#crypto

The crypto company LayerZero has forged a partnership with Conflux to roll out a blockchain-based SIM card (BSIM), co-developed by China Telecom. This partnership aims to simplify cross-chain fund transfers, leveraging LayerZero's innovative exchange mechanisms. While it's uncertain whether they can attract China Telecom's 390 million users, the LayerZero CEO remains optimistic.

According to the Federal Reserve's investigation, Silvergate Bank faced significant challenges due to its exposure to high-risk cryptocurrency deposits and ineffective upper-level management. A significant portion of the bank's deposits were sourced from crypto companies, which lacked traditional insurance and failed to generate substantial interest income.

On October 1, 2013, the Federal Bureau of Investigation arrested Ross Ulbricht in San Francisco Public Library in Glen Park. To prevent Ulbricht from encrypting or deleting files on the laptop he used to run the website, two agents, pretending to be a couple, began to argue. When they successfully distracted Ross, a third agent seized the laptop and inserted a flash drive with software that copied key files. Ulbricht was remanded without bail and received two life sentences. Who is Ross Ulbricht and why does every crypto trader know about Silk Road - find out in our article.

Crypto-friendly Rep. Patrick T. McHenry (R-N.C.) has assumed the role of Speaker of the House pro tempore following the ouster of Rep. Kevin McCarthy (R-Calif.). The House voted to remove McCarthy amid a power struggle with far-right lawmakers. McHenry, who is also the chair of the House Financial Services Committee, has been active in advancing crypto regulation bills.