Euler Finance is being attacked. More than $177 million is suspected to have been stolen. Euler Finance provides on-chain lending services.

https://twitter.com/wublockchain/status/1635212296426491906

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President Biden says US taxpayers will not bear any losses on Silicon Valley Bank collapse.

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Coinbase: We have disabled trading for Binance USD (BUSD). Your BUSD funds will remain accessible to you, and you will continue to have the ability to withdraw your funds at any time.

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Instagram is sunsetting digital collectibles (NFTs). Features will be disabled across the platform.

https://nftnow.com/news/breaking-instagram-is-sunsetting-digital-collectibles-nfts/

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JP Morgan, Citigroup and other large financial institutions trying to accommodate customers wanting to move deposits quickly.

In other words, regional banks are losing customers quickly.

There is outsized risk with large deposits at regional banks.

Large banks win.

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It was the second time within the last month that the ultrasound money crowd saw a spike in burned ETH due to an uptick in activity.

The first time was Valentine’s Day, when Blur launched their native token and caused a frenzy of activity as people moved to claim their airdrops, burning 5.6k ETH.

The second time was March 11th as USDC faced its largest depeg since inception and people both moved to get their money out of USDC in fear it wasn’t 1:1 backed, either via selling USDC positions or redeeming the token and converting back to fiat. Conversely, people also moved to stock up on USDC with the assumption it would restabilize.

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U.S. inflation numbers for February are due at 8:30 a.m. ET.

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An update on our work today to recover funds for Euler protocol users.

Here are a few actions we took immediately:

1. Stopped the direct attack as soon as possible by helping disable the EToken module, which blocked deposits and the vulnerable donation function

2. Engaged TRM Labs, Chainalysis, and the broader ETH security community to help with the investigation and work to recover funds

3. Notified and shared info with US and UK law enforcement

https://twitter.com/eulerfinance/status/1635431726364147712

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┌🟢 #BTC Liquidated Short - $332.3K at $24773.78
└Funding Rate: 0.01%

CPI YoY: 6.0
Est: 6.0%

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18 days dip recovered. 🔥

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Facebook $META to fire 10,000 employees.

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Two sides of a coin:

Last 5-Day Market Cap Loss by Bank:

1. Bank of America, $BAC: $37B

2. Charles Schwab, $SCHW: $32B

3. JP Morgan, $JPM: $29B

4. Wells Fargo, $WFC: $27B

5. Citigroup, $C: $14B

All US bank stocks have lost ~$200B.

Total market cap lost is more than SVB's $175B in deposits.

While Regional bank stocks are roaring back this morning:

PacWest Bank $PACW +53%

First Republic $FRC +51%

Western Alliance $WAL +44%

Metropolitan Bank $MCB +36%

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Korean streamer Satto liquidated for nearly $1M shorting Bitcoin, on live stream.

Watch

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Cathiewood: While the US banking system was seizing up in response to bank runs threatening regional banks, Bitcoin, Ethereum, and other crypto networks didn’t skip a beat. Instability in the banking system threatened stablecoins, the on-ramps to DeFi, in stark contrast to regulator rhetoric

Elon: Lot of current year similarities to 1929.

https://twitter.com/CathieDWood/status/1635807520307412997

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U.S. Regional Bank Stocks:

1. PacWest, $PACW: +31%

2. First Republic, $FRC: +26%

3. Western Alliance, $WAL: +8%

4. Comerica, $CMA: +4%

5. Zions Bank, $ZION: +1%

6. Fifth Third, $FITB: -1%

Many erased more than 50% of today's gain.

Markets don't know if the crisis is over.

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Goldman Sachs has filed a patent that integrates blockchain technology with its settlement mechanism.

https://cryptoslate.com/goldman-sachs-has-a-patent-granted-focusing-on-blockchain-technology/

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