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<ul class="summary-list"><li><keyword id="11495668" type="UNKNOWN" weightage="60" keywordseo="fireblocks">Fireblocks</keyword> is being sued by a company that claims it was locked out of a wallet containing more than $70 million of <a href="https://markets.businessinsider.com/currencies/eth-usd">ether. </a></li><li><keyword id="11495669" type="UNKNOWN" weightage="60" keywordseo="stakehound">StakeHound</keyword> says Fireblocks did not back up the private keys to its <keyword id="418872" type="PERSON" weightage="60" keywordseo="digital-wallet">digital wallet</keyword> and funds were lost.</li><li>Fireblocks has denied wrongdoing, claiming StakeHound didn't store the backup per Fireblock's guidelines. </li></ul>Israeli crypto-custody firm Fireblocks is facing a lawsuit from a company that claims it was locked out of a wallet containing more than $70 million of <a href="https://markets.businessinsider.com/currencies/eth-usd">ether</a>, a report from <a href="https://www.calcalistech.com/ctech/articles/0,7340,L-3910671,00.html">Calcalist</a> says. The company, StakeHound, claims that negligence by a Fireblocks employee led to the <a href="https://wazirx.com/signup?invite=2kpah6gr&amp;utm_source=business-insider&amp;utm_medium=referral&amp;utm_campaign=microsite" id="docs-internal-guid-d1b954dc-7fff-7adf-2d64-c6b3b2efe26f">crypto</a> assets being lost without any backup available. The Fireblocks employee allegedly did not protect or back up the private keys to a digital wallet. Then, the keys were deleted, preventing StakeHound from accessing its assets. The wallet in question had 38,178 <keyword id="6709758" type="UNKNOWN" weightage="60" keywordseo="Ether">ether</keyword> coins, equal to over $72 million at the time of writing. "This is a human error committed by an employee of the defendants, who worked in an unsuitable work environment, did not protect or back up the defendant's private keys needed to open the relevant digital wallet, and for no apparent reason, the keys were deleted, preventing the plaintiff's <a href="https://wazirx.com/signup?invite=2kpah6gr&amp;utm_source=business-insider&amp;utm_medium=referral&amp;utm_campaign=microsite" id="docs-internal-guid-aafe5122-7fff-24b2-d1c6-7611af97c7ed">digital assets</a> from being accessed," StakeHound said. Fireblocks has denied any wrongdoing, claiming: "The keys were generated by the client and stored outside the Fireblocks platform," and "the customer did not store the backup with a third-party service provider per our guidelines." Fireblocks also said it is "actively investigating the situation," and all Fireblocks' customers' funds are safe. <a href="https://forum.businessinsider.in/">For a more in-depth discussion, come on over to Business Insider Cryptosphere</a> — a forum where users can deep dive into all things crypto, engage in interesting discussions and stay ahead of the curve. SEE ALSO: <a href="https://www.businessinsider.in/cryptocurrency/news/trading-on-crypto-exchanges-based-outside-of-india-may-get-more-expensive/articleshow/83747213.cms">India is reportedly mulling over a new crypto tax which could make trading on foreign exchanges more expensive</a> <a href="https://www.businessinsider.in/cryptocurrency/news/indian-crypto-exchanges-are-eyeing-more-industry-bodies-to-expand-influence/articleshow/83742929.cms">There’s a new Indian crypto lobby in the making and Zebpay has confirmed its participation</a> <a href="https://www.businessinsider.in/cryptocurrency/news/investments-in-crypto-hit-17-billion-in-the-first-six-months-of-2021/articleshow/83740327.cms">Investments in crypto hit a new record of $17 billion, but Indian funds are yet to jump on the bandwagon</a>

Crypto-custody firm Fireblocks is being sued by a company that says it was locked out of a wallet containing more than $70 million of ether

<ul class="summary-list"><li>Regulators in the Bahamas directed FTX to move digital assets to safeguard them for creditors exposed to the blowup. </li><li>FTX said in its bankruptcy filing there was "credible evidence" the Bahamian government was "directing unauthorized access" to FTX's systems.</li></ul>A Bahamas regulator said Thursday it directed a Bahamas-based unit of FTX to move digital assets in an aim to safeguard them for creditors facing exposure to the breakdown of the crypto firm once valued at more than $30 billion. The Securities Commission of the Bahamas said <a href="https://www.scb.gov.bs/wp-content/uploads/2022/11/Media-Release-SCB-Assumes-Control-of-Assets-of-FTX-Digital-Markets-Ltd.pdf">in a statement</a> it made the move on November 12 by exercising regulatory powers given to it by the country's Supreme Court. The Commission "took the action of directing the transfer of all digital assets of FTX Digital Markets Ltd. to a digital wallet controlled by the Commission, for safekeeping." The implosion of FTX ushered in a new CEO, John Ray III, who in this week's updated <a href="https://markets.businessinsider.com/news/currencies/ftx-crypto-holdings-fair-value-bankruptcy-filing-sam-bankman-fried-2022-11">US bankruptcy protection filing</a> said there was "credible evidence" that the Bahamian government was responsible for "directing unauthorized access" to FTX's systems to obtain digital assets. Ray is known for guiding Enron, the defunct energy firm, through its bankruptcy proceedings. FTX said in its Chapter 11 bankruptcy petition that Bankman-Fried and FTX co-founder Gary Wang were recorded as saying regulators in the Bahamas instructed them to make "certain post-petition transfers" and that such assets were under custody on FireBlocks under the control of the Bahamian government."Urgent interim regulatory action was necessary to protect the interests of clients and creditors of FDM," the Commission said about its directive to FTX. The Commission's asset seizure may address questions about <a href="https://markets.businessinsider.com/news/currencies/ftx-meltdown-hacker-snags-288-worth-of-ether-after-stablecoin-trade-2022-11">millions of dollars worth of crypto</a> that appeared to be drained from FTX the day after the exchange filed for bankruptcy protection in Delaware.FTX Digital Markets is seeking bankruptcy protection in New York under Chapter 15, which is used by foreign companies.

Bahamas says it directed FTX to move digital assets for 'safekeeping' as the crypto firm plunged into crisis

<ul class="summary-list"><li><keyword id="11904329" type="UNKNOWN" weightage="60" keywordseo="sequoia-capital" source="Orion">Sequoia Capital</keyword> is creating a new fund that will have up to $600 million to invest in <keyword id="11893898" type="UNKNOWN" weightage="60" keywordseo="crypto" source="Orion">crypto</keyword>. </li><li>The Sequoia Crypto Fund will focus on liquid tokens and <keyword id="12068706" type="UNKNOWN" weightage="60" keywordseo="digital-assets" source="Orion">digital assets</keyword>. </li></ul>Sequoia Capital has launched a new fund with up to $600 million of investment power that will focus on <keyword id="11895317" type="UNKNOWN" weightage="60" keywordseo="cryptocurrencies" source="Orion">cryptocurrencies</keyword> as it delves deeper into the $2 trillion market. "While we've invested in both equity and tokens over the last five years, many have asked that we take a more active role in managing our tokens, including staking them, providing liquidity, participating in governance and trading through their platforms," the <a href="https://www.sequoiacap.com/article/a-block-step-forward/">firm said on its website Thursday</a>. "Our network of builders at Ethereum, Solana, major DeFi protocols and beyond have urged us to do the same. With that, between $500 million and $600 million will be available for the firm's new Sequoia Crypto Fund to focus on liquid tokens and digital assets. "Our goal with this fund is to participate more actively in protocols, better support token-only projects, and learn by doing ourselves," Sequoia partners Michelle Bailhe, Shaun Maguire and Alfred Lin said in the statement. Sequoia Crypto Fund is one of the firm's first sub-funds under its new capital structure called <a href="https://www.sequoiacap.com/article/the-sequoia-fund-patient-capital-for-building-enduring-companies/">Sequoia Capital Fund</a>, an open-ended liquid portfolio. Sequoia Capital in recent activity has led funding for Fireblocks, a cryptocurrency custody platform that works with more than 800 institutions. The company as of last month had raised more than $1 billion since it was established in 2018, as crypto infrastructure has become a hot area of broader investment interest. Sequoia said Thursday it plans to keep supporting open-source research and to continue partnering with crypto teams across various stages of their expansion.Started in 1972, Sequoia Capital has invested in a number of companies that have evolved into tech industry heavyweights including <a href="https://markets.businessinsider.com/stocks/goog-stock">Alphabet's Google</a>, Yahoo, and <a href="https://markets.businessinsider.com/stocks/pypl-stock">PayPal</a>.

VC firm Sequoia Capital is launching a fund with up to $600 million to invest in cryptocurrencies and other digital assets

<ul class="summary-list"><li>In the past few months, <keyword id="11896045" type="UNKNOWN" weightage="60" keywordseo="binance" source="Orion">Binance</keyword> has brought on a small army of former regulators.</li><li>Other <keyword id="11893898" type="UNKNOWN" weightage="60" keywordseo="crypto" source="Orion">crypto</keyword> firms are also rushing to onboard former regulators, including most recently Donald Trump's <keyword id="11898795" type="UNKNOWN" weightage="60" keywordseo="sec" source="Orion">SEC</keyword> Chair Jay Clayton joining the $2 billion crypto platform Fireblocks.</li><li>More hires may be ahead, as the $2 trillion industry tries to insulate itself.</li></ul>Earlier this week, Binance CEO <keyword id="11909185" type="UNKNOWN" weightage="60" keywordseo="changpeng-zhao" source="Orion">Changpeng Zhao</keyword> <a href="https://markets.businessinsider.com/news/currencies/binance-cz-changpeng-zhao-crypto-regulation-exchange-trading-crackdown-2021-8">said he spends 80% of his time dealing with regulation</a>. And if hiring choices are any indication, he's hardly exaggerating.In the past few months, the biggest crypto exchange has brought on a small army of former regulators - including former acting Comptroller of the Currency Brian Brooks, Senate Finance Committee chair Max Baucus, IRS criminal investigator Greg Monahan, and California's chief financial regulator Manuel Alvarez. Since May, Binance says they have added 110 new employees to its compliance and customer-support teams.Other crypto firms are also rushing to onboard former regulators, including most recently <a href="https://markets.businessinsider.com/news/stocks/jay-clayton-sec-chairman-fireblocks-advisory-board-crypto-regulation-outlook-2021-8">Donald Trump's SEC Chair Jay Clayton joining the $2 billion crypto platform Fireblocks</a>. In April, former <keyword id="11916730" type="UNKNOWN" weightage="60" keywordseo="cftc" source="Orion">CFTC</keyword> Chair Chris Giancarlo joined the board of BlockFi. Ripple hired Barack Obama's SEC Chair Mary Jo White to defend the company against a lawsuit from her former agency.Binance's high-profile hires have come in response to a rapidly mounting regulatory crackdown on the exchange, which has been restricted or banned from <a href="https://markets.businessinsider.com/news/currencies/italy-regulator-cryptocurrency-bans-binance-trading-exchange-2021-7">Italy</a> to <a href="https://markets.businessinsider.com/news/currencies/binance-malaysia-operations-illegal-futures-derivatives-germany-italy-netherlands-2021-7">Malaysia</a>. Zhao <a href="https://twitter.com/cz_binance/status/1423554353974022154?ref_src=twsrc%5Etfw%7Ctwcamp%5Etweetembed%7Ctwterm%5E1423554353974022154%7Ctwgr%5E%7Ctwcon%5Es1_&amp;ref_url=https%3A%2F%2Fwww.coindesk.com%2Fbinance-to-take-proactive-stance-to-complianceance">says</a> Binance is "pivoting" to a proactive approach to regulation from a reactive one.But the pivot has been fraught with difficulties. Brooks and Alvarez's recent <a href="https://markets.businessinsider.com/news/currencies/binance-ceo-brian-brooks-resigns-after-3-months-differences-2021-8">resignations</a> came right after a <a href="https://markets.businessinsider.com/news/currencies/binance-us-crypto-funding-round-vc-brooks-changpeng-cz-zhao-2021-08">$100 million deal collapsed over fears that Zhao had too much control</a> over Binance's US division, which is nominally independent.Regulators, too, have been trying to balance proactive and reactive approaches. When SEC Chair Gary Gensler called crypto the "<a href="https://markets.businessinsider.com/news/currencies/sec-cryptocurrency-market-wild-west-authority-regulation-gensler-bitcoin-investors-2021-8">Wild West</a>," he suggested greater enforcement would be the agency's priority. But SEC Commissioner Hester Peirce has pointed out that crypto needs forward-looking frameworks, too - so that firms know what the bounds of the law are."I think we are moving in the direction of developing a forward-looking regulatory framework, but I expect a long journey to get there," Daniel Bresler of law firm Seward &amp; Kissel's blockchain unit told Insider.The rapidly evolving regulatory environment amid an immature industry is likely a factor behind regulators' resignations. In a parallel with Binance's woes, former SEC official Brett Redfearn, who Coinbase brought on in April, left the company this month, citing a shift in priorities away from crypto securities, according to the <a href="https://www.wsj.com/articles/coinbase-says-capital-markets-head-brett-redfearn-has-left-company-11628531644">Wall Street Journal</a>.Despite these growing pains, more hires may be ahead, as the $2 trillion industry tries to insulate itself."If we don't start planning and taking action soon, we have everything to risk," crypto lobbyist Perianne Boring told the <a href="https://www.nytimes.com/2021/05/09/us/politics/cryptocurrency-regulation-sec-ripple-labs.html">New York Times</a>.

Crypto firms are rushing to hire former regulators as federal agencies look to tame the 'Wild West' industry

<ul><li>More than half of the 100 largest banks in the world are investing in vital crypto and blockchain-based companies or projects.</li><li><keyword id="6356454" type="UNKNOWN" weightage="20" keywordseo="Standard-Chartered">Standard Chartered</keyword> has invested $380 million so far, followed by BNY Mellon at $321 million, and Citi at $279 million.</li><li>Banks are actively trying to get a foothold in cryptocurrency projects that intend to upgrade the conventional banking system by close-knit integration.</li><li>The demand for custodian services for digital assets is consistently rising, and the banks are most suited to take advantage.</li></ul>Governments may not have made up their minds about cryptocurrencies, central banks may still be uncertain but private banking majors are doubling down on <keyword id="6357624" type="UNKNOWN" weightage="20" keywordseo="blockchain-technology">blockchain technology</keyword>. If we talk about cryptocurrencies and blockchain, Bitcoin is probably the first thing that comes to mind. It has skyrocketed in value over the last few years, and new <a href="https://wazirx.com/signup?invite=2kpah6gr&amp;utm_source=business-insider&amp;utm_medium=referral&amp;utm_campaign=microsite&amp;is_retargeting=false&amp;shortlink=BI&amp;c=site&amp;pid=Business%20Insider&amp;af_click_lookback=7d&amp;af_channel=Business%20Insider&amp;af_adset=article&amp;af_force_deeplink=true">cryptocurrencies</a> are entering the space almost every day. And, while Bitcoin is the largest by market value — can be used to buy something in a country like <a href="https://www.businessinsider.in/cryptocurrency/news/el-salvadors-bitcoin-experiment-is-gaining-momentum-even-if-the-world-bank-doesnt-want-to-lend-its-support/slidelist/83634654.cms">El Salvador</a> and investors treat it like an asset — the underlying blockchain technology is what is powering the financial revolution in the conventional banking sector. According to a <a href="https://app.blockdata.tech/blog/general/banks-investing-blockchain-companies">report</a> by Blockdata, more than half of the 100 largest banks by assets under management (AUM) are investing in vital crypto and <a href="https://wazirx.com/signup?invite=2kpah6gr&amp;utm_source=business-insider&amp;utm_medium=referral&amp;utm_campaign=microsite&amp;is_retargeting=false&amp;shortlink=BI&amp;c=site&amp;pid=Business%20Insider&amp;af_click_lookback=7d&amp;af_channel=Business%20Insider&amp;af_adset=article&amp;af_force_deeplink=true">blockchain</a>-based companies or projects. These investments are complicated — some of them are done directly, some via subsidiaries, and some even via partnerships. <table style="border-width: initial; border-style: none;" class="redcator-table-advance"></colgroup><tbody><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Company </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Number of investments </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Total size of funding </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Standard Chartered </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">6 </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">$380 million </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">BNY Mellon </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">5 </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">$321 million </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Citi </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">14 </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">$279 million </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">UBS </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">5 </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">$266 million </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">BNP Paribas </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">9 </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">$236 million </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Morgan Stanley </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">3 </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">$234 million </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">JPMorgan Chase </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">8 </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">$206 million </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Goldman Sachs </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">8 </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">$204 million </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">MUFG </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">6 </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">$185 million </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">ING </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">6 </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">$170 million </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">BBVA </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">5 </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">$167 million </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Nomura </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">5 </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">$146 million </td></tr></tbody><tbody></tbody><tbody></tbody><tbody></tbody><tbody></tbody></table>Source: Blockdata Research (July 2021) Standard Chartered has invested $380 million so far, followed by BNY Mellon at $321 million, and Citi at $279 million. The list further includes a-list names such as BNP Paribas, <keyword id="48670" type="CITY" weightage="20" keywordseo="Morgan-Stanley">Morgan Stanley</keyword>, Goldman Sachs, and Nomura. Banks are actively trying to get a foothold in cryptocurrency projects that intend to upgrade the conventional banking system by close-knit integration. Standard Chartered has invested in Ripple, a blockchain-enabled payment settlement provider known for its quick and affordable transfers. Bank of America and American Express are <a href="https://finance.yahoo.com/news/bank-america-exec-lifts-lid-140019347.html">already</a> some of its largest customers, and the list will undoubtedly expand. This year, America's oldest bank, BNY Mellon, started offering custodian services and has strategic investments in Fireblocks, a digital assets infrastructure provider. Fireblocks offers financial institutions an inclusive platform that can enable a digital assets business, providing a foundation to store, transfer and issue them. <h2 style="line-height:1.38;margin-top:0pt;margin-bottom:0pt;"><cmsannotation type="cmsannotation" annotationid="Banks are now betting high on custodial services" comment="subhead" text="Banks are now betting high on custodial services">Banks are now betting high on custodial services</cmsannotation></h2> The demand for custodial services for digital assets is consistently rising, and the banks are most suited to take advantage. Banking institutions have offered custodial services for a long time and it includes — gold or cash deposits, DEMAT accounts, and management of other securities. Similarly, a secure wallet is required to store crypto assets, and these can be safely handed over by the user for safekeeping. Crypto exchanges still aren't regulated and are based out of obscure or even non-existent offices. Amid the uncertainty, investors and regulators are eyeing a more trustable institution that's already knee-deep in the game. South Korea is <a href="https://www.businessinsider.in/cryptocurrency/news/south-korea-is-open-to-cryptocurrencies-and-making-an-effort-to-regulate-them/articleshow/83986459.cms">among the first</a> countries to release regulations for crypto-assets and their trade. In a bid to crackdown on money laundering and illegal transactions, banks have been tasked with ensuring real-name accounts and extending custodial services in partnership with crypto exchanges. Eyeing a similar opportunity in the future, banks globally have doubled down on their investment and are actively seeking new projects that can further help adopt blockchain technology. Simply put, more people would own bitcoin if they could do so through their existing banks, according to a <a href="https://nydig.com/research-and-insights/nydig-bitcoin-banking-survey/">survey</a> commissioned by NYDIG. According to a <a href="https://www.tcs.com/crypto-currency-digital-assets-custody">report</a> by Indian IT giant TCS, "The broad acceptance of these assets across institutional and retail investors can lead to crypto custody services gaining ground as a mandatory offering from banks, in their attempt to retain customers and increase the share of wallet." HQLAx, a Luxembourg based startup, leads the collateral management space and has received funding from BNY Mellon, Citi, BNP Paribas, JP Morgan, Goldman Sachs, ING, and more. They are expected to connect to the HQLAx platform to improve liquidity management and execution of live collateral swaps. Big banks were initially highly sceptical about crypto-based assets, and many weren't shy to show their disapproval. However, that has now changed as they realize the ice shall continue to melt, with or without them. They can either find a haven by accepting blockchain as an integral part of their operations or slowly go extinct like the dinosaurs. <a href="https://forum.businessinsider.in/">For a more in-depth discussion, come on over to Business Insider Cryptosphere</a> — a forum where users can deep dive into all things crypto, engage in interesting discussions and stay ahead of the curve. SEE ALSO: <a href="https://www.businessinsider.in/cryptocurrency/news/messis-move-to-psg-includes-getting-partly-paid-in-the-clubs-fan-cryptocurrency/articleshow/85272256.cms">Messi’s move to PSG includes getting partly paid in the club’s cryptocurrency — the value of which has tripled since last week</a> <a href="https://www.businessinsider.in/cryptocurrency/news/cricket-is-jumping-on-the-nft-bandwagon-heres-how-fans-can-splurge-on-digital-collectibles-in-the-sporting-world/slidelist/85302503.cms">Cricket is jumping on the NFT bandwagon — here’s how fans can splurge on digital collectibles in the sporting world</a> <a href="https://www.businessinsider.in/cryptocurrency/news/nft-based-game-axie-infinity-hits-1-billion-in-trade/articleshow/85180646.cms">NFT game Axie Infinity clocks highest-ever $1 billion in trade with its crypto-based virtual economy</a>

Standard Chartered, Citi and UBS are among the 100 biggest banks in the world investing in crypto and blockchain with custodial services leading the charge

<ul class="summary-list"><li>Celebrities such as <keyword id="6357837" type="UNKNOWN" weightage="60" keywordseo="kim-kardashian" source="Orion">Kim Kardashian</keyword> are putting investors at risk by advertising <keyword id="11893898" type="UNKNOWN" weightage="60" keywordseo="crypto" source="Orion">crypto</keyword> tokens, a UK regulator said.</li><li>The chair of the <keyword id="11948907" type="UNKNOWN" weightage="60" keywordseo="financial-conduct-authority" source="Orion">Financial Conduct Authority</keyword> said online influencers regularly promote <keyword id="11955828" type="UNKNOWN" weightage="60" keywordseo="crypto-scams" source="Orion">crypto scams</keyword>.</li><li>Kardashian advertised a crypto token called ethereum max on her Instagram account in June.</li></ul>The UK's financial watchdog has said celebrities such as Kim Kardashian are putting retail investors at risk by pushing obscure crypto tokens.Kardashian advertised the little-known cryptocurrency ethereum max to her more than 200 million Instagram followers <a href="https://www.businessinsider.com/ethereum-max-kim-kardashian-token-safemoon-crypto-coin-price-cryptocurrency-2021-6">in June</a>.In a speech on the difficulties of regulating crypto, the chair of the UK's Financial Conduct Authority <a href="https://www.fca.org.uk/news/speeches/risks-token-regulation">said</a> Kardashian's post was probably the financial promotion with the single biggest audience reach in history.Yet he said it was a prime example of how celebrity influencers can lure investors toward coins that could turn out to be scams. <a href="https://www.coindesk.com/markets/2021/04/16/im-obsessed-paris-hilton-on-nfts-empowering-female-creators-and-the-future-of-art/">Paris Hilton</a> and <a href="https://www.theguardian.com/sport/2018/nov/29/floyd-mayweather-dj-khaled-cryptocurrency-sec-fines">DJ Khaled</a> are among the numerous other celebrities to have promoted crypto projects.Read more: <a href="https://www.businessinsider.com/jay-clayton-sec-chairman-fireblocks-advisory-board-crypto-regulation-outlook-2021-8">Former SEC chairman Jay Clayton told us why he is joining the advisory board of crypto infrastructure unicorn Fireblocks - and shares his outlook on the regulation of digital assets</a>"In line with Instagram's rules, [Kardashian] disclosed that this was an ad," Charles Randall told the Cambridge International Symposium on Economic Crime on Monday."But she didn't have to disclose that ethereum max - not to be confused with ethereum - was a speculative digital token created a month before by unknown developers - one of hundreds of such tokens that fill the crypto-exchanges."Randall added: "Of course, I can't say whether this particular token is a scam. But social media influencers are routinely paid by scammers to help them pump and dump new tokens on the back of pure speculation. Some influencers promote coins that turn out simply not to exist at all."The <keyword id="11948908" type="UNKNOWN" weightage="60" keywordseo="fca" source="Orion">FCA</keyword> chair said regulators should have more powers over the crypto world, with a focus on disreputable cryptocurrency promotions and the risks arising from regulated financial businesses trading in unregulated digital tokens.Randall also raised the concern that regulating <keyword id="11895317" type="UNKNOWN" weightage="60" keywordseo="cryptocurrencies" source="Orion">cryptocurrencies</keyword> could give them too much legitimacy in the eyes of consumers. Yet he concluded that more rules are needed, although he said it will take "a great deal of careful thought to craft a regulatory regime" for crypto.

UK regulator says celebrities such as Kim Kardashian are putting investors at risk by pushing unknown crypto tokens

<ul class="summary-list"><li>If a "<keyword id="12751906" type="UNKNOWN" weightage="60" keywordseo="crypto-winter" source="Orion">crypto winter</keyword>" is coming, nobody told <keyword id="11897927" type="UNKNOWN" weightage="60" keywordseo="venture-capital" source="Orion">venture capital</keyword> firms, who're pouring money into digital asset startups.</li><li><keyword id="11893898" type="UNKNOWN" weightage="60" keywordseo="crypto" source="Orion">Crypto</keyword> companies have raised well above $2 billion this year already, with the <keyword id="11930688" type="UNKNOWN" weightage="60" keywordseo="ftx" source="Orion">FTX</keyword> exchange taking in $800 million in investments.</li></ul>If a "crypto winter" is coming, nobody told venture capital firms.Despite a major slump in digital asset prices, early-stage investors have poured well over $2 billion into <keyword id="13110387" type="UNKNOWN" weightage="60" keywordseo="crypto-startups" source="Orion">crypto startups</keyword> so far this year.FTX, the exchange founded by crypto whizz-kid <a href="https://www.businessinsider.com/how-sam-bankman-fried-became-crypto-billionaire-ftx-story-interview-2021-12">Sam Bankman-Fried</a> in 2019, has led the way. The main company <a href="https://markets.businessinsider.com/news/currencies/sam-bankman-fried-ftx-valuation-fundraising-crypto-winter-bitcoin-2022-1">raised $400 million</a> in late January, valuing the business at a staggering $32 billion. That was shortly after its US arm also raised $400 million, for a valuation of $8 billion.Reddit cofounder Alexis Ohanian — and husband of tennis star Serena Williams — has also been busy. He <a href="https://twitter.com/alexisohanian/status/1488496693549142019?s=20&amp;t=gGKGpIfab4TKnhw44hu02Q">raised $500 million</a> for his <keyword id="11905391" type="UNKNOWN" weightage="60" keywordseo="vc" source="Orion">VC</keyword> firm 776 last week, saying he'd "double down" on crypto investments.Crypto infrastructure company Fireblocks raised $550 million to hit an $8 billion valuation, while Blockdaemon raised $155 million. Smaller investments take the total raised in the last month to well over $2 billion.It's a positive sign for the crypto industry, just when it needs a ray of hope.Prices have collapsed over the last few months, as investors have ditched riskier bets in readiness for the Federal Reserve <a href="https://www.businessinsider.com/federal-reserve-hints-raise-interest-rates-inflation-fomc-meeting-january-2022-1">raising interest rates</a> in 2022 to tackle inflation.<a href="https://markets.businessinsider.com/currencies/btc-usd">Bitcoin</a> has crashed more than 40% since hitting a record high of close to $69,000 in November, and as of Friday morning, it was trading at around $38,900, up sharply on the day. <a href="https://markets.businessinsider.com/currencies/eth-usd">Ether</a>, the token on the ethereum network, fell by a similar amount to trade at $2,860.Read more: <a href="https://www.businessinsider.com/bitcoin-price-bear-market-bull-run-experts-reveal-things-watch-2022-1?r=US&amp;IR=T">These 4 key crypto indicators could tell us whether the bulls or bears will determine bitcoin and ether's next big moves, experts say</a>The market value of all cryptocurrencies combined has plunged from around $3 trillion in November to around $1.8 trillion as of Friday, according to <a href="https://coinmarketcap.com/charts/">Coinmarketcap</a>. The slump has encouraged <a href="https://markets.businessinsider.com/news/currencies/bitcoin-price-crypto-winter-crash-slump-interest-rates-regulation-ubs-2022-1">chatter about a "crypto winter"</a> — a period in which prices stay depressed for a long time.James Malcolm, FX strategist at investment bank UBS, told Insider that the disconnect shouldn't be too surprising. VCs are largely focused on a few major infrastructure companies that could come to dominate the crypto space, whereas the appeal of individual crypto coins is dimming."The two can diverge substantially," he said. "VC is effectively competing for a limited pool of prime virtual real estate, in the form of promising digital asset infrastructure, whereas most coins or protocols already face rising competition and are having to deal with fresh macro headwinds.""My specific VC concern, however, would be more nitty gritty: that most allocators vastly underappreciate the regulatory risks, specifically to <a href="https://www.businessinsider.com/what-is-defi">DeFi</a> projects," he added, referring to decentralized finance.It's all still early days in the digital asset world, according to Greg King, CEO of crypto investment company Osprey Funds."Investing in crypto is analogous to investing in emerging tech," he told Insider. "We think that it's difficult to predict which products or which applications of crypto will win the day eventually."King believes investment in the crypto space should help cushion the blow during down times. "There will be winters coming, but I also think we have global warming in crypto, and the winters will be less and less severe."

Nobody told VC firms about the 'crypto winter'. They've poured more than $2 billion into digital asset companies this year already.

Welcome to 10 Things Before the <keyword id="11907548" type="UNKNOWN" weightage="60" keywordseo="opening-bell" source="Orion">Opening Bell</keyword>. If this was forwarded to you, <a href="https://newsletter.businessinsider.com/join/4np/10-things-opening-bell">sign up here.</a> Plus, download Insider's app for news on the go - <a href="https://apps.apple.com/app/apple-store/id554260576?pt=385758&amp;ct=06292021_newsletters&amp;mt=8amp;mt=8">click here for iOS</a> and<a href="https://play.google.com/store/apps/details?id=com.freerange360.mpp.businessinsider"> here for Android</a>.Let's jump in.1. Delta cases return to February levels, putting pressure on stocks. Oil is also on the slide again as COVID-19 and Fed tapering cloud hopes for economic recovery. <a href="https://markets.businessinsider.com/news/stocks/stock-market-today-delta-variant-tech-regulation-china-oil-price-2021-8">Check out the latest moves on the markets.</a>2. Fidelity says retirement account balances hit record highs. The average IRA account balance increased to $134,900, and the average 401(k) balance reached $129,300 as both younger workers and boomers funnel more money into savings - <a href="https://markets.businessinsider.com/news/stocks/401k-retirement-savings-balances-record-q2-stocks-fidelity-boomers-millennials-2021-8">see how individuals are prioritizing their financial well-being. </a>3. A crypto technical analyst is predicting a 'legendary' altcoin season that could see some prices surge by 100 times. He thinks that some, like Ferrum network and Linear finance, are undervalued and have huge upside. <a href="https://www.businessinsider.com/altcoins-that-could-surge-in-next-legendary-altcoin-season-crypto-2021-8">See the five picks he's holding.</a>4. Earnings on deck: Deere &amp; Co., Hong Kong and China Gas Company, and Foot Locker, all <a href="https://markets.businessinsider.com/earnings-calendar">reporting.</a> 5. Charlie Munger, Ray Dalio, and Al Gore may have seen over a billion dollars wiped off their Alibaba stakes this quarter. Alibaba's plunging stock price may have hit 10 major investors with a combined $1.4 billion fall. <a href="https://markets.businessinsider.com/news/stocks/ray-dalio-al-gore-jeremy-grantham-alibaba-stock-investors-losses-2021-8">Read the latest on the growing wave of investors dumping Chinese stocks amid growing regulatory threats.</a>6. Oil prices hit a 3-month low. Amid demand concerns and the rise of COVID-19 cases, WTI crude fell below $63 a barrel - its lowest price since May. <a href="https://markets.businessinsider.com/news/commodities/oil-prices-today-wti-demand-worries-covid-dollar-dxy-fed-2021-8">Find out how strength in the US dollar has also impacted the cost of oil.</a>7. Robinhood let retail investors in on their earnings call - and they demanded answers. Shareholders asked executives about crypto wallet plans and tax-advantaged accounts, <a href="https://markets.businessinsider.com/news/stocks/robinhood-earnings-call-retail-investors-payment-order-flow-second-merch-2021-8">among other topics.</a> <a href="https://markets.businessinsider.com/news/stocks/robinhood-ceo-vlad-tenev-diamond-hands-investors-ipo-stocks-memes-2021-8">Plus, CEO Vlad Tenev took on Reddit-lingo by praising "diamond-handed" investors in the earnings call.</a>8. Bank of America projects the Fed will taper asset purchases in November - months earlier than previous projections. Depending on the economic recovery and COVID-19 cases, the Fed may cut down US bond buys by $10 billion. <a href="https://markets.businessinsider.com/news/bonds/fed-taper-asset-purchases-november-bonds-mbs-federal-reserve-economy-2021-8">See the full projections here. </a>9. Former SEC chairman Jay Clayton is joining the advisory board of a crypto infrastructure firm. Fireblocks, a digital asset unicorn, provides products that enable the secure storage and transfer of digital assets. <a href="https://www.businessinsider.com/jay-clayton-sec-chairman-fireblocks-advisory-board-crypto-regulation-outlook-2021-8">Check out Clayton's outlook on the regulation of digital assets.</a> 10. Growth and profit expectations are shrinking, says Bank of America. A recent survey of 232 fund managers and strategists revealed that investors may need to prepare for a pullback in the <keyword id="11893875" type="UNKNOWN" weightage="100" keywordseo="markets" source="Orion">markets</keyword>. Fund managers like large-cap and quality stocks - <a href="https://www.businessinsider.com/stocks-to-buy-growth-profits-inflation-slow-bank-of-america-2021-8">and recommended six investment ideas to weather a possible downturn. </a>Compiled by Phil Rosen. Feedback? Email <a href="mailto:prosen@insider.com">prosen@insider.com</a> or tweet <a href="https://twitter.com/philrosenn">@philrosenn</a>.Sign up for <a href="https://www.businessinsider.com/subscription/newsletter">more Insider newsletters here</a>.

10 things before the opening bell

<ul class="summary-list"><li>Blockdata compiled a list of the 13 <keyword id="6368751" type="UNKNOWN" weightage="60" keywordseo="banks">banks</keyword> that have invested the most in cryptocurrency and <keyword id="6355684" type="PERSON" weightage="60" keywordseo="Blockchain">blockchain</keyword> companies to date.</li><li>Coinbase, Ripple, and NYDIG have landed financial backing from big banks. </li><li>55% of the world's top 100 banks are investing in the crypto and blockchain space. </li></ul>Financial institutions are grabbing for a piece of the booming $2 trillion cryptocurrency market, with 13 of the world's largest banks pushing roughly $3 billion in <keyword id="6357455" type="UNKNOWN" weightage="60" keywordseo="Funding">funding</keyword> so far into cryptocurrency and blockchain companies, according to analytics company Blockdata. The data firm in an updated report this week <a href="https://app.blockdata.tech/blog/general/banks-investing-blockchain-companies">published a list</a> of 13 banks that lead in terms of size of funding rounds as a proxy of investment into the crypto space, saying it used that measure as banks participated in funding rounds with multiple or many other investors.London-based <a href="https://markets.businessinsider.com/stocks/scbff-stock">Standard Chartered</a> leads the list with $380 million in valuation of the funding rounds in which it participated while its London-based rival <a href="https://markets.businessinsider.com/stocks/bclyf-stock">Barclays</a> ranked as the most active investor based on the number of investments in blockchain companies.Blockdata found that 55% of the world's 100 biggest banks by assets under management are investing directly or indirectly in companies and projects related to digital currencies and blockchain. Here's the list of the top 13 banks in terms of size of funding rounds as a proxy of investment: 1. <a href="https://www.sc.com/en/" target="_blank" rel="noopener">Standard Chartered</a> - $380 million and 6 investments Investments at the bank include blockchain network Ripple, whose <a href="https://markets.businessinsider.com/currencies/xrp-usd">XRP token</a> has a capitalization of around $48 billion, according to <a href="https://coinmarketcap.com/">Coinmarketcap.com</a>, making it the sixth-largest cryptocurrency by market value. It's also an investor in Cobalt, a trading technology provider based in the UK.2. <a href="https://markets.businessinsider.com/stocks/bk-stock">BNY Mellon</a> - $321 million and 5 investments On BNY's roster is Fireblocks, whose platform allows financial institutions to issue, move and store <keyword id="2420795" type="PERSON" weightage="60" keywordseo="cryptocurrencies">cryptocurrencies</keyword>. Banks have been investing the most in the area of crypto custody, or services under which companies look after their clients' digital assets for a fee, said Blockdata. It found 23 of the top 100 banks are either building their own custodial technology or integrating a tech provider's product into their own systems.3. <a href="https://markets.businessinsider.com/stocks/c-stock">Citibank</a> - $279 million and 14 investments The fourth-largest bank in the US by assets has invested in SETL, whose ledger technology is used to move cash and other assets. 4. <a href="https://markets.businessinsider.com/stocks/ubs-stock">UBS</a> - $266 million and 5 investments The Swiss banking heavyweight's lineup includes Axoni, whose technology is used to modernize infrastructure in capital <keyword id="31671" type="CITY" weightage="100" keywordseo="markets">markets</keyword>. 5. <a href="https://markets.businessinsider.com/stocks/bnpqf-stock">BNP Paribas</a> - $236 million and 9 investmentsThe French financial group was working with Digital Asset to develop real-time trade and settlement applications using smart contracts based on the DAML programming language. 6. <a href="https://markets.businessinsider.com/stocks/ms-stock">Morgan Stanley</a> - $234 million with 3 investments One of its investments is NYDIG, a crypto custody firm and the <keyword id="6354947" type="UNKNOWN" weightage="60" keywordseo="bitcoin">bitcoin</keyword> subsidiary of Stone Ridge, a $10 billion alternative asset manager.7. <a href="https://markets.businessinsider.com/stocks/jpm-stock">JP Morgan Chase</a> - $206 million and 8 investments ConsenSys, an ethereum software company, has received backing from the largest bank in the US. 8. <a href="https://markets.businessinsider.com/stocks/gs-stock">Goldman Sachs</a> - $204 million and 8 investmentsIts list includes Coin Metrics, a provider of blockchain data to institutional clients. 9. <a href="https://markets.businessinsider.com/stocks/mufg-stock">MUFG</a> - $185 million and 6 investments Japan's Mitsubishi UFJ Financial Group has invested in <a href="https://markets.businessinsider.com/stocks/coin-stock">Coinbase</a>, the US cryptocurrency exchange that went public in April, and in Bitflyer, a Tokyo-based cryptocurrency exchange. 10. <a href="https://markets.businessinsider.com/stocks/ing-stock">ING</a> - $170 million and 6 investments The Dutch multinational has backed HQLAx, a blockchain liquidity management platform.11. <a href="https://markets.businessinsider.com/stocks/bbva-stock">BBVA </a>- $167 million and 5 investments The Spanish lender's list includes Covault, whose technology is used to store, share and verify identities. 12. <a href="https://markets.businessinsider.com/stocks/nrscf-stock">Nomura</a> - $146 million and 5 investments Quantstamp, a blockchain security firm, is one of the companies the Japanese bank is backing. 13. <a href="https://home.barclays/" target="_blank" rel="noopener">Barclays</a> - $12 million and 22 investments The British multinational's list of investments includes RealBlocks, a tech platform that connects advisors and investors to alternative investment managers.

These 13 banks have invested the most in crypto and blockchain to date

<ul class="summary-list"><li><keyword id="6362094" type="PERSON" weightage="60" keywordseo="Ransomware">Ransomware</keyword> attacks have turned an uncomfortable spotlight onto the use of cryptocurrencies in crime.</li><li>Hackers attacking the <keyword id="1968507" type="PERSON" weightage="60" keywordseo="Colonial-Pipeline">Colonial Pipeline</keyword> and Ireland's health service demanded payment in crypto.</li><li>One analyst said the issue will not go unnoticed by US regulators, which could step up enforcement.</li></ul>Recent high-profile cyber attacks in which hackers demanded to be paid in cryptocurrencies have turned an uncomfortable spotlight on digital tokens and their use in crime. One analyst said the ransomware attack on the Colonial Pipeline was facilitated by <a href="https://wazirx.com/signup?invite=2kpah6gr&amp;utm_source=business-insider&amp;utm_medium=referral&amp;utm_campaign=microsite" id="docs-internal-guid-ec92b22a-7fff-ad40-1257-28c93b988103">cryptocurrencies</a>, which "will not go unnoticed by the US government and other countries." Hackers severely <a href="https://www.businessinsider.com/colonial-largest-us-fuel-pipeline-operator-shuts-down-operations-after-cyberattack-2021-5">disrupted the US energy network</a> earlier in May when they attacked the crucial Colonial Pipeline's computing systems. To get the system back up and running, Colonial paid a ransom of nearly $5 million in cryptocurrency, <a href="https://www.bloomberg.com/news/articles/2021-05-13/colonial-pipeline-paid-hackers-nearly-5-million-in-ransom">Bloomberg reported</a>, citing people familiar with the matter. Days later, hackers targeted Ireland's health service and also demanded a ransom <a href="https://www.irishtimes.com/news/health/bitcoin-ransom-will-not-be-paid-following-cyber-attack-on-hse-computer-systems-1.4564957">be paid in bitcoin</a>. <a href="https://markets.businessinsider.com/currencies/btc-usd">Bitcoin</a> has crashed in recent days after Elon Musk said Tesla would no longer accept the token as payment, due to its "insane" and environmentally damaging energy use. <a href="https://markets.businessinsider.com/currencies/news/bitcoin-price-cryptocurrencies-china-crypto-crackdown-price-outlook-2021-5-1030445035">Cryptocurrencies slid again</a> on Tuesday after Chinese regulators cracked down on the use of <a href="https://wazirx.com/signup?invite=2kpah6gr&amp;utm_source=business-insider&amp;utm_medium=referral&amp;utm_campaign=microsite" id="docs-internal-guid-3427c78c-7fff-de94-f1ba-e6c28845a8c5">digital assets</a> for payments. But Jeffrey Halley, senior market analyst at currency firm Oanda, said the so-called ransomware attacks had been an underappreciated factor. "With Elon Musk grabbing all the headlines on his bitcoin/dogecoin pivot, the real issue is the $5 million ransom paid by Colonial Pipeline," he said. "Attacks on critical US infrastructure facilitated by cryptocurrencies will not go unnoticed by the US government and other countries. I would argue that the regulatory threat to cryptocurrencies has increased exponentially." Critics of <keyword id="6354947" type="UNKNOWN" weightage="60" keywordseo="bitcoin">bitcoin</keyword> and other cryptocurrencies have long argued that they facilitate crime thanks to their anonymous and decentralized nature, which means they are very hard to trace and link to individuals. Treasury Secretary Janet Yellen <a href="https://www.businessinsider.com/bitcoin-price-cryptocurrency-should-be-curtailed-terrorism-concerns-yellen-2021-1">said in January</a> that she was concerned about cryptocurrencies for this reason. "I think many are used - at least in a transaction sense - mainly for illicit financing," she told lawmakers during her confirmation hearing. Gary Gensler, the Chair of the Securities and Exchange Commission <keyword id="31671" type="CITY" weightage="100" keywordseo="markets">markets</keyword> regulator, has made similar criticisms in the past. "Beyond use on the darknet, there are those around the globe who seek to use these new technologies to thwart government oversight of money laundering, tax evasion, terrorism financing, or evading sanctions regimes," he <a href="https://www.congress.gov/115/meeting/house/108562/witnesses/HHRG-115-AG00-Wstate-GenslerG-20180718.pdf">told Congress</a> in 2018. Although cryptocurrency companies that deal with customers in the US are covered by various financial regulations, the digital asset markets is largely a grey area outside the traditional world of finance. Regulators have consistently warned that investors should only buy in if they're <a href="https://markets.businessinsider.com/currencies/news/cryptocurrencies-bitcoin-dogecoin-risks-lose-money-bank-of-england-andrew-bailey-1030396958">willing to lose all their money</a>. In the US, regulators are keeping a close eye on cryptocurrencies but have not yet committed to any major rule changes during the latest digital asset boom. Fox Business reported in April that Gensler is <a href="https://video.foxbusiness.com/v/6249208738001#sp=show-clips">waiting for the Treasury</a> to review the currency cryptocurrency rules before the SEC lays out its approach. Fox said Gensler is likely to step up enforcement action. Regulators are likely to increase their focus on crypto as ransomware attacks become more prevalent, said Rahul Bhushan, co-founder of Rize ETF, which runs a cybersecurity fund. Yet Bhushan said a stronger "regulatory framework around cryptocurrencies… will help legitimize that market." Michael Shaulov, chief executive of crypto firm Fireblocks, said: "The true solution is a capability for law enforcement agencies around the world to distribute real-time information about illicit activities allowing wallet and custody providers to block these funds in transit." Colonial Pipeline has been contacted for comment. <a href="https://forum.businessinsider.in/">For a more in-depth discussion, come on over to Business Insider Cryptosphere</a> — a forum where users can deep dive into all things crypto, engage in interesting discussions and stay ahead of the curve. SEE ALSO: <a href="https://www.businessinsider.in/cryptocurrency/news/investments-in-crypto-hit-17-billion-in-the-first-six-months-of-2021/articleshow/83740327.cms">Investments in crypto hit a new record of $17 billion, but Indian funds are yet to jump on the bandwagon</a> <a href="https://www.businessinsider.in/cryptocurrency/news/indian-cryptocurrency-exchange-wazirx-has-listed-shiba-inu-tokens-for-trading-in-indian-rupees/articleshow/82731429.cms">Chiacoin claims to be an eco-friendly cryptocurrency — here's how it works</a> <a href="https://www.businessinsider.in/cryptocurrency/news/here-is-why-a-ban-on-cryptocurrencies-may-not-be-even-possible/articleshow/82741310.cms">Is a ban on cryptocurrencies even possible?</a> <a href="https://www.businessinsider.in/cryptocurrency/news/latin-america-and-south-asia-show-two-ends-of-the-crypto-regulatory-spectrum/articleshow/83638437.cms">Even as Latin America embraces Bitcoin, Southeast Asia is clamping down on cryptocurrencies</a>

You Searched For "fireblocks" and got 10 results

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