1. 1.5M houses could be powered by the energy Texas miners returned
📰 During the winter storm in Texas in December 2022, BTC mining operators returned up to 1,500 megawatts of energy to the distressed local grid, enough to heat “over 1.5 million small homes or keep 300 large hospitals fully operational.
📰 This is possible due to the flexibility of mining operations and the ancillary services, provided by the state authorities.
📰 While there’s no specification regarding the exact time period in which miners have accumulated such an amount of power, the global Bitcoin mining hash rate dropped by 30% on Dec. 24–25, 2022.
📰 Miners appeared to be the model participants of ancillary services in the state, which stimulates customers to reduce their consumption during peak demand in order to stabilize the grid.
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2. Crypto Exchange Huobi to Lay off 20% of Staff
📰 Crypto exchange Huobi is set to lay off 20% of its staff, as news about alleged financial issues at Huobi has been circulating in recent weeks
📰 It was reported last week by independent crypto journalist Colin Wu that staff salaries were being paid in stablecoins such as USDT and USDC, which reportedly provoked a widespread outcry from employees.
📰 The layoffs would see Huobi join crypto exchanges including Coinbase, Crypto.com and Kraken in making sweeping cuts to staff numbers.
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U.S. subpoenas hedge funds in probe of crypto exchange Binance
📰 Federal prosecutors are examining American hedge funds’ dealings with cryptocurrency exchange Binance as part of a long-running investigation into potential violations of money-laundering rules at one of the world’s leading crypto companies.
📰 Bitcoin hasn’t been priced this high since early November, according to data from CoinGecko, before the spectacular collapse of FTX.
📰 In subpoenas sent in recent months, the U.S. attorney’s office for the Western District of Washington in Seattle directed investment firms to hand over records of their communications with Binance.
📰 The subpoenas, which have not been previously reported, do not necessarily mean authorities are likely to bring charges, as prosecutors are still discussing a possible settlement with Binance and weighing whether they have enough evidence to bring indictments against the company.
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4. Crypto Conglomerate DCG Being Investigated by DOJ, SEC
📰 The inquiries, which appear to be in an early stage, are focused on financial transfers between DCG and its Genesis unit.
📰 The prosecutors with the DOJ’s Eastern District of New York office have requested interviews and documents from DCG and Genesis.
📰 However, the report also said that neither Genesis nor DCG have “been accused of wrongdoing.”
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5. US bank Silvergate hit with $8bn in crypto withdrawals
📰 Customers of US bank Silvergate have withdrawn over $8bn of their crypto-linked deposits.
📰 Around two-thirds of the bank’s customers pulled their deposits in the last three months of 2022.
📰 The bank has sold $5.2bn in assets to cover the cost and remain liquid.
📰 It came as three US regulators warned banks that issuing or holding crypto was “highly likely to be inconsistent with safe and sound banking practices”.
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