US Trains Ukraine to Target Russian Oligarchs’ Crypto, LG NFT TV

Bakkt Banking Cardano Career Dapp DeFi

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Sead Fadilpašić

Journalist

Sead Fadilpašić

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Sead specializes in writing factual and informative articles to help the public navigate the ever-changing world of crypto. He has extensive experience in the blockchain industry, where he has served...

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Last updated: 

January 8, 2024 11:26 EST

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Banking news

• The parent company of the collapsed Silvergate Bank will be delisted from the New York Stock Exchange (NYSE), and 230 of its staff will be let go, Silvergate Capital said in a May 11 filing to the US Securities and Exchange Commission (SEC). The staff will be “separated” starting May 12, after which “approximately 80 officers and employees” will be left behind to continue Silvergate Bank’s liquidation process. The NYSE also suspended trading in its stock, with delisting to commence “shortly.”

Legal news

• The US is training Ukrainian law enforcement on cryptocurrency investigations in a bid to target the financial networks used by sanctioned Russian oligarchs, The Wall Street Journal reported. Ukrainian investigators are getting advanced, in-person training on crypto investigations in Frankfurt, the US Internal Revenue Service (IRS)’s criminal-investigation division said.

NFT news

• Electronics giant LG applied for patent protection for television that enables users to trade non-fungible tokens (NFTs). The device would be able to establish a connection with an NFT market server, connect to users’ crypto wallets, receive and display preview artwork, allow the user to select an artwork to purchase, and complete purchases via users’ cryptocurrency wallets. 

DeFi news

• Hydra Head, a scaling tool to make transactions on the Cardano (ADA) blockchain faster, is now active on the mainnet, the developers said. Developers can use it to add specialized, complex decentralized finance (DeFi) protocols on top of the blockchain, according to the technical documentation.
• MakerDAO, the decentralized platform behind the DAI stablecoin, published a broad roadmap for a major update called Endgame, which will “introduce powerful AI Tools to assist less hardcore governance participants to be on top of all details of the system and what’s happening.” The roadmap consists of five phases: beta launch (expected in a few months), SubDAO launch, governance AI tools launch, governance participation incentive launch, and NewChain Launch and final Endgame State.
• Infrastructure provider P2P.org launched a permissionless Ethereum staking dapp, allowing users to interact with non-custodial staking through P2P.org anonymously, with zero technical know-how, said the press release. “This user-friendly interface allows for easy staking directly from the website with just a few clicks, eliminating the need for email registration, and simplifying the staking process,” it said. Users only need to connect their wallets and specify the amount they wish to stake.

Investment news

• Digital asset platform Bakkt announced its financial and operational results for Q1, reporting: net revenues of $13 million increased 4% year-over-year; total operating expenses of $58.4 million decreased 4% year-over-year; net loss of $44.9 million increased 4% year-over-year; and transacting accounts of approximately 690,000 increased 2% year-over-year.

Legal news

• Montenegro granted approval to the bail terms proposed by lawyers representing Terra founder Do Kwon, who was charged with passport forgery. According to a May 12 press release, the court accepted the proposed bail offer for Kwon and Han Chang-Joon, Terra’s chief financial officer, of €400,000 ($436,000) each. They were also placed under house arrest instead of being taken into custody.