March 22, 2023
Traditional banks rely on ‘tiny buffer’: Paris Blockchain Week 2023
The first day of Paris Blockchain Week (PBW) is bringing more thoughts on the ongoing crisis in the global banking system, with industry executives comparing the collapses of major cryptocurrency firms like FTX with the fall of banks like Silicon Valley Bank (SVB). On March 22, PBW hosted a panel discussion titled “FTX, Luna, Celsius, 3AC: From Hero to Zero,” bringing together industry executives from the blockchain venture firm Node Capital, crypto-friendly SIX Digital Exchange, Delta Growth Fund and crypto liquidity provider Woorton. The panel took place on PBW’s Mona Lisa stage. According to Woorton co-founder and head of trading Zahreddine Touag, the FTX and Celsius-related meltdown in the crypto industry has been triggered by different reasons than those that fueled the ongoing banking crisis. “It's lack of due diligence from the investors, lack of risk management from the players,” Touag said, referring to collapses like FTX. He noted that investors often don’t realize risks of holding their crypto assets, mistakenly thinking that regulated platforms are protected from losses, stating: There are also many other reasons like greed, especially seen among young and inexperienced investors, Touag said. According to the exec, the FTX and Celsius contagion is still not over and industry players are still looking at each other thinking who is impacted or not. “Many are impacted and we don't know. So for the next few months, there will be more news,” he stated. Unlike crypto collapses, the ongoing global banking issues were mainly driven by the fragility of the whole model of traditional banks, according to Touag. “Some people are aware, but not everyone is aware that this fractional reserve system with the banks makes it very fragile,” the Woorton executive stated, adding that banks only have about 12% of their funds liquid. He said: Touag added that troubled banks like SVB often depend on jurisdictions in Europe and the United States, while relying on this “tiny buffer” and expecting that “no one will pop up at the store asking for money.” According to Touag, it’s the same story with bigger banks like Morgan Stanley or JPMorgan, but people keep thinking that they are “too big to fail.” Related: FDIC sells Signature Bank deposits to Flagstar, crypto not included “That's what happened with SVB,” Touag said, adding that Silvergate’s issue was “a bit different.” He also argued that Signature’s crisis is “another story, because the bank is not closed.” Touag stressed that Signature was just taken over and his company used Signature this morning. He added: As previously reported, the New York State Department of Financial Services took over Signature on March 12, appointing the FDIC as the receiver. According to Barney Frank, a former member of the U.S. House of Representatives, the regulators took action against Signature despite no insolvency .
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Kylie Jenner and Timothée Chalamet serve PDA at 2023 U.S. Open
Sep 10, 2023
Originally appeared on E! Online Kylie Jenner and Timothée Chalamet are bouncing together from coast to coast as their romance heats up. The Kylie Cosmetics founder and the Oscar-nominated actor served some PDA while sitting together in the stands at Arthur Ashe Stadium in New York City to watch the U.S. Open matches Sept. 10, the final day of the 2023 tennis championships. Jenner, 26, and Chalamet, 27, were photographed watching the tournament with their arms around each other and in a video shared on the U.S. Open’s X (formerly Twitter) account, she also appeared to stroke his hair. The two wore black outfits on their tennis date, which marked their third outing in a week. The “Kardashians” star and the “Wonka” actor had also twinned in black two days prior when they made their joint New York Fashion Week debut at a private, star-studded dinner celebrating French designer Haider Ackermann’s first beauty collab with Augustinus Bader. They Dated? Surprising Star Couples Following multiple reports in April that said the two are dating, Jenner and Chalamet were photographed in public for the first time Sept. 4 at Beyoncé’s Renaissance World Tour concert in Los Angeles, where they also spent time making out. Also in attendance at the show: Jenner’s ex, Travis Scott, with whom she shares daughter Stormi Webster, 5, and son Aire Webster, 19 months. Jenner and Chalamet have not commented on the nature of their relationship. During their PDA-filled outing at the U.S. Open, the two sat behind Laverne Cox. Many other celebs attended the tournament that day and last week. This story uses functionality that may not work in our app. Click here to open the story in your web browser.
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