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The Federal Reserve (Fed) has taken enforcement action against Farmington State Bank, based in Washington, and its parent company, FBH Corporation. This action follows undisclosed changes to the bank’s business plan. Previously known as Moonstone Bank, the bank had close ties to FTX’s trading division, Alameda Research. In a statement on Aug. 17, the Fed clarified that this action aims to ensure a controlled winding down of the bank’s operations. This move is vital to protect the bank’s depositors and the broader Deposit Insurance Fund. Additionally, Farmington and FBH are now explicitly prohibited from distributing dividends or capital, reducing cash assets, or pursuing certain ventures without prior approval from their supervisory authorities. Today’s #EnforcementActions:https://t.co/bTmGeUBJdP — Federal Reserve (@federalreserve) August 17, 2023 Acknowledging the Fed’s action s, Farmington State Bank released a statement...

In a tweet yesterday, the blockchain analytics firm Santiment mentioned that Lido DAO (LDO) recently saw its largest trans action in 2 years. According to the post, $135 million worth of LDO was moved from one self custody address to a new one. Notably, this is the 8th largest trans action of all-time on the LDO network. At press time, the altcoin’s price stood at $1.85 after dropping 1.45% in the previous 24 hours, according to CoinMarketCap. LDO was, however, still able to outperform the market leaders Bitcoin (BTC) and Ethereum (ETH), and printed a 0.02% gain against BTC and a 1.56% gain against ETH. Daily chart for LDO/USDT (Source: TradingView) The last 3 weeks have been troublesome for the altcoin’s price, as it spiralled downward during this period. As a result, the key support level at $2.218 was flipped into resistance and a bearish cross between the 9-day and 20-day EMA lines ensued. This caused LDO’s price to drop to the next major support level, where it tr...