Unchained The Chopping Block: Was Crypto Just Debanked? - Ep. 468
Mar 16, 2023
The discussion dives into the sudden collapse of Silicon Valley Bank and its chaos in the cryptocurrency sector. They explore how USDC lost its peg and MakerDAO's emergency measures. Host experiences reveal the market's panic. The conversation also examines Signature Bank's shutdown and its ties to crypto. Additionally, they humorously address the rise of meme coins and critique banking transparency. Insights into Bitcoin's performance against traditional stocks and the potential of DeFi innovation round out the highlights.
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Dragonfly's Banking Troubles
- Dragonfly, Haseeb Qureshi's VC fund, banked with both Silvergate and SVB.
- They successfully withdrew from Silvergate, deposited into SVB, then faced SVB's collapse.
Bitcoin Outperforms NASDAQ
- Despite higher current interest rates, Bitcoin has outperformed NASDAQ since FTX's collapse.
- This outperformance is largely due to Bitcoin's sensitivity to interest rate expectations.
Euler Finance Exploit
- Euler Finance suffered a $183 million exploit involving flash loans and a donation function bug.
- The attacker manipulated their default status and liquidated themselves for a massive reward.